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Unlike most insurance types, life insurance is entirely optional. Though it's extremely valuable, it's not required by law. And when something is optional, it's only natural that you want to find the best deal.
The following rates are calculated for a healthy non-smoking individual. You can use these rates as a guideline, though rates will be different for every individual.
| Age & Gender | $50,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 25 – Male | $8.61 | $12.35 | $19.11 | $31.16 |
| 25 – Female | $7.83 | $10.89 | $15.72 | $23.47 |
| 35 – Male | $9.48 | $13.38 | $21.28 | $35.06 |
| 35 – Female | $8.66 | $12.12 | $17.87 | $29.91 |
| 45 – Male | $15.27 | $26.31 | $46.27 | $88.85 |
| 45 – Female | $12.83 | $21.22 | $37.20 | $69.10 |
| 55 – Male | $31.97 | $64.81 | $119.13 | $227.85 |
| 55 – Female | $24.71 | $48.87 | $88.73 | $166.17 |
| 65 – Male | $81.61 | $201.35 | $387.35 | $748.10 |
| 65 – Female | $63.12 | $142.47 | $264.22 | $508.99 |
| Calculate your price | ||||
As these rates can vary for person to person, we recommend the following ways to ensure you find the best rate.
The cost for a life insurance policy can vary immensly from provider to provider, and that's mainly due to two things:
Do you get more if you pay more for the same policy? In some cases, yes. This could include a conversion option and various riders. Some of these can be worth the cost difference. But, the majority of people want simple life insurance coverage.
Another reason you should shop around is because every carrier has it's own formula to calculate cost for an individual. While you may be considered a smoker and overweight with one carrier, you may be considered a non-smoker and healthy with the other. This alone can cause a price hike of 50% or more.
The following table shows a price comparison calculated for a healthy non-smoking 30-year-old male.
| Coverage & term |  |
 |
 |
 |
 |
|---|---|---|---|---|---|
| $100,000 / 10-year | $11.00 | $10.15 | $9.55 | $9.58 | $10.78 |
| $100,000 / 20-year | $12.00 | $11.10 | $11.56 | $10.25 | $11.53 |
| $100,000 / 30-year | $15.00 | $14.98 | $15.66 | ❌ | ❌ |
| $500,000 / 10-year | $28.00 | $18.50 | $17.26 | $23.33 | $16.25 |
| $500,000 / 20-year | $32.00 | $27.35 | $21.47 | $26.25 | $23.56 |
| $500,000 / 30-year | $49.00 | $41.92 | $35.07 | ❌ | ❌ |
| Calculate your price | |||||
Yes, geting a price or even applying with 5 different companies doesn't sound exciting, but it could save you hundreds or even thousands of dollars over the life of the policy.
If you smoke, expect a price hike of around 30-40%. And yes, that includes vaping, chewing. In many cases, even nicotine patches. Essentially anything that contains nicotine will label you as a smoker in life insurance terms.
Even if you quit, you will likely still be considered a smoker for at least 12 months since your last use. Some companies go as far as 5 years to consider you a non-smoker. So if you plan on buying in the future, quit now! If you wait until you're absolutely ready, you'll likely pay extra.
Your BMI (Body Mass Index) is a calculation between your height and weight to place you in a category of; underweight, healthy, overweight or obese. Every carrier uses their own calculation, but you could be right on the edge between 2 weight classes. If that's the case, losing a few pounds (or even one), could place you in a lower cost bracket.
When you call, chat or even apply for life insurance, don't be afraid to ask what the cost would be if you lose x amount of pounds. If you needed a little more motivation to lose weight, this could be exactly what you needed!
There are pros and cons to both term and whole life insurance, but the biggest pro of term – and con of whole – is cost.
Universal Life Insurance is an interesting product for individuals who want long-term wealth growth, combined with a life insurance policy that lasts your entire life. But at 5 to 10 times the cost, we recommend to buy term life insurance and invest the difference.
Whole life insurance sounds very appealing. There's no term to worry about as the policy lasts your entire life. But if you're looking for the best deal, you won't find it in whole life insurance. The cost is typically 2 to 10 times higher than a policy providing the same coverage in term.
Here's how much monthly premiums compare for a $500,000 policy of term vs whole life insurance:
| Gender & age | 20-year term | 30-year term | Whole life |
|---|---|---|---|
| Male, 30 | $19 | $29 | $359 |
| Female, 30 | $16 | $25 | $316 |
| Male, 40 | $28 | $49 | $532 |
| Female, 40 | $24 | $39 | $455 |
| Male, 50 | $70 | $125 | $822 |
| Female, 50 | $54 | $94 | $695 |
| Calculate your price | |||
Unlike other insurance types, like car or home, your life doesn't have a predefined value. So when people are asked how much life insurance they need, they usually don't have an answer. And that's totally understandable.
Various life insurance websites and agencies recommend calculations such as multiplying your annual income 15 to 20 times. The truth is that every scenario is different, and that a one-for-all formula doesn't exist.
If we could all leave our loved ones a million dollars if something were to happen to us, we would, but that's not an option for everyone. Instead, buy the coverage that suits your budget. It's better to get a $100,000 policy you can afford, than to not get a policy at all.
If things change in the future, you're not stuck with the policy you have either. In most cases you can just reach out to the insurance agency and up the coverage amount. Or you can let the policy lapse and get a new one.
Explained simply, the term of a policy is how long you're buying the insurance for. A 10-year term will keep you insured for 10-years. If you are still alive after those 10 years, the policy will come to an end.
The longer the term, the more expensive the policy. Most insurance providers offer a 10, 20, and 30-year term policy up to age 55. So you could get a 30-year policy at age 55, which would insure you up to age 85.
The term isn't something you can easily change once the policy goes into effect. So if you're looking for the lowest cost possible, going with a 10-year term may make more sense than option for a 20 or 30-year policy.
This isn't really a way to directly save on life insurance, but important nonetheless. When you apply online for life insurance, the application isn't official until you sign. So don't be afraid to hit that apply button and spend 5 minutes talking to an agent to get a final price.
If you're not comfortable with that price, try a different carrier. Most insurance providers don't have a problem with waiting for the signature, and can even "lock" the rate they gave you for a certain amount of days.
