How much is life insurance per month?
You’re not the only person looking for the average life insurance cost!
There is a plethora of insurance products and insurance companies out there for life insurance. Consumers, like you, are looking for cheap life insurance rates.
Truthfully, there really is no average life insurance premium! While you may be familiar with a life insurance cost calculator, these are designed to give you an idea. In order a more accurate number for the cost of life insurance, you should use an insurance agency.
Yes, this means you will need to speak to a live human being. This is the absolute best way to obtain affordable term life insurance.
Average cost of life insurance per month
As mentioned earlier, finding an average is tough. Companies determine their rates based on the following primary factors:
- Death benefit
- Term lengths
- Age of prospect
- Height & weight
- Tobacco use
Additionally, most all companies have more underwriting criteria. They’ll ask about your citizenship, driving record, family medical history, criminal record, etc…Companies have to do a full review on the majority of their applicants. Especially if one is asking for a million dollar life insurance plan.
How much does term life insurance cost?
If you are looking to start off with a baseline price use a term life insurance calculator. Then you’ll have an idea(keyword) of what the cost is.
Honestly though, peaking around at life insurance quotes online isn’t truly helpful. I have found it leaves consumers confused and stuck in the overall process.
Your online quote is NOT YOUR FINAL PRICE! Sorry if I am yelling there. Often times consumers think they made a good decision only to be surprised and disappointed later.
Countless times my customers have been frustrated because they applied elsewhere based on online life insurance quotes.
Get the complete recap of how life quotes work, check out this video!
A better way to shop…
The best way to compare prices if to let a broker to the shopping for you! In order for them to provide an accurate idea, you need to provide them more information.
This is same information ALL insurance companies will ask you during underwriting. Why not get ahead of the game and get a preliminary estimate that is very close to accurate?
As an experienced broker, I am rarely off in my estimates.
Need a quote now?
I get it! You want to get that ballpark idea right now. Use my online quoter below to compare top rated life insurance rates.
I am here to discuss the quotes anytime.
In general the longer term you lock in the more it costs every month.
Most people purchase between 20 or 30 years; however, if you are older or have assets built up you may only need 10 or 15 years of term life coverage.
Cheap life insurance without medical exam
Does this exist? Sure! You can get life insurance, affordably, without doing an exam. The availability depends on the amount of life insurance you are request.
It also depends on how you answer the health questions on your application. Remember, you should always be honest. If you’re not you are essentially voiding coverage. Never lie or withhold information when it comes to insurance!
Most consumers are under the impression they can get life insurance with no questions asked. They are confusing no exam life insurance with no underwriting review required.
There are some guaranteed life insurance plans that ask very little; however, these are best suited for people with severe, uninsurable medical conditions. Such policies should not be a go to option for people who have either no or mild health issues.
Great news is that there are many companies willing to skip the need for a medical exam. Work with an independent life insurance broker and they will know which carrier works best for your specific situation.
One million dollar life insurance
How much does a million dollar life insurance policy cost? I think the better questions are:
- Do you need this amount of coverage?
- Can you qualify for this face amount?
You see, insurance carriers do review the amount you are asking for as part of their approval process. You can’t just get whatever you apply for! It has to make sense financially for the company and for you.
Companies often have a certain multiplier for your annual, gross income. Usually they’ll offer 20-30 times your salary with little questions asked.
If you are wondering how much coverage you even need, then use an online needs analysis. Then you will have a solid idea of what face amount to buy on your policy.