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Where you live can impact which providers are available and how much coverage will cost. Requesting quotes with your ZIP code is the best way to compare providers in your area.
Comparing Life Insurance Quotes
Life insurance prices are highly personal. Depending on the type of policy you choose and your personal “risk factors” (like age, health, family history, etc.), your life insurance premium could be anywhere from $10 per month to $300 per month and beyond. On top of that, quotes vary from provider to provider, so you’ll have to compare rates from more than one company to find the best. Use our ZIP check tool to get started.
Factors That Affect Life Insurance Prices
Policy type is the single biggest factor that will impact life insurance prices. Term life insurance is the most common policy type, and it’s generally very affordable (think $10 – $30 per month). The other main type, whole life insurance, is much pricier — often a few hundred dollars per month — because it includes a cash value savings component that compounds over time. For more information about the different types of life insurance and which might be best for you, click here to see our life insurance buying guide.
Age and Gender
Like many other types of insurance, age is a primary component that influences how much life insurance premiums will cost. In most cases, the younger a person is when he or she purchases life insurance, the lower the rate will be. The older someone gets, the higher the insurance rates will be. The obvious reason for this is that statistics show that people are more likely to die as they get older. For each 10 years of age that passes, the mortality rate doubles, which explains why an older adult will see higher-priced life insurance quotes compared to someone in their 20s. For someone looking to maintain a set rate, getting a term life insurance quote is the best option. Gender also plays a role, and ties in with age because women have longer life expectancies than men. However, that doesn’t necessarily mean that a man will always have a higher life insurance policy compared to a woman.
Health and Family Health History
The current health of an individual as well as their family’s health history plays a fairly important part in determining the cost of a life insurance premium. If there is a history of illness or some sort of hereditary health issue, it’s a near certainty that premiums will be higher. In addition to family health history, personal health of the individual is taken into account, including any health conditions, diseases, or risk for health problems. A medical exam is not mandatory in all cases, and those who don’t have any serious conditions may get term life insurance without an exam. However, most companies do require a medical exam for standard policies. Any company that doesn’t require an exam will generally charge more and not have as much coverage. Someone who is in good health should definitely take a health exam to get the cheapest life insurance policy.
Lifestyle habits are another major factor when it comes to getting an accurate life insurance quote. It’s always smart to be forthcoming regarding any lifestyle choices, like smoking, otherwise the insurer can deny coverage and payment of benefits. Smokers will pay more for life insurance than non-smokers due to the many health problems linked to smoking. Insurance companies will factor in the type of tobacco used and how often a person smokes to help determine a fair premium. Alcohol is another substance that can lead to higher life insurance premiums and there are ways that insurance companies can measure alcohol consumption. Beyond smoking and drinking, other lifestyle habits that can affect a life insurance quote price are bodyweight. Being overweight is an easy red flag for insurance companies to raise premiums, especially when it comes to term life insurance. Lifestyle habits are some of the more controllable factors when it comes to the cost of life insurance.
One of the lesser-known factors that can raise a life insurance premium is where someone works. There are certain jobs that are deemed as riskier than others, which will translate into a higher premium. A company might provide higher life insurance quotes for people that work in construction or work with toxic substances compared to those who work in an office everyday.
Life insurance rates will vary depending on the state. With the lack of federal regulation in the industry, it’s clear to see why the same company in each state will turn up a different life insurance quote. States have different laws, which determine the amount that life insurance companies can charge. It’s unlikely changing locations to get a lower life insurance premium is an option, so the best way to figure out what it will cost is to simply get a life insurance quote online.