How much does life insurance cost?
There is no set amount for how much life insurance policies cost. Life insurance premiums are typically paid on a monthly basis and range in costs, anywhere from $20 to hundreds of dollars a month depending on your plan. Many factors play into the overall costs of policies including age, risk factors such as a history of smoking and how much your policy covers. Life insurance can work with almost any budget depending on your needs.
If you look only at the monthly bill, it may seem that whole life insurance costs more than term life insurance. However, your whole life policy will usually cost the same amount as long as you continue paying on time. As you age or if your health declines, the cost usually will not increase. Term life insurance is usually less costly when you are young, but when the term ends you may need to buy new life insurance when your age or health could increase your monthly premium. For this reason, many people consider a combination of both types of insurance to get the right coverage to fit your budget.
Whether you’re researching life insurance for the first time, or if you are at a new stage of life, there are many online tools, resources and life insurance calculators that can be used to figure out how much life insurance will cost based on your specific needs.
Life insurance is underwritten by United of Omaha Life Insurance Company. United of Omaha Life Insurance Company is licensed nationwide, except New York. Home Office: 3300 Mutual of Omaha Plaza, Omaha, NE 68175. Companion Life Insurance Company, Hauppauge, NY 11788-2934, is licensed in New York. Products not available in all states. Each underwriting company is solely responsible for its own contractual and financial obligations.