Are you looking for term life insurance?
Permanent life insurance lasts a lifetime and includes an investment portion that can be used later in life. Because of this extra cash component, you'll pay substantially more for permanent policies than for term life policies.
There are life insurance companies, insurance marketing companies, and companies that sell insurance company's policies directly. Life insurance's essential components that determine your price are age, amount of life insurance coverage, gender, and health.
We created a graph for a snapshot of prices for a male, 40 years old, good health, and looking for $100,000 in life insurance coverage for ten years.
How much is life insurance?
The average cost of life insurance in the scenario we created is $10 a month. The cost is based on data provided by the various websites for a 40-year-old male buying a 10-year term life policy. Life insurance rates can vary dramatically among applicants, insurers, and policy types, so consult with a professional to get the accurate rate for you.
How is life insurance rates determined?
Life insurance premiums are based primarily on life expectancy, so many factors help determine rates, including gender, age, health, and whether you smoke.
In general, the healthier you are, the cheaper your premiums. Insurers typically class applicants using terms like super preferred, preferred, and standard, with super preferred being the healthiest category. Insurers then calculate premiums based on your risk class.
The type of life insurance you choose also affects your rates:
Term life insurance is the least expensive because it lasts a set number of years, and all you're getting is insurance.
Permanent life insurance lasts a lifetime and includes an investment portion that can be used later in life. Because of this extra cash component, you'll pay substantially more for permanent policies than for term life policies.
| Questions to determine cost per month for life insurance | American General Life Insurance Company | Banner Life Insurance Company | Lincoln National Life Insurance Company | Pacific Life Insurance Company | Protective Life Insurance Company | Pruco Life Insurance Company |
|---|---|---|---|---|---|---|
| Gender | M | M | M | M | M | M |
| How long you want to keep your term insurance | 10 years | 10 years | 10 years | 10 years | 10 years | 10 years |
| How much insurance do you want | 100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 |
| What is your current age | 40 | 40 | 40 | 40 | 40 | 40 |
| How healthy are you | Best | Best | Best | Best | Best | Best |
| Do you smoke | No | No | No | No | No | No |
| Monthly cost | 13.03 | 9.69 | 10.33 | 10.63 | 8.49 | 15.32 |
It is essential to remember prices change month to month (or sooner) for specific customer segments. Even though we do not see drastic changes in prices, select one of the insurance companies we track if you want an up-to-date price. These rates are as of June 2021.
