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 International Technology 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 International Technology.
More InformationPort of Spain [Trinidad and Tobago], July 5 (ANI): Prime Minister Narendra Modi paid an official visit to Trinidad and Tobago from...
Port of Spain [Trinidad and Tobago], July 5 (ANI): During his visit to Trinidad and Tobago Prime Minister Narendra Modi made a number...
Port of Spain [Trinidad and Tobago] July 5 (ANI): India and Trinidad and Tobago have signed six agreements during Prime Minister Narendra...
President Trump has ordered higher entrance fees for foreign visitors to U.S. national parks, sparking concerns from environmental...
Bhopal (Madhya Pradesh) [India], July 4 (ANI): Chief Minister Mohan Yadav on Friday transferred Laptop grants worth Rs 235.58 crore...
NANNING/GUANGZHOU, July 4 (Xinhua) -- Hidden for years in a flowerpot behind Zhan Pu's childhood home in the southern Chinese city...
The billionaire has vowed to give freedom back to the people and accused the US elites of bankrupting the nation ...
Patna (Bihar) [India], July 5 (ANI): Jan Suraaj Party founder Prashant Kishor on Saturday raised concerns over the rising crime incidents...
Patna (Bihar) [India], July 5 (ANI): BJP leader Ravishankar Prasad on Saturday said he was 'saddened' over the murder of businessman...
Hyderabad (Telangana) [India], July 5 (ANI): Social media abuse of children must be treated without mercy for the culprits, said Telangana...
Patna (Bihar) [India], June 5 (ANI): Following the murder of prominent businessman Gopal Khemka, Bihar Director General of Police (DGP)...
(Photo credit: Isaiah J. Downing-Imagn Images) Colorado coach Deion Sanders, who has been suffering from an undisclosed medical condition,...