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081621 How Much Does Life Insurance Cost?

The cost of life insurance varies significantly depending on

several different factors. One of the biggest cost factors will

be the type of life insurance you buy. For example, a term

life insurance policy is significantly less expensive than a

Whole life insurance policy for the same amount of coverage.

 

Here are some of the most common factors affecting life

insurance rates…

 

Age…

 

The younger you are when you buy a policy the less you’ll pay.

That’s because your chance of death is smaller.

 

Sex…

 

Females have a life expectancy that is nearly five years longer

than males, according to the National Center for Health Statistics.

This means that men generally pay more for life insurance than

women (except in Montana where insurers must provide gender

neutral life insurance rates).

 

Health…

 

Your health has a major impact on your life insurance rates.

The insurer will evaluate your past and current medical conditions

in order to calculate your life expectancy.

 

Lifestyle…

 

Your driving history (such as a DUI conviction), criminal record,

and dangerous occupations and hobbies (such as scuba diving)

can all result in higher life insurance rates.

 

How to Get Life Insurance Quotes

 

According to the Insurance Barometer Report, 15% of people think

they can’t afford life insurance. At the same time, many consumers

overestimate the cost. The only way to know what you will pay is to

get life insurance quotes from a few companies. Quotes are free.

An experienced life insurance agent will know what companies tend

to give the best prices based on your age, health and desired

coverage amount.

 

Expect to be asked about your age, health, tobacco use, your family

health history, driving record, and any dangerous occupations or

hobbies.

 

When you have a quote that you like, you can start a formal

application. You answer more questions in detail and apply for a

specific policy type, amount of coverage and policy length

(if you’re buying term life insurance).

 

Once you’ve submitted the application, some insurers may require

a life insurance medical exam. These exams can take place at your

home, work or sometimes a local exam office.

 

The time it takes to process an application varies significantly among

companies and policy type.

 

Some insurers offer fast life insurance, including instant approval,

to people who qualify, who are generally younger (under age 60) and

without medical issues.

 

Some insurers use “accelerated underwriting” to skip the medical

exam and process applications in a day or a week, depending on

the company.

 

And some insurers use a traditional process with a medical exam

and an approval process that can take over a month.

 

https://www.forbes.com/advisor/life-insurance/how-it-works/#22527ac27f30

 

 


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