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How much does life insurance cost?


 How much does life insurance cost?

It’s cheaper than you might think. The average life insurance rate for a 40-year-old in excellent health can be as little as $27 a month for a 20-year term policy with $500,000 in coverage, according to Quotacy, a life insurance brokerage. Rates can vary among insurers — sometimes significantly. When setting your rate, each life insurance company weighs factors like your health, lifestyle, and driving record differently. Some are more lenient than others, which is why it’s important to compare quotes from several insurers.

The earlier you apply, the better. No matter which insurer you go with, two of the main factors that affect your life insurance premium are your age and health. The younger and healthier you are when you apply, the better your life insurance rate is likely to be.

You can still get life insurance if you have a medical condition, but insurers vary in how they view preexisting conditions. Some policies, such as simplified issue and guaranteed issue life insurance, don’t require an exam. These types of policies are typically called no medical exam life insurance. But, if you’re healthy, saying yes to a medical exam could actually lower your rate. That’s because the insurer has a complete picture of your health.


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