Life Insurance Rates for 2020
If you are looking to find out what life insurance rates are in 2020, you clicked on the right blog. We have done the research for you, analyzing the top life insurance companies in the United States.
We have compiled a list of term life and permanent life insurance rates (whole life and guaranteed universal life) for men and women. We hope this will give you some idea of what it would cost you today to buy life insurance.
In order to qualify for life insurance, many factors go into determining your overall risk to the insurance carrier. Your age, health, how much life insurance coverage, and if you smoke to just name a few.
These are used to determine what rate classification you would qualify for. The three non tobacco classes are:
- Preferred Plus
- Preferred
- Standard
The two tobacco classe are:
- Preferred Tobacco
- Standard Tobacco
Note: Tobacco rates tend to be 30%-40% higher than non tobacco rates.
We have quoted standard non tobacco life insurance rates because about 69% of consumers fall into this category.
Before we get to the life insurance rates charts, we will briefly go over the different types of life insurance that will be quoted.
Term Life Insurance
Term life insurance is the most commonly purchased life insurance product. Term life offers coverage for a set time period, usually somewhere between 10-30 years based on age.
The premium and death benefit is level for the term period chosen. Term life does not build up any cash value, which makes it the most affordable life insurance product offered.
Term Life Insurance Rates for 2019
Male- Standard Non Tobacco- Monthly Rates
Female- Standard Non Tobacco- Monthly Rates
Permanent Life Insurance
Permanent life insurance is a policy that lasts the lifetime of the insured. Permanent life policies build cash value while protecting your loved ones. Their are two types of permanent life insurance. They are whole life insurance and universal life insurance.
Whole Life Insurance
Whole life insurance comes with a guaranteed premium, death benefit, and cash value. Whole life tends to be the priciest of all life insurance products.
Universal Life Insurance
Universal life insurance or adjustable life insurance is a term/whole life hybrid policy. Universal life insurance comes with a flexible premium and death benefit. The universal life policy that resembles a whole life policy is guaranteed universal life.
Guaranteed universal life comes with a guaranteed premium and death benefit just like whole life. The main difference between guaranteed universal life and whole life is how the cash value accumulation is calculated.
The interest earned in a guaranteed universal life policy is declared each year by the insurance carrier, while a whole life policy’s cash value is declared when the contract is approved.
Whole Life and Guaranteed Universal Life Insurance Rates for 2019
Male- Standard Non Tobacco- Monthly Rates
Female- Standard Non Tobacco- Monthly Rates
Conclusion
Life insurance is a valuable asset to have in your financial portfolio. It is used to protect your loved ones during an unforseen tragedy. As you can see, life insurance at any age is affordable depending on the amount you wish to buy and your health status.
Many companies now offer no exam life insurance which has made the life insurance buying process less time consuming.
Life insurance rates are at an all time low, with many carriers having rate wars trying to attract more consumers. At EasyQuotes4You we are independent life insurance brokerage representing over 20 of the best life insurance companies in America. If you need a quote or have any questions at all, please don’t hesitate to leave a comment or give us a call.
How much is term life insurance on a 30 year old male?
Your health, lifestyle, and amount of life insurance will determine what the premium would be for a 30 year old male. Below are some sample rates:
$100K- Standard Rate- 20 Year Term: $12.92/month
$250K- Standard Rate- 20 Year Term: $22.66/month
$500K- Standard Rate- 20 Year Term: $40.61/month
How much is term life insurance on a 40 year old female?
Your health, lifestyle, and amount of life insurance will determine what the premium would be for a 40 year old female. Below are some sample rates:
$100K- Standard Rate- 20 Year Term: $16.06/month
$250K- Standard Rate- 20 Year Term: $28.54/month
$500K- Standard Rate- 20 Year Term: $48.03/month