Term life insurance costs can vary depending on several factors. These factors include the insured person's age, health, gender, coverage amount, and term length. Generally, younger and healthier individuals can expect to pay lower premiums for term life insurance. Additionally, women typically pay lower premiums compared to men due to their longer life expectancy. The coverage amount and term length also play a role in determining the cost of the policy. Term life insurance policies with higher coverage amounts and longer terms tend to have higher premiums.
To give you a general idea of the cost, here are some average monthly premiums for term life insurance policies based on a 20-year term and a coverage amount of $250,000:
- For a 30-year-old non-smoking male: The average monthly premium can range from around $15 to $30.
- For a 30-year-old non-smoking female: The average monthly premium can range from around $12 to $25.
- For a 40-year-old non-smoking male: The average monthly premium can range from around $20 to $45.
- For a 40-year-old non-smoking female: The average monthly premium can range from around $17 to $35.
Keep in mind that these are just average figures and individual premiums may vary based on personal circumstances and the insurance provider. It's always a good idea to get quotes from multiple insurance companies to compare prices and find the best policy for your needs. Remember, the cost of term life insurance is an investment in financial protection for your loved ones.