The cost of term life insurance can vary depending on several factors. These factors include your age, gender, health condition, smoking status, coverage amount, and the length of the term. Generally, younger and healthier individuals tend to pay lower premiums for term life insurance. Additionally, non-smokers usually receive better rates compared to smokers. The coverage amount and the length of the term also play a role in determining the cost. Term life insurance policies typically offer coverage for a specific period, such as 10, 20, or 30 years. The longer the term and the higher the coverage amount, the higher the premium is likely to be.
To give you a rough 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 healthy 30-year-old non-smoker, the average monthly premium is around $15 to $20.
- For a healthy 40-year-old non-smoker, the average monthly premium is around $20 to $30.
- For a healthy 50-year-old non-smoker, the average monthly premium is around $50 to $70.
Keep in mind that these are just average figures, and your actual premium may vary based on your specific circumstances and the insurance provider you choose. It's always a good idea to get quotes from multiple insurance companies to compare prices and find the best policy that suits your needs and budget. I hope this helps!