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How Much Will Term Life Insurance Cost?

How Much Will Term Life Insurance Cost

Your term life insurance cost normally depends on several things, including your health status, age, and the size of the death benefit that you require. Therefore, the younger and healthier you are, the less your cost will be. At Advisors Insurance Direct, we are committed to making sure that our clients are being quoted the best rates  being offered in the industry. The last thing that we want is for you to pay a higher term life insurance cost than you need to. At the same time, we want to ensure that you have the best coverage and a policy that is in line with your needs.

With contacts at over 100 insurance companies, our advisors can identify a policy that is just right for you considering your current budget and future goals. For a personalized consultation and a term life insurance quote, contact us today.

Understanding Term Life Insurance Costs

Because the cost of your term life insurance is dependent on several factors, it is very important to understand all of the aspects that influence your term insurance quote. Here is an example for illustrative purposes.

A healthy 40 year old applies for a 20-year level term policy with a fixed annual premium. His policy will be as follows:

  • Annual cost is about $350
  • Death benefit is $500,000

This quote can be compared to the term life insurance cost for a 50 year old man applying for the same policy. If he is healthy, then his annual cost may be around $1000. However, if he waits until age 60 to apply for this policy, the cost may rise to $3000. This is because younger applicants are considered to be less risky, which means they have a lower term life insurance cost. That is why it is always a good idea to start the process of planning as early as possible. Our instant term insurance quote calculator will scan through the best rates available from up to 100 highly rated insurance companies. Remember that Advisors Insurance Direct is a totally independent company. As long as the insurance companies used are highly rated and regarded within the industry, the choice of which insurance company to use is yours. We do not have ties with any insurance companies and thus we will not push you to buy any one company over the other. Our allegiance is to you our client and no one else.

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Permanent vs. Term Life Insurance Cost Comparison

It is also important to note that permanent policies with cash values have a higher premium costs as compared to term life insurance. For example, in the case of the 40-year old above, he would have to pay $350 per year for a $500,000 benefit with a term life policy. However, for a universal life policy with the same death benefit, he would have to pay approximately $3000. With this however, comes the security of knowing that your permanent insurance policy can last for your entire lifetime and not terminate at the end of your term period. You will also have the benefits of an accumulation of cash value investment account which may also be accessed in the future as savings and even for helping to supplement retirement income.

Learn More About Term Life Insurance Costs

If you would like to learn more about term life insurance costs, get started by contacting Advisors Insurance Direct today for a personalized term life insurance quote. Our expert staff is available to answer all of your questions and help you make the best choices for your needs.

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As financial professionals, we will never pressure you to do anything or use silly sales tactics. We are simply here to answer your questions, provide professional advice and walk you through the process of buying life insurance should you decide to move forward.

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