What is the average cost of life insurance in 2023? This is a question that many people are asking as they look to secure their financial future. The cost of life insurance varies depending on the type of policy that you purchase, your age, and other factors. In this blog post, we will discuss the average cost of life insurance in 2023. Also, we will discuss how it is expected to change over time.
Here is The Breakdown for the Cost
The average life insurance cost is a tricky thing to pin down because it depends on several different factors. The most important ones that go into the price of life insurance include:
- Your age: The price of life insurance increases the older you are.
- Your health: People in good physical health generally pay less than those who have high blood pressure, diabetes, or other health conditions.
- If you smoke: Smokers usually pay more than nonsmokers.
- Your hobbies: You’ll likely pay more for a policy if you engage in dangerous hobbies like skydiving.
- Your gender: Because women on average tend to live longer than men, they generally pay less for life insurance.
- The type of policy you buy: Term life insurance costs less than permanent life insurance for two reasons: it doesn’t have a savings plan component and it only covers you for a set amount of time rather than your whole life.
- Your coverage level and term: The price goes up the more you increase the coverage level and the length of the term.
There is a Policy For Every Person
That said, don’t let your age, less than perfect health, or the fact that you smoke keep you from applying for life insurance. There are many different policies out there for anyone wanting coverage. This is especially true if you’re working with a doctor to get a health condition under control. Just know that you may have to pay a bit more for a policy. This would be compared to someone younger, healthier and who doesn’t smoke.
Sometimes it Costs Less Than You Think
You’ll also be glad to hear that life insurance probably costs a lot less than you think.
Our most recent Insurance Barometer Study revealed that people think life insurance costs three times more than it does. Many people were surprised to learn that a healthy 30-year-old can get a $250,000 20-year level term policy for just $13 a month. With this policy, your loved ones would receive $250,000 if you were to pass away between the ages of 30 and 50. (And they’d receive the full $250,000 since life insurance proceeds almost always pass on tax-free.)
A quick and easy way to get an idea of how much life insurance you’d need is to use our Life Insurance Needs Calculator. Simply answer a few questions to get an estimate of the amount you’d need to protect your nearest and dearest.
Don’t Procrastinate
If you’re thinking about buying life insurance, don’t put it off. The younger and healthier you are, the lower your rates will be. And while no one likes to think about their mortality, it’s important to have a life insurance policy in place in case something happens to you. Your family and loved ones will be grateful that you took the time to secure their financial future.
Where Do You Shop?
The first place to start when shopping for life insurance is with an agent or company that you trust. You can get rates from multiple carriers in just minutes by using an online quoting tool like the one offered on our website.
When you’re looking at quotes, be sure to compare apples to apples. That means comparing policies with the same coverage amounts, term lengths, and other features. Once you have a good idea of what the average cost of life insurance is in your state, you can start looking at ways to save money on your policy. Here at United Insurance, we can help. Call one of our life specialist at 800-339-4112.