Dear Money Guy,
After watching the devastating effects that a death can cause, I am very interested in setting up a financial safety net in case anything were to happen to me. My brother didn't have life insurance, and his wife and kids are left in a real bind (he was the sole breadwinner of the family).
So my question is, what is the average price of life insurance?
- Mark J.
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Dear Mark,
Sorry to hear about your brother's death and the hardship it will cause for your sister-in-law and family. Having life insurance can sure help in these type of situations. As for you question, "What is the average price of life insurance?" Well, that's a bit complicated.
You see, there are so many factors that go into determining the amount of premium you will be required to pay, that coming up with an "average" just doesn't work.
Here are some things to consider:
1. Term life insurance is less expensive than whole (permanent) life insurance.
2. Smokers have to pay more for their life insurance premiums.
3. The older you are, the higher your monthly premiums.
4. Whether or not you have pre-existing medical conditions can drastically affect your premium payments.
5. The greater the amount of coverage you need, the higher the premiums.
And the craziest thing about all of this, is that each life insurance company uses different factors to come up with their life insurance rates. So your best option is to get free life insurance quotes from a variety of insurance companies, and compare those quotes to each other.
To save you some time, I have found two life insurance companies that provide free quotes online. They just need some basic info from you to process your quote (name, email address, age, gender, etc).
Here are two life insurance companies I recommend getting quotes from to compare:
1. NetQuote
2. Mysurance
After you complete and receive your free quotes, you'll have a much better idea of what the average price of life insurance is for you specifically.
Regards,
The Money Guy
What Is The Average Price Of Life Insurance?
