Average Cost of Term Life Insurance

What is the average cost of term life insurance?

If you’re shopping for term life insurance, you may be asking yourself this question.

There is no one right answer for the average cost of term life insurance, because the prices vary by person, age, gender, insurance company, policy type, amount of coverage, and several other factors used to determine your price for life insurance.

However, in a recent study, the average amount of life insurance owned by an individual in America was $116,000.

Obviously, none of us wants to pay more than the average for anything, especially insurance. But, maybe you don’t have to.

Why, because according to a survey conducted on behalf of the Insurance Information Institute, rates for term life insurance have decreased by 50% in the last 10 years.

Term Life Insurance Rates Decreasing

Also, rates may vary by up to 50%, or more between insurance companies. That’s why it makes sense to shop and compare prices for term life insurance from multiple companies when searching for the best price on your life insurance policy.

Term Life Savings When Comparing Multiple Quotes

When you combine the lower rates in the industry with the savings you get by comparing multiple quotes, you may save hundreds of dollars per year on your term life insurance policy.

That’s a good thing, especially since we could all use a little more money in our pockets, rather than paying it to a large insurance company.

So, there really is no reason to delay buying your term life insurance policy, when you consider the following:

• Rates for term life are at 10 year lows.
  
• Savings of 50% or more between companies is possible.
  
• Term life is 2-3 times cheaper than permanent life insurance.

How is the average cost of term life insurance determined?

There are several factors the life insurance companies consider when deciding what they will charge you for your term life insurance policy.

Among the factors considered for rating your life insurance policy are the following:

• Age.
  
• Gender.
  
• Health condition.
  
• Your family’s health history
  
• Length of the life insurance plan you need.
  
• Amount of coverage.
  
• Type of life insurance plan.
  
• Your occupation.
  
• Your hobbies (high-risk hobbies?)
• Do you smoke?
  
• Are you on medication?

How can you find the best term life insurance prices?

Buy comparing free, instant term life insurance quotes online from top-rated insurers nationwide, with no obligation.

Tips for Comparing Term Life Insurance Quotes

• Compare quotes from several carriers.
  
• Compare rates at the next highest $100,000 limit of coverage.
  
• Lock-in rates 6 months before your next birthday.
  
• Compare premium payment options for monthly, quarterly, semi-annual, and annual payments.
  
• Compare rates for 10, 15, 20 and 30 year terms.
  
• Consider the financial strength rating of the insurance companies.

Term Life Insurance Resources

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How term life insurance works – Learn how term life insurance works, review an example, and find out if it meets your insurance needs.

How much life insurance do you need? – Use the free life insurance needs calculator to quickly and easily find out how much coverage will properly protect your loved ones.