Life is priced by age and health, as well as by what type of life insurance you purchase. If bought at a young age and in good health, life insurance is very inexpensive. Term insurance is less expensive than Whole Life. If purchased in one's senior years or while having very poor health, life insurance can be expensive. But the benefit paid out is still generally far more than what is paid into the policy.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
If you compare the price of life insurance with the benefit, it is a bargain. Rarely does anyone pay more for their life insurance than the death benefit paid to their loved ones. When life insurance becomes expensive is when it expires prior to death. Then it is pure expense. A life insurance agent that will listen to you, provide sound financial advice and communicate clearly with you and the insurance company is the best resource to develop a life insurance plan that will meet your need and fit into your budget.
Life insurance is generally very inexpensive for the amount of coverage you get. E.g. For $50/month some people can get a policy with rates locked in for 20 years, that would pay their loved ones $500,000 if they died. The amazing thing is, this policy could pay out $500,000 for one $50 payment, if death occurred one month after taking out the policy. Where else can you find a return like that!
On the other hand, for some people, life insurance is expensive, although generally less expensive than health, long term care, or disability insurance. For someone who is up there in years or has serious health problems, the premium is higher because their chance of passing away is higher. However, they again get the advantage of the policy paying out the full benefit if they would pass away shortly after the policy is purchased (in a graded policy, two or three years after the policy is purchased). That type of feature is impossible to find anywhere else.
Life insurance is probably the most affordable insurance policy on the market. Especially for the young and healthy. The premiums are literally pennies on the dollar for the benefit in case of an unexpected death of a loved one that others depend on financially. The other thing to consider, life insurance is the only insurance guaranteed to pay a claim if it is enforce. We all die someday.
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On the other hand, for some people, life insurance is expensive, although generally less expensive than health, long term care, or disability insurance. For someone who is up there in years or has serious health problems, the premium is higher because their chance of passing away is higher. However, they again get the advantage of the policy paying out the full benefit if they would pass away shortly after the policy is purchased (in a graded policy, two or three years after the policy is purchased). That type of feature is impossible to find anywhere else.