Co-Founder, Coastal Financial Partners Group, California
The cost depends on how much you need and for how long you need it.
Term life insurance can cover a temporary need and is very affordable. For example, if you need coverage for 20 years, and are in excellent health, it may be possible to obtain $500,000 coverage or more for a level premium for that duration that amounts to a little more than a dollar per day.
Term life insurance is likely to expire before you do. So, for lifetime coverage that you cannot outlive, either now or later, you would need to consider permanent (cash value) life insurance coverage and the cost for that is higher. The tax deferred cash value may be a sensible way for you to build long term savings.
You should meet with a life insurance professional who can assist you.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How much does life insurance cost for a 24 year old? Well with all types of insurance, provided you are a healthy individual, the price is pretty low.
While Term is cheap at this age, so is permanent coverage and a young person should consider the real advantage of locking in their coverage while it is low cost and has the most time to work in their favor.
I am so glad as a 53 year old who at 24 was a very atheletic, fit individual who contracted diabetes at 40 and had a bout with A FIB (heart problem) at 53 that I locked up my life insurance in my 20's, when my good health allowed me to purchase it for cheap money.
My rates are locked in, I own the policy, they can't take it away, they can't make me requalify, the policy doesn't "end" before I do. This isn't even taking into account all the other benefits a permanent policy provides, but the fact it's "mine" I "own" it, I don't rent it.
The cost of insurance is based on a couple of factors: the state you live in, Age, Gender, Health, Tobacco use and what type of insurance your looking for. Do you want temporary coverage " Term Insurance", permanent coverage " Whole or Universal Life". or something that can be used for future retirement " Index Universal Life". For example $100,000 of term insurance on a male non nicotine user should be under $10 per month. For and exact quote or to talk about the different type of insurance feel free to contact me
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Term life insurance can cover a temporary need and is very affordable. For example, if you need coverage for 20 years, and are in excellent health, it may be possible to obtain $500,000 coverage or more for a level premium for that duration that amounts to a little more than a dollar per day.
Term life insurance is likely to expire before you do. So, for lifetime coverage that you cannot outlive, either now or later, you would need to consider permanent (cash value) life insurance coverage and the cost for that is higher. The tax deferred cash value may be a sensible way for you to build long term savings.
You should meet with a life insurance professional who can assist you.
While Term is cheap at this age, so is permanent coverage and a young person should consider the real advantage of locking in their coverage while it is low cost and has the most time to work in their favor.
I am so glad as a 53 year old who at 24 was a very atheletic, fit individual who contracted diabetes at 40 and had a bout with A FIB (heart problem) at 53 that I locked up my life insurance in my 20's, when my good health allowed me to purchase it for cheap money.
My rates are locked in, I own the policy, they can't take it away, they can't make me requalify, the policy doesn't "end" before I do. This isn't even taking into account all the other benefits a permanent policy provides, but the fact it's "mine" I "own" it, I don't rent it.