How Much a Month is Life Insurance?
If other people count on you for financial support, life insurance is one of the most cost-effective tools available to provide them with a death benefit. But how much does it cost? The answer depends on several factors, including your age, gender and health. But the good news is that most people underestimate how cheap it is – even in the most expensive cases, you can get $1,000,000 of coverage for around $40 a month.
We analyzed monthly life insurance cost from five leading insurers to find average monthly rates. These figures are based on a 20-year term policy and a healthy 35-year-old nonsmoker. The rates also include a premium increase each year based on your age at that time. For a more accurate estimate of your life insurance costs, you should consult with a licensed professional, such as one from Policygenius, who will review your specific needs and compare quotes to help you find the best options for your budget.
Financial Planning Made Simple: Understanding Monthly Life Insurance Costs”
Aside from covering unpaid debts and funeral expenses, the main reason to buy life insurance is income replacement. If your family relies on your income to cover everyday living expenses, it would be difficult for them to continue with the same lifestyle if you were to die unexpectedly. If you have a mortgage or children, a term life insurance policy is often the most affordable option for most families. For those who need more comprehensive coverage, a permanent life insurance policy like whole life may be worth the extra expense.
Leave a Reply