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 provides protection for a specific period of time, usually 5, 10, 20 or 30 years. Term life insurance builds no cash value.
You pay only for the life insurance coverage. Term life offers you the maximum amount of life insurance coverage for the lowest price.
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:
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:
How Can You Find the Best Term Life Insurance Prices?
Tips for Comparing Term Life Insurance Quotes
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