A simple way to save on life insurance
Purchasing life insurance early typically sets you up for your best rates. The average
life
insurance cost can increase by 8%, on average, for each year you delay. However, the
moment
you sign your policy, your rate is locked in and won't change during the policy's term.
For example, a 40-year-old non-smoking male in good health could get a new, 20-year term
policy with $1 million coverage for $2,172 a year.* However, if he were to purchase the
same
policy at age 41, his cost would rise to $2,340 a year—and he'd spend $2,508 annually if
he
waited another year.
As you age, your average life insurance costs increase. Based on our policies, we
developed
a chart that shows the shift in premiums based on different age groups. The term life
insurance quotes shown represent a 10-year term life insurance policy with a death
benefit
of $1 million for applicants in good health.
In this scenario, the monthly cost of life insurance for a 35-year-old non-smoker would
be
$65. A 45-year-old non-smoker would pay a $135monthly premium for the same policy.* By
purchasing this policy at age 35 instead of 45, you could save $840 per year over the
life
of your policy.
