Good question, it really does not cost anything, the only thing you would have pay is your premiums, and it can vary. Depending on many different things, there are different types of life insurance policy tho . You have Term, Variable, Whole life, and Index Universal Life.
Most people buy life insurance policies on a monthly, quarterly, semi-annually or annual payment plan. When you start your policy, you pay the first premium and keep paying it for as long as you want the policy to be in effect.
If you buy Whole or Universal Life, you have the option to pay one premium at the start of the policy that will keep your policy in effect for the rest of your life. Obviously, this option costs much more at the start than paying on a regular payment plan, and very few people can afford that option. But over the duration of the policy, paying a single premium can save you money.
Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
You can start life insurance very inexpensively! Of course there are a number of variables, and 3 of the biggest things that determine the cost of insurance are 1) gender of the insured 2) age, and 3) health of the insured. Then the amount of insurance and the type of insurance become big factors. Term insurance is the cheapest and has the least living benefits and the most drawbacks. Whole life has the highest cost, but also has the greatest value and the most living benefits.
So you can see that if you start with a short Term policy for a low benefit amount you can start with just a few dollars per month - assuming you're under 85 years of age and in reasonably good health. Personally I advise to buy Whole Life insurance and the most you can afford! You might want to check out a couple short articles here: https://www.linkedin.com/pulse/critical-difference-between-wall-street-life-insurance-stan-cox-ii?trk=prof-post
and this one: https://www.linkedin.com/pulse/direct-non-direct-recognition-stan-cox-ii?trk=prof-post
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If you buy Whole or Universal Life, you have the option to pay one premium at the start of the policy that will keep your policy in effect for the rest of your life. Obviously, this option costs much more at the start than paying on a regular payment plan, and very few people can afford that option. But over the duration of the policy, paying a single premium can save you money.
So you can see that if you start with a short Term policy for a low benefit amount you can start with just a few dollars per month - assuming you're under 85 years of age and in reasonably good health. Personally I advise to buy Whole Life insurance and the most you can afford! You might want to check out a couple short articles here: https://www.linkedin.com/pulse/critical-difference-between-wall-street-life-insurance-stan-cox-ii?trk=prof-post
and this one: https://www.linkedin.com/pulse/direct-non-direct-recognition-stan-cox-ii?trk=prof-post