LIFE Insurance

Question 5: How much will my life insurance policy cost?

The cost of your life insurance policy will depend on the amount you want covered, the term length, and your risk (i.e., age, health, smoking status, etc.).

At the time of writing (Spring 2018), there are several reasonable options for a 30-year-old non-smoking female to buy a $1M 30-year policy for $520-550 per year.

 

A similar policy for a male resident is around $675 per year.

You can get free estimates of what your policy will cost online without the need to input your contact information (e.g., term4sale.com). If the insurance agent quotes you a number that is significantly different from the estimate you see, be sure to clarify that the policy does not contain any additional riders that may increase the price (e.g., that premiums will be waived in the case of disability). The quotes you receive will be contingent upon your passing a medical screening exam, which typically involves a representative scheduling an appointment at your home to take blood and urine samples and filling out a medical history and lifestyle questionnaire.

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Life Insurance

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