Average Cost of a $100,000 Life Insurance Policy
There's no better way to save money on a $100,000 life insurance policy, than to compare rates online from a few different insurance companies.
The days of an agent coming over your house and quote you rates from only one company are over.
"You save money when many companies are quoted"
Because all situations are different, some companies can offer better rates than others. For example, some insurers offer special rates for cigar smokers, as others treat those people as regular cigarette smokers, thus costing 2 to 3 times more than a non-smoker.
You really have to shop around to be able to save on a $100,000 life insurance policy.
Because, 100K is not a tremendous amount of money for life insurance coverage, being approved can be easier than if you where applying for a half-million dollar policy.
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How Are Costs of Life Insurance Determined?
The life insurance policy premiums will depend on many factors, like: age, health condition, tobacco user, previous illnesses, risky activities, etc.
- Age: This is probably the most important factor. The older you are, the costlier life insurance coverage will be.
- Health: Your current health is critical to accessing your risk of dying before the policy term is over. Are you obese, have diabetes, have high blood pressure, etc. These are all conditions that will increase your average premiums.
- Tobacco user: If you smoke or chew tobacco, expect to pay 2-3 times more that someone that does not.
- Previous health issues: If you have had certain health problems like cancer, insurance companies are reluctant to insure you.
- Risky Activities: If you engage on very risky activities like sky diving, scuba diving, etc., it can be more difficult to get insured.
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Monthly average costs for a $100,000 term life insurance policy, for a period of 20 years, for a man in his fifties, in good health, non-smoking:
| AGE | $100,000 |
|---|---|
| 50 year old man | $27.34 |
| 51 year old man | $28.57 |
| 52 year old man | $31.68 |
| 53 year old man | $32.45 |
| 54 year old man | $35.74 |
| 55 year old man | $37.88 |
| 56 year old man | $41.65 |
| 57 year old man | $45.55 |
| 58 year old man | $51.20 |
| 59 year old man | $57.75 |
Average monthly pricing for a 10-year life insurance term policy for a man, non-smoker in fair health:
| AGE | $100,000 |
|---|---|
| 65 year old male | $63.50 |
| 66 year old male | $71.63 |
| 67 year old male | $81.55 |
| 68 year old male | $91.45 |
| 69 year old male | $104.78 |
| 70 year old male | $117.99 |
| 71 year old male | $135.23 |
| 72 year old male | $151.57 |
| 73 year old male | $171.31 |
| 74 year old male | $194.35 |
| 75 year old male | $220.98 |