Average Life Insurance Rates

Average Life Insurance Rates

 

You must be well aware of the significance of the average life insurance. Each and every person who earns must always make sure that they get insurance for their life. Other than getting insurance for themselves they must also make sure that they ensure the lives of the family member as well.

Life insurance has been made compulsory these days. The sector has been growing significantly ever since it started operating in various countries. But still, there are people who are unaware of the benefits that the life insurances offer.

They even do not what this actually means. Other than this, they are not sure about what an average life insurance policy should include. While choosing the policy it is very important to make sure that it offers a proper guarantee of protection to the person who is insured.

There are certain ways to choose good policies for you. First of all, you need to check out some statistics as well as facts before you decide about a particular policy.

One of the most important things that need to be considered for the average life insurance policies is the cost. People are usually more interested in the cost than about the benefits that these policies offer. This is because they will have to buy the insurance with a certain amount of money.

Average Life Insurance Rates

The cost of insurances usually varies according to the kind of policy you choose. You must always remember that life insurance is something which you will never need when the earning member of the family is alive and earning.

You will get the money only when the policyholder passes away. This is the reason why lots of people do not bother to take this kind of insurance. But these days’ people are being educated about the various benefits of the average life insurance and this is the reason why the number of people opting for this insurance has increased.

After you are ready to get insurance it is time for determining the price that you need to pay. You need to consider certain factors before you decide about the price.

First of all the price might vary from one person to the other. Some might want to take an insurance of a higher amount. A person usually decided about the price according to the amount they can afford.

Different life insurances policies have different sets of rules and guidelines and this is the reason why the cost also differs from one company to the other. The average life insurance policies offered by the government usually cost lesser than the insurance policies offered by the private companies.

The factors that are usually taken into consideration are age, gender, health, occupation, type of insurance, length of the coverage, height ratio and your weight. Among these factors, age is the essential one. You will have to pay more premiums if you are older. So it is always suggested to choose an average life insurance when you are young and able.

Average Male Life Insurance Premium

Average Male Life Insurance Premium

For this brief review, we used to compare term life insurance rates quoted to males under age 60 living in New York City. A $100,000 term life policy was chosen to facilitate further rate comparisons. Applicants were assumed to be in average health, with no pre-existing medical conditions.

Average Male Insurance Rates at Age 20
For 20-year-old males, the overall lowest annual premium was $127 for 10-year term life insurance. Compulife identified 2 large insurers that sell term life policies for that rate, namely First Americas Life of New York and Transamerica Financial Life.

Term insurance premiums can increase significantly at the end of any 5-year term. Therefore, the most cost-effective annual rate over the long term is the $151 that Genworth Life and William Penn Life of New York charges 20-year-old men for 30-year term life insurance.

Below are the average yearly rates quoted for 20-year-old men in average health.

Average annual premium for 5 year term … US$144 per $100,000
Average annual premium for 10 year term … $133
Average annual premium for 15 year term … $154
Average annual premium for 20 year term … $166
Average annual premium for 25 year term … $216
Average annual premium for 30 year term … $187
Average Male Insurance Rates at Age 30
As is the case for 20-year-old males in this study, First Americas Life of New York and Transamerica Financial Life provide the lowest term life rate for men age 30 year. Both companies charge an annual premium of $127 for a 10-year term life policy.

Average Male Life Insurance Premium

For men age 30, term life insurance with a level premium for 30 years is 60% higher than the average rate for a 5-year term.

Below are average term life insurance rates for New York males at age 30.

Average annual premium for 5 year term … US$152
Average annual premium for 10 year term … $134
Average annual premium for 15 year term … $157
Average annual premium for 20 year term … $172
Average annual premium for 25 year term … $229
Average annual premium for 30 year term … $250
Average Male Insurance Rates at Age 40
Male applicants who reach age 40 can expect life insurance premium quotes that are on average 40% higher than the rates they would have seen at age 20.

Below are average term life insurance rates for New York males at age 40.

Average annual premium for 5 year term … US$195
Average annual premium for 10 year term … $170
Average annual premium for 15 year term … $208
Average annual premium for 20 year term … $235
Average annual premium for 25 year term … $356
Average annual premium for 30 year term … $375
Average Male Insurance Rates at Age 50
The annual insurance rates for a $100,000 term life policy for 50-year-old men are at least twice as expensive as the premiums quoted for male applicants age 20. This applies to all policies, from 5 to 30-year terms.

Below are average term life insurance rates for New York males who reach age 50.

Average annual premium for 5 year term … US$353
Average annual premium for 10 year term … $310
Average annual premium for 15 year term … $409
Average annual premium for 20 year term … $467
Average annual premium for 25 year term … $762
Average annual premium for 30 year term … $825
Average Male Insurance Rates at Age 55
The cost of term insurance rises even more dramatically when men attain age 55. The average insurance rates for a $100,000 term life policy for 55 year olds cost roughly 4 times more than the average premiums charged to men age 20. In just 5 more years at age 60, term life premiums quickly become more than 5 times more expensive than rates for 20 year olds.

Below are average term life insurance rates for New York males age 55.

Average annual premium for 5 year term … US$510
Average annual premium for 10 year term … $455
Average annual premium for 15 year term … $610
Average annual premium for 20 year term … $750
Average annual premium for 25 year term … $1,174
Average annual premium for 30 year term … $1,306
Findings from Review of Male Term Life Rates
From ages 20 to 55, average life insurance premiums are lowest for 10-year term policies. Because life insurance rates can increase substantially at the end of the 10-year policy term, this does not mean that 10-year term policies save the most premium dollars over the long term.

The 30-year-term life insurance quoted to 20-year-old men appears to be the most cost-effective buy that meets longer-term insurance needs. With annual premiums as low as $151 per $100,000 of coverage, young men can lock in a competitive rate that will provide coverage up to the male applicant’s 50th birthday.

Otherwise, consumers can safely expect that annual premiums will rise as they grow older or choose longer policy terms to replace their existing policies after the initial coverage term expires.

Average Life Insurance Premium

Average Life Insurance Premium

The lowest annual rate is $127 for 20 year olds who buy a 5-year term life insurance policy, however, the $151 premium per year for a 30-year term may be the better deal.
The average annual premium that 20 year old females pay for 30-year term life insurance is 5 times less expensive than quoted rates for women age 55.

Average annual insurance premiums for young men in their twenties are at least five times cheaper than comparable term life insurance rates for male applicants age 60 and over. Just because term life insurance costs less in the earlier years of life does not mean that consumers should stop shopping for the most economical premiums at their attained ages.

online cheap low cost best whole group average term life insurance comparisons

Women have longer life expectancies than men and therefore pay lower life insurance premiums but over a longer period of time.

For this brief review, we compared to term life insurance rates quoted to women under age 60 living in New York City. A $100,000 term life policy was chosen to benchmark a number that will be easy to compare with rate quotes from insurance providers in other locations. Female applicants were assumed to be in average health, with no pre-existing medical conditions.

Average Life Insurance Policy

Average Life Insurance Policy

Average Life Insurance Policy

 

Ever since life insurance has been made compulsory, the sector has seen significant growth. However, not everyone knows what a life insurance policy is, what its benefits are, and most importantly, what an average life insurance policy should consist of to guarantee proper protection to the insured. Going through a few facts and statistics in this matter will help people decide what kind of policy to choose.

It is estimated that, in America, an average life insurance policy provides $100,000 in benefits. However, although this may seem to be an ample amount of money, it is actually not enough to provide for the cost of long-term care for the policyholders family. Therefore, one needs to look at a better option. It is for this reason that one is advised to be aware of the financial implications of the life insurance policy that one plans to take.

Finance analysts point out that a life insurance policy should cover a person for at least six to ten times his annual income. Six times the insurance is sufficient if one does not have a lot of other outstanding debt that needs to be paid back. However, if you have taken on debt in the form of term loans and mortgages, you should consider taking a policy that covers at least ten times your annual income. This will ensure that, in case of an eventuality, the surviving members of the family will not have a very hard time managing on their own. If this is not followed, the lifestyle of the surviving members cannot be properly maintained after the death of the policyholder.

Surprisingly, not many people who have insurance fall under these criteria. Hence, it is important to make people aware of this factor. This will guide people towards making appropriate decisions when buying an insurance policy.

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