Well, the cost of Life Insurance depends on the type of insurance you are looking at. Term is the least expensive life insurance available. Whole Life Insurance is generally the most expensive. The actual cost will depend on your age, the older you are, the higher cost of insurance. Your health and and the amount of coverage will also affect the cost of insurance.
That is a great question! The way it is asked though, is kind of like, " how much should a car cost?" That would depend upon the kind of car you want. The answer to your question depends upon the type of policy that you'd like, the amount of coverage, and your health and age, for starters. Without more specifics, it would be difficult to give you an accurate answer. Generally, younger, healthier and non-smoking will cost more than older, unhealthy, and smoking. If you would like more specifics, please contact me, and I'll happily give you a better idea. Thanks for asking!
There is no set guideline for how much life insurance should cost. The age at which you buy the policy, and your health at the time of purchase, affect the cost dramatically. A person facing a probable long life ahead will pay far less than someone who can anticipate living only a few more years due to poor health and/or advanced age.
That is a great question! It is one of the most commonly asked, and most difficult to answer satisfactorily. There isn't a magical number or range that in good conscience I can give you. The reason for that is that the cost of your insurance is based upon a lot of factors for which I have no information. How old are you? Are you male or female? Do you smoke? Whole life or term? Coverage amount? Those are just the beginning. If you'd like a real idea, please contact me through the provided link, and I can give you a better answer. Thank you for asking!
There are too many factors that are taken into consideration to give a flat price on any life insurance contract. It depends on the age, tobacco usage, height, weight, medical history, family medical history, amount of coverage, company financial strength, strategy the insurance is being used for, etc. To find out exactly how much it will cost you, meet with a local independent insurance agent or financial advisor and discuss your options.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
My guess is that the answer to that question, "What Should Life Insurance Cost?" will be different from every insurance agent you ask. Of course it depends on the type of life insurance and who the insured is, their gender, age, and health. It also depends on the face amount of the policy and if it's a Term policy - how long is the term.
The thing is that while the insurance industry is highly regulated and the insurance providers have to justify their costs in order to have their premiums approved, there is definitely a good deal of variance in what the different providers charge for similar coverage.
You need to realize that the insurance company is taking all the risk, and that 100% of all clients will eventually die and therefore a claim made on their policies. So what life insurance should cost is the amount needed to cover the insurer's costs to provide the insurance plus enough profit for the company in order to insure that they will continue in business and be able to pay the benefit upon claim.
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The thing is that while the insurance industry is highly regulated and the insurance providers have to justify their costs in order to have their premiums approved, there is definitely a good deal of variance in what the different providers charge for similar coverage.
You need to realize that the insurance company is taking all the risk, and that 100% of all clients will eventually die and therefore a claim made on their policies. So what life insurance should cost is the amount needed to cover the insurer's costs to provide the insurance plus enough profit for the company in order to insure that they will continue in business and be able to pay the benefit upon claim.