This coverage amount of $100k level term life insurance is an excellent policy choice for many people. As I stated in my previous article, How Much Life Insurance Should You Really Have, most financial advisors recommend you carry at least 7 to 20 times your annual income in life insurance to adequately protect your family. However, for those who have children that are older and are no longer dependent upon them, a $100k policy may be a perfect amount.
How Much Does A $100k Term Life Insurance Policy Cost?
Sample premiums for a 20-year level term policy for a female:
Age Preferred Plus Preferred Standard Plus Standard
45 $14 $17 $21 $22
50 $19 $21 $30 $30
55 $26 $29 $41 $42
60 $39 $44 $64 $67
65 $66 $79 $103 $117
70 $131 $151 $161 $218
A Good Starting Point
Most of the top term companies in America begin their fully underwritten life insurance policies at $100,000. This is also a sweet spot for obtaining an excellent rate. In most cases $100k will be cheaper than $50k or $75k in coverage!
If you’re looking to cover final expenses or just need some additional life insurance, $100,000 can be a great policy amount. If you’re younger and still have a family dependent upon you and your income then $100k will probably not be enough coverage. Just make sure you compare quotes from multiple companies and work with a knowledgeable agent to ensure you receive the right coverage at the lowest price.
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*Rates as of 09/03/2013. 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.