What Is Cash Value Life Insurance
Written by webtechs

How Much Does Life Insurance Cost?

Life insurance costs differ based on whether you are a man or woman, and how long your policy length is. A 30-year-old woman will only pay $133 for a 20-year term life insurance policy with $250,000 worth of coverage while a man of the same age will pay about $150 according to NerdWallet.

Life Insurance Cost for Women

Women Age 30

Policy amount: $250,000

  • 20-year term life: $133
  • 30-year term life: $191
  • Whole life: $1,904

Policy amount: $500,000

  • 20-year term life: $195
  • 30-year term life: $307
  • Whole life: $3753

Policy amount: $1,000,000

  • 20-year term life: $299
  • 30-year term life: $525
  • Whole life: $7,417

Women Age 40

Policy amount: $250,000

  • 20-year term life: $180
  • 30-year term life: $280
  • Whole life: $2,766

Policy amount: $500,000

  • 20-year term life: $293
  • 30-year term life: $485
  • Whole life: $5,478

Policy amount: $1,000,000

  • 20-year term life: $501
  • 30-year term life: $893
  • Whole life: $10,867

Women Age 50

Policy amount: $250,000

  • 20-year term life: $364
  • 30-year term life: $616
  • Whole life: $4,262

Policy amount: $500,000

  • 20-year term life: $653
  • 30-year term life: $1,139
  • Whole life: $8,470

Policy amount: $1,000,000

  • 20-year term life: $1,162
  • 30-year term life: $2,132
  • Whole life: $16,851

Women Age 60

Policy amount: $250,000

  • 20-year term life: $908
  • 30-year term life: Not available.
  • Whole life: $7,015

Policy amount: $500,000

  • 20-year term life: $1,659
  • 30-year term life: Not available.
  • Whole life: $13,977

Policy amount: $1,000,000

  • 20-year term life: $3,185
  • 30-year term life: Not available.
  • Whole life: $27,863

Life Insurance Cost for Men

Men Age 30

Policy amount: $250,000

  • 20-year term life: $150
  • 30-year term life: $223
  • Whole life: $2,145

Policy amount: $500,000

  • 20-year term life: $229
  • 30-year term life: $368
  • Whole life: $4,235

Policy amount: $1,000,000

  • 20-year term life: $373
  • 30-year term life: $647
  • Whole life: $8,380

Men Age 40

Policy amount: $250,000

  • 20-year term life: $210
  • 30-year term life: $340
  • Whole life: $3,191

Policy amount: $500,000

  • 20-year term life: $344
  • 30-year term life: $603
  • Whole life: $6,328

Policy amount: $1,000,000

  • 20-year term life: $593
  • 30-year term life: $1,115
  • Whole life: $12,563

Men Age 50

Policy amount: $250,000

  • 20-year term life: $465
  • 30-year term life: $811
  • Whole life: $4,990

Policy amount: $500,000

  • 20-year term life: $842
  • 30-year term life: $1,509
  • Whole life: $9,927

Policy amount: $1,000,000

  • 20-year term life: $1,604
  • 30-year term life: $2,913
  • Whole life: $19,763

Men Age 60

Policy amount: $250,000

  • 20-year term life: $1,254
  • 30-year term life: Not available.
  • Whole life: $8,186

Policy amount: $500,000

  • 20-year term life: $2,372
  • 30-year term life: Not available.
  • Whole life: $16,318

Policy amount: $1,000,000

  • 20-year term life: $4,590
  • 30-year term life: Not available.
  • Whole life: $32,547

How Life Insurance Rates Are Determined

Life insurance rates are primarily based on life expectancy, so a lot of factors help influence rates, including age, gender, overall health and if you smoke or not. That’s why it’s good idea to buy life insurance sooner than later; the more time you take, the more the rates will increase solely based on your age.

According to the CDC, life expectancy in the US is 81.1 years for women and 76.1 years for men, respectively. So, women are always going pay less for life insurance compared to a man as old as her and overall health with comparable risk factors.

Taking too long to purchase life insurance will always cost you more. For instance, think about a 30-year-old that waits 10 years to buy their insurance at age 40:

  • A 20-year, $500,000 term life insurance policy will cost around $100 more each year.
  • If they wait 20 years until they reach 50 years old, the rate for a 20-year, $500,000 term life policy will be more than 3 times that.

Source:

  1. Glover, Lacie, and USA Today. “Average Life Insurance Rates for 2020.” NerdWallet, 7 Jan. 2020, www.nerdwallet.com/blog/insurance/average-life-insurance-rates/.

Life Insurance in Scottsdale

Life insurance in Scottsdale can help you get established financially, maintain life insurance coverage, lower insurance rates even if you lose or change your job, protect your family or co-signers from student debt if anything happens to you, and ensure you family is protected.

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