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Frequently Asked Questions
Common Questions Answered for your convenience.
How much does a life insurance policy cost?
The average cost of insurance varies based on factors such as age, health, and policy type. In 2024, the average cost of insurance is $23 per month.
For a 40-year-old buying a 20-year, $500,000 term life policy, the average cost is $26 a month.
For a healthy 30-year-old buying a 20-year, $250,000 term life policy, the cost ranges from $12 to $14 a month.
At age 65, a life insurance policy costs about $593 per month
How much life insurance do I need?
A thorough “life insurance needs analysis” looks at your current and ongoing expenses, plus your future expenses like college, or your funeral expenses. But simply adding up all those numbers could amount to a bigger policy than you need. You should also subtract assets that can go toward those expenses, such as savings and investments.
What kind of life insurance policy should I get?
When choosing a life insurance policy consider the following types of policies.
Term Life Insurance - Lasts for a fixed number of years and is relatively less expensive.
Permanent Life Insurance - Lasts your lifetime and includes options like whole life, universal life, and variable life
Consider your coverage needs, budget, and family's future when selecting the right policy.
Can you have more than one life insurance policy?
Yes, you can have multiple policies from the same or different life insurance companies. For example, you could have a permanent life insurance policy like whole life or a term life policy for a shorter need. That may include paying a mortgage or for your children’s college if you were to die.
Why buy life insurance young?
An advantage to buying life insurance when you’re young and healthy is you’ll be able to lock in a good rate for the duration of the policy. If you have dependents in the future, you will have secured a low rate and guaranteed your “insurability,” meaning you won’t have to worry about higher rates as you age and possibly experience declining health. The older and less healthy you are when you buy a policy, the higher the price.
