Recent studies have revealed that almost half of American adults don’t have any kind of life insurance policy set up. If you fall into this category, you should try to change that immediately.
If the average life insurance cost has you concerned, you’ll be happy to know that life insurance doesn’t cost that much for most people in the grand scheme of things. It makes it a worthwhile investment for almost everyone.
So, what is the average life insurance cost per month? Well, for most people, it’s going to fall under the $100 per month mark.
There are, however, a bunch of different factors that will determine the exact price you’ll pay for life insurance. Find out about them below.
One of the first questions that a life insurance company is going to throw at you when you contact them and ask, “What is the average life insurance cost per month?”, is your age. Your age is arguably going to have the biggest impact on the average life insurance cost per month for you.
The younger you are, the lower that your life insurance costs are going to be. Since there is a relatively low chance that you’ll reach the end of your life at any point in the near future, most insurers are going to extend very affordable policies to you.
Your Health History
Another thing that’s going to play a big role in your average monthly life insurance cost is going to be your health history. Many insurers will want to know a little bit more about your health history prior to offering you a price on a policy.
If you’ve had your fair share of health problems over the years, that could very well result in you paying more for life insurance than someone who has a completely clean bill of health. This is something you’ll want to keep in the back of your mind when you start reaching out to different life insurance companies.
Ideally, you should try to track down a company that’s not going to run too many medical tests before extending a policy to you. Check out this review to find a good example of a company that will take this approach to things.
Do you smoke? Do you take part in high-risk activities like skydiving on a regular basis? Or do you do anything else that could potentially put your life in danger at some point down the line?
If you answered “yes” to any of these questions, it could lead to you being subjected to a higher average cost of whole life insurance. You’ll be seen as a risk to many life insurance companies, which will lead to them charging you higher prices per month.
What Is the Average Life Insurance Cost Per Month Going to Be for You?
It would be almost impossible for us to sit here and provide you with a definitive answer to the question, “What is the average life insurance cost per month?” It’s going to depend on everything from your age to your health history to your lifestyle.
There will also be a wide range of other factors that’ll change your life insurance costs. You should speak with a life insurance company to get a better idea of how these factors will impact what you’ll have to pay to get your hands on a policy with them.
Browse through the other articles on our blog to get more insurance-related tips.