iCrowd Newswire
17 Mar 2023, 03:32 GMT+10
Term life insurance only lasts for 10 to 30 years, but it offers significant coverage for affordable premiums. That said, premiums increase with age. Older life insurance policyholders will pay more than younger policyholders for the same amount of term life insurance coverage. This article will compare term life insurance rates across the age spectrum and explain when people should consider getting a term life insurance policy.
According to Forbes, these are the average annual term life insurance rates by age for healthy men for a 20-year term life policy:
Age
$250,000
$500,000
$1 million
30
$192
$300
$480
40
$252
$408
$720
50
$504
$936
$1,740
60
$1,368
$2, 520
$5,064
70
$5,820
$9,696
$21,468
Here are the average term life insurance rates by age for healthy women for a 20-year term life policy:
Age
$250,000
$500,000
$1 million
30
$168
$252
$348
40
$228
$336
$576
50
$384
$696
$1,260
60
$960
$1,788
$3,528
70
$4,716
$9,072
$15,912
These tables illustrate age's impact on term life insurance rates alone. Different term lengths, health, the prospective policyholder's occupation, and other factors will also impact the policyholder's premiums.
Life insurance is generally a good idea to consider for anyone who will soon go through a major life event. Circumstances that might warrant getting a term life policy include but are not limited to:
A prospective policyholder should ideally get a life insurance policy the moment they start planning for one of these major life events. That's because the younger they get the policy, the cheaper their premiums will be.
Additionally, those premiums never change over the policy term. A male policyholder that buys a 20-year, $500,000 term life insurance policy at age 30 for $300 per year will pay that same premium now as they do at 50 when they pay their last premium.
Many factors impact the cost of term life insurance, but the one that has the clearest effect is age. The older the prospective policyholder is when they begin looking for life insurance, the more term life insurance rates by age will increase.
That means people considering life insurance should find a policy as soon as they believe they need coverage. Once they get their policy, they can lock in those premiums for the entire term length, which could potentially save a lot on premiums.
That said, another way to reduce premiums is to shop with multiple insurers and gather quotes. This will allow prospective policyholders to compare rates and select the insurer that offers the best coverage for the policyholder's budget.
See Campaign: https://iQuanti.com
Name: Melissa BalsanEmail: [email protected]Job Title: EVP & Chief Marketing Officer
Tags:Go Media, IPS, Reportedtimes, Google News, ReleaseLive, PR-Wirein, CE, Extended Distribution, iCN Internal Distribution, EnglishGet a daily dose of New York Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to New York Telegraph.
More InformationWASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
(Photo credit: Eric Canha-Imagn Images) In his 51st career start, Garrett Crochet accomplished two feats in one dominant outing:...
(Photo credit: Daniel Kucin Jr.-Imagn Images) Two teams that have long climbs if they're going to reach the postseason needed a sweep...
(Photo credit: Scott Kinser-Imagn Images) Idan Toklomati scored early and Kerwin Vargas tallied late as Charlotte FC came away with...