Level term life insurance pricing is dependent on 3 factors:
1. Age
2. Health
3. Duration of the policy's level premium
Because these three factors can vary widely, you'll need to review quotes specifying your age, a rough idea of your health, and desired level term period in order to obtain a better idea on pricing.
There is no one answer for everyone on this question.
The rate you pay will depend on your age, gender, smoker status, health history, amount of death benefit and the length of time you want the level rate to be in effect.
Your independent insurance broker can help you shop for the best rate that you qualify for.
There is no one set cost to level Term Life Insurance. However, a rule of thumb is, the longer the term, the higher the premium. That is because the insurance companies average out what the policy would cost at your starting age, and the cost of insurance for the ending age of the term policy you chose.
If you took out a 10 year Term policy at age 35, the policy will end (or the price will go up drastically) at your age 45. Mortality rates are not real high at age 45, so the premium will be relatively low. If you locked that premium in for 30 years, the policy will end at your age 65, which is when mortality rates are much higher. Therefore, the premium will be higher. However, the premium you have locked in is based on your health at age 35. And that can make it be a very good deal.
The cost of level term life insurance will vary according to the face amount of the policy, the term length (generally, the longer the term, the higher the price), the gender of the person being insured (men's rates are usually higher than rates for women), the age of the Insured (the older the applicant, the higher the price, generally speaking), whether the person smokes, and the health of person applying for life insurance.
You can go to a website that has a quote engine that takes all those factors into account, to see what the most competitive prices are for you.
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1. Age
2. Health
3. Duration of the policy's level premium
Because these three factors can vary widely, you'll need to review quotes specifying your age, a rough idea of your health, and desired level term period in order to obtain a better idea on pricing.
The rate you pay will depend on your age, gender, smoker status, health history, amount of death benefit and the length of time you want the level rate to be in effect.
Your independent insurance broker can help you shop for the best rate that you qualify for.
If you took out a 10 year Term policy at age 35, the policy will end (or the price will go up drastically) at your age 45. Mortality rates are not real high at age 45, so the premium will be relatively low. If you locked that premium in for 30 years, the policy will end at your age 65, which is when mortality rates are much higher. Therefore, the premium will be higher. However, the premium you have locked in is based on your health at age 35. And that can make it be a very good deal.
You can go to a website that has a quote engine that takes all those factors into account, to see what the most competitive prices are for you.