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Is a $100k Policy Face Amount a Good Deal?

by Scott G on September 3, 2013

$100k Life Insurance Policy

Is $100k Life Insurance Enough?

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:

AgePreferred PlusPreferredStandard PlusStandard
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!

Wrap Up

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.

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