The smallest premium I have seen for a life insurance policy is $15. The highest is in the millions.
The amount of coverage that you can get for any given premium amount depends on your age, health history, tobacco use, gender, height-weight, etc.
The biggest factors are how much coverage do you need? And how long do you need it to cover you?
Whole-life insurance is much more expensive then term because it will always pay a death benefit no matter how old you live as long as you pay the premium.
Term is temporary insurance and is much less expensive then whole-life because it will rarely ever pay a death claim. Most people don't die at a young age and drop their term policy long before they get to the age when they are likely to die.
You can always pull up free rates for term life insurance at http://www.halfquote.com
Your independent agent can help you understand which companies will approve you.
Enrolled Agent-licensed to practice before the IRS, Samuel N Smith, EA, South Carolina
When you buy life insurance the costs of the insurance policy is reflected by the company's ability to control costs and invest the premiums collected and to manage the investments of the company in a reasonable manner. There are varying rsults when you inspect a company's investment results and their ability to control costs. Yur costs are calculated based on your age, height,and weight and if you skydive or drive mud bikes or other hazardous habits that increase your possibility of an early death. If you smoke you drive up your costs significantly
Financial Service Professional, New York Life Insurance, Raleigh,NC
Samuel is correct on all points. True Whole Life Insurance can only be offered by a mutual insurance companies that pay dividends into the policies. Often times Universal Life is marketed as "whole" life, so read the policy carefully. Fixed Universal life is a good product but will likely not have the cash value growth of a mutual whole life
In my opinion, you're asking the wrong question. If you contact ten different companies, you'll get ten different rates for the same coverage. That doesn't mean the one with the higher premium isn't as good a program. It might have the best provisions for your particular situation. Besides, every company will tell you that they have the best product.
The question you should be asking is "Do I have an agent who I trust to do the best thing for me and my family?" Every situation is different and a good agent will have the resources to find the best combination of programs that fits yours. It may be all whole life or no whole life or some combination of different programs. I would begin by asking questions and finding out how much you need ,how long you need it for, and your budget. The program you begin with will, most likely, change as you get older and your circumstances change. Be smart and find a good agent who cares more about your family than he/she does about their next commission check. Then, listen to them, and do what they recommend. You and your family will be much better off.
President, Lane Independent Agency, Southern California
That is a wide open question. Pricing varies depending on age, health, line of work and activities. You need a Life Insurance Agent you can trust and a company you can trust. New York Life is the oldest, largest, highest rated Life Insurance Company in America.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
It seems to me that you are looking to maximize value. That is best done by carefully selecting the agent with whom you can work. The agent should listen carefully, offer sound financial advice and communicate clearly with you and with the insurance company. The agent will determine the length of time that you require coverage. The agent will determine what your personal risk tolerance level. The agent will determine what amount of insurance you need now and at different periods of your life. The agent will select a company that can do what you want done at a price you can afford.
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The amount of coverage that you can get for any given premium amount depends on your age, health history, tobacco use, gender, height-weight, etc.
The biggest factors are how much coverage do you need? And how long do you need it to cover you?
Whole-life insurance is much more expensive then term because it will always pay a death benefit no matter how old you live as long as you pay the premium.
Term is temporary insurance and is much less expensive then whole-life because it will rarely ever pay a death claim. Most people don't die at a young age and drop their term policy long before they get to the age when they are likely to die.
You can always pull up free rates for term life insurance at http://www.halfquote.com
Your independent agent can help you understand which companies will approve you.
The question you should be asking is "Do I have an agent who I trust to do the best thing for me and my family?" Every situation is different and a good agent will have the resources to find the best combination of programs that fits yours. It may be all whole life or no whole life or some combination of different programs. I would begin by asking questions and finding out how much you need ,how long you need it for, and your budget. The program you begin with will, most likely, change as you get older and your circumstances change. Be smart and find a good agent who cares more about your family than he/she does about their next commission check. Then, listen to them, and do what they recommend. You and your family will be much better off.