That's too vague of a question. It depends on many factors.
It mainly depends on how much death benefit you want and how likely you are to die while the policy is covering you.
If you are a healthy 25-year old and want 20-year term it's going to be cheap. You can get millions of dollars of coverage for very little premium. Because if you don't die before age 45 you won't have cost the insurance company anything. It's pure profit for them.
If you are an 80-year old with a history of heart attacks and a cancer survivor, it will cost much more than that for a $10,000 burial whole-life policy. But that's because the burial policy is going to COST the insurance company money. They are certainly going to have to pay a claim on that one.
Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
The cost of life insurance varies with many data points to consider. Life insurance is a mortality product for protecting financial liabilities for the surviving family members, business associates and charitable organizations that depend on your benevolent giving. The premium price tag depends on whether you purchase term or permanent life insurance. It also factors in you personal information like gender, age, smoking status, health history, and current medical condition. It also takes into consideration your behaviors like recreational activity, vocation hazards and motor vehicle violations. All these items weighed carefully in the determination of the premium price you'll pay for life insurance.
There really is no price tag that one can say life insurance should cost. The cost of life insurance is dependent on far too many factors to be able to do that. It is a little like going out to buy a car. Without taking into consideration the year, the model, the bells and whistles, and the condition of the car, it is impossible to state the price it should cost.
In order to see what a competitive life insurance policy would cost for you, you can go to any number of websites that offer instant life insurance quotes and put in your date of birth, height, weight, and whether you use tobacco. Unless the website also asks about health conditions, it will only show the rates for people with excellent health, and these may be much lower than what you need to pay. But it does give you an idea what life insurance should cost for a segment of the population.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
The premiums charged for life insurance are regulated by the state insurance commissioner in most states. Although rates may vary a bit, they are all based upon the same basic information. If you are dealing with a life insurance agent representing a reputable company you can be sure that the policy will pay the death benefit and that is the reason that you buy life insurance. If the policy ends in a death claim it is almost sure to have cost much less than the death benefit.
That is a great question! The answer really depends upon you, and what you want the policy to do for you. Life insurance can cost less than $10 a month if purchased as a child, or several hundred dollars a month for large face values, or if you have health issues. Without more specific information about you, it is impossible to give you even a ballpark figure. If you would like to contact me , I'd be happy to go over this with you, and give you a better idea. Thanks for asking!
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It mainly depends on how much death benefit you want and how likely you are to die while the policy is covering you.
If you are a healthy 25-year old and want 20-year term it's going to be cheap. You can get millions of dollars of coverage for very little premium. Because if you don't die before age 45 you won't have cost the insurance company anything. It's pure profit for them.
If you are an 80-year old with a history of heart attacks and a cancer survivor, it will cost much more than that for a $10,000 burial whole-life policy. But that's because the burial policy is going to COST the insurance company money. They are certainly going to have to pay a claim on that one.