There is no set guideline to how much you should pay for Term Life Insurance. There are general guidelines. E.g. If you take a 10 year term policy, you should pay less than you would pay for a 30 year term policy. If the rates are similar you are much better off locking that rate in for 30 years.
Another general guideline would be, if you can get a permanent policy for a price just slightly higher than term, take the permanent policy. Sometimes Universal Life rates run close to Term rates at older ages, especially if the UL rates are locked in to age 90 or 95. Universal Life is much more flexible than Term, so if you can get it for a similar price, go for it.
Aside from generalities, no one can predict how much you should pay for a term life insurance policy because life insurance rates are based on your age, sex, tobacco status, and health. You can check out an instant quote engine on internet websites to get an idea of what term rates might run for you. But you need to call the agency to get a more accurate rate.
There is no one size fits all answer to your question. The rate for a term life insurance policy will vary based on a variety of factors. The applicant's age, sex, tobacco use status, home zip code, height & weight, medical history, the amount of coverage (death benefit) you are applying for, the length of policy's term (10 years, 20 years, 30 years), and the life insurance company you are applying for coverage from are all components of what the final rate for a term life insurance policy for you would be.
You would be best served to find an independent life insurance agent who can shop the marketplace for you to find the best value for your particular situation. Please feel free to contact me if you need assistance.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
As you can already tell, there isn’t a “pat” answer for the question. The important part is to find a good life insurance agent. If you don’t know an agent, get a referral from friends, colleagues or neighbors. A good agent will listen to you, provide sound financial advice and communicate clearly with you and the insurance company. This agent should be able to match your needs to your budget. Then you will get the most satisfaction out of your life insurance buying experience.
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Another general guideline would be, if you can get a permanent policy for a price just slightly higher than term, take the permanent policy. Sometimes Universal Life rates run close to Term rates at older ages, especially if the UL rates are locked in to age 90 or 95. Universal Life is much more flexible than Term, so if you can get it for a similar price, go for it.
Aside from generalities, no one can predict how much you should pay for a term life insurance policy because life insurance rates are based on your age, sex, tobacco status, and health. You can check out an instant quote engine on internet websites to get an idea of what term rates might run for you. But you need to call the agency to get a more accurate rate.
You would be best served to find an independent life insurance agent who can shop the marketplace for you to find the best value for your particular situation. Please feel free to contact me if you need assistance.