How much does life insurance cost?
Term life is unusually cheap for healthy adults. A healthy 30-year-old non-smoker can typically buy a $500K, 20-year term policy for $20–$30 per month. Premiums roughly double for every 10 years of age (a 50-year-old pays roughly 4× what a 30-year-old pays for the same coverage). Smokers pay 2–3× the non-smoker rate. Whole life premiums for the same coverage run 5–10× term premiums. Underwriting factors: age, gender (women pay less, longer life expectancy), health status, family medical history, tobacco use, occupation (some clinical roles get rated), risky hobbies (private pilot, scuba, climbing), and driving record.
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Related FAQs
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