AVERAGE PRICE OF LIFE INSURANCE
Life Insurance Consultation
Insurance premiums differ depending on dozens of different factors. The figures below estimate average costs of life insurance premiums. Insurance premiums differ are related to ones location, ones age and even the frequency of payment can fluctuate an insurance premium. Yes, in some instances if you agree to pay for the whole year in advance you can get a discount on your insurance premium. Those that pay monthly will likely miss out on the discounts provided by paying less frequently. Location seems to play a big role in how actuaries and underwriters determine insurance premiums. This makes sense in certain instances such as a home insured in a coastal state where damage from catastrophes such as hurricanes and earthquakes are more common than inland states. In fact there are many reasons why ones homeowners insurance premium may differ. Health and Life insurance premiums differ depending mostly on one's age and current health state while other types of insurance, such as auto insurance rates, are determined mostly on vehicle type, drivers age and driving history.
Average cost of Life Insurance - $500 per year - prices vary!
One thing we didn't mention above was the different types of insurance products one can purchase that effect an insurance premium. For example, Term Life Insurance is less expensive than Whole Life Insurance policies. An HMO or PPO is less expensive than an Indemnity Health Insurance policy. Of course, your cost for insurance policies will not be the exact averages we've listed above so be sure to receive your own free insurance quotes.
The main reason people are concern about the price or cost of purchasing an insurance coverage is because the insured will never see their money again. The reason for the concern is profound since you are paying for something that you will never benefit from. It is for those love ones that you will leave behind should you die. It is your family and love ones protection and security. So asking yourself what is the average price of life insurance is really a concern when shopping for your family and love ones protection.
Some people when looking for life insurance coverage for their love ones protection and security, they are stuck with so many concerns and questions that needs some valid answers. Questions like what is the average price of life insurance and how much does life insurance cost will always in their minds. But these are profound concerns as the eventual insured person will never see a cent of he or she would be paying.
Obviously, the amount that you will pay will depend on the amount of coverage that you seek to buy. Insurers may also look at your overall health, age, gender, and your occupation (though as competition rises many insurers are beginning to offer coverage with no initial medical examination.) The more coverage you wish to buy or the more risk you have in your everyday life, the higher your average insurance quote will be.
Another major factor in what you'll be paying for insurance is whether you are looking to buy whole life or term life insurance. Term life policies, which pay out if the insured passes away before a pre-set date, are on average significantly less expensive than whole life policies for a similar amount of coverage. Whole life policies cost more because they cover your entire life, while term life insurance policies are designed to provide you with insurance for just the specified period of time that you need it.
The average amount that you'll find quoted from insurance providers in your area may also differ from the national average depending on where you live. Areas with a higher cost of living rate will also tend to have higher average insurance rates, while insurance agencies in locations with a much lower cost of living also generally charge a bit less. Larger cities with more competing agencies may have a number of lower-cost options as well due to each agency trying to bring in more business by offering low rates.