Co-Founder, Coastal Financial Partners Group, California
That depends on many factors including gender, age, insurability, amount, etc. For example, a very healthy male age 40 needing term life insurance for 10 years could expect to pay the equivalent of as little as $1 per day for $500,000 coverage at preferred classification rates with many life insurers.
Short term life insurance, such as 5 year Term or 10 year Term, can cost much less than life insurance locked in for longer periods of time, such as 30 year Term Life insurance or Universal Life. However, when that short term is complete, the price for that policy will jump extremely high. If the insured person's health has gotten worse during that time, he/she may need to pay much higher premiums or possibly may not even qualify for a new life insurance policy.
Therefore, it is important to look at the need involved, when purchasing a life insurance policy. If you are 40 years old and want it to cover your children going to college, getting a short term policy may suffice. If you want it to pay for your funeral, then it is better go with some type permanent plan.
Generally short term life insurance is defined as 5 to 10 years of coverage. A male or female super preferred, non-smoker desiring term life insurance coverage for ten years will pay between $75- $85. It depends on your age, gender, health condition, hazardous vocations, recreational activities and motor vehicle violations.
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Therefore, it is important to look at the need involved, when purchasing a life insurance policy. If you are 40 years old and want it to cover your children going to college, getting a short term policy may suffice. If you want it to pay for your funeral, then it is better go with some type permanent plan.