$250,000 Term Life Insurance
Term life insurance is considered the most economical type of life insurance coverage. A person purchases a policy and enters into a contact with the insurance company to insure him or her for a specific period of time and the premiums remain the same for the contract.
When the coverage reaches the end of the term, the policyholder can enter into a new contract with the insurance company or allow the policy to lapse. Many policies will automatically renew with an large increase in policy premiums but you remain covered. However, the older a person get, the more the life insurance policy is going to cost.
The Younger You Are the Less It Will Cost
Obtaining coverage when you are young and healthy will result in the lowest premiums.
How Much Does $250k of Term Life Cost?
$250k 20-year level term policy for a 40 year old female, non-smoker in good health costs $15.88 month
$250k 20-year level term policy for a 50 year old female, non-smoker in good health costs $32.41 month
$250k 20-year level term policy for a 60 year old female, non-smoker in good health costs $77.87 month
$250k 20-year level term policy for a 70 year old female, non-smoker in good health costs $269.59 month
Term Life Insurance Is a Good Decision
Since the cost of term life insurance is relativity low, it is a great financial purchase. You not only protect your family for hundreds of thousands of dollar but also have extra money to invest in other financial products to help build up your investment and retirement portfolio. The cash you save on term life insurance compared to whole life can be substantial.
Get the Protection Without the High Cost
Term life insurance is an great product for adults who do not want to spend a lot of money on life insurance, but still want to safeguard their families in the event of an unexpected death.
Prices on term life are based on the length of the term and the age and health of the insured at the time when the policy is activated. Typical terms are range from 10 to 30 years. The most common is a 20 year term.
See how much a $250,000 term life policy will cost you:
*Rates as of 12/7/2012. The information in this post is for informational purposes only and is not a guarantee of rates and insurability. Rates and eligibly are subject to the underwriting guidelines of the insurance companies and state in which you live.