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How much does life insurance cost?
It's More Affordable than You May Realize
According to the 2019 Insurance Barometer Report, lack of knowledge causes many consumers to overestimate the cost of term life insurance coverage. Over half of the population thinks the cost of a term life insurance policy is over three times the actual cost.
Actual Real-Life Examples:
$1,000,000 10-year term life policy for $20 monthly
$250,000 10-year term life policy for $23 monthly
$500,000 15-year term life policy for $27 monthly
Frequently Asked Questions
If you have a spouse (or partner) and/or children that would suffer financially if you were to die, you need life insurance. There are others who need life insurance (e.g. business partners), but the main incentive to own life insurance always has been to ensure your loved ones will be taken care of financially should you die.
There are several methods of determining how much life insurance you need. One method is using the multiple of income method, using a multiplier of your income to determine the benefit amount. Between 25 and 35, we recommend 20-25 times your income; between 35- 50, multiply your income by 15; above 50, use a factor of 10. These are only general guides, as every situation will vary.
You can also use our calculator, which uses a different method. Ultimately, the cost will be a factor too, as you have to maintain the premium payments over time.
Now that you have determined how much you need, hopefully the insurance company will offer you that amount. Insurance companies use multipliers as described above and will not provide you with more coverage than they think you need, based on their formulas. There is some flexibility there, so if you have needs that exceed these formulas, your agent can help you "sell your case" to the underwriter.
No. We are paid a commission by the insurance company if we assist you with getting your policy in force.
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