Average Life Insurance Cost Per Month For One Person

Individual costs depend on many factors which assess your risk.

Average life insurance cost per month for one person. You should think of this number strictly as a baseline your own rates for life insurance will change depending on your age the insurer you choose and the amount of coverage that you find is right for your family. Do not overpay for life insurance just because you are under 18. We ve found that the average cost of life insurance is about 126 per month based on a term life insurance policy lasting 20 years and providing a death benefit of 500 000. After the age of 40 term life insurance rates typically increase by an average of 10 to 15 each year.

Life insurance comes in one of three options with a number of sub options out there as well. The average amount currently paid for life insurance is 30 40 per month but that includes every type of policy and a full range of different factors. Male female 30 35 40 45 50 55 60 65 70 0 100 200 300 400 age monthly cost. A healthy 35 year old male can expect to pay about 40 42 in monthly premiums as of december 2020 while a 35 year old female may pay 33 58.

A 100 000 policy has a relatively low face value so rates starts at 8 to 10 a month for healthy people in their 30s and 18 to 25 a month for smokers. Smokers pay an average of 859 per month. A 45 year old of average health who punches in from 9. Average life insurance cost per month for one person.

Here s a more detailed breakdown of average whole life insurance costs by age for non smokers. The below rates demonstrate how life insurance costs for a 20 year term policy. The cost of your life insurance policy will be determined by the perceived risk of you dying within each premium year. This is based on data provided by quotacy for a 20 year term life policy which is the most common term length sold.

If you re on the younger healthier side it ll be cheaper. Based on sample rates from policygenius december 2019. In exchange for this you pay a monthly premium to the insurance company which is calculated based on a range of different factors. Content has been updated for 2020.

How much is life insurance. The average monthly cost for whole life insurance is 419 for a non smoker. The average cost of life insurance is 26 a month. We ve compared thousands of rates on multiple quote tools finding that the average cost of life insurance is between 50 and 100 a month.

However you can find rates as low as 13 a month if you re young and healthy or if you buy a policy with a lower face value. Below we illustrated the average monthly cost of 250 000 10 year term life insurance for an applicant in average or standard health. Younger healthier applicants score the best life insurance rates so apply as soon as you can to lock in the lowest premium.