It depends, but a $100k life insurance policy is usually pretty cheap for most people.
For term life insurance, which is what most people get:
If you’re in your 20s–30s and healthy, it’s often around $8–$15 per month
40s, more like $15–$30 per month
50s, usually $30–$60+ per month
I got quoted around $12/month in my early 30s for a 20-year term, non-smoker. Friends in their 40s pay closer to $25–$35.
For whole life insurance, it’s a completely different story:
Expect $80–$150+ per month, sometimes more
That’s because it lasts your entire life and builds cash value.
Things that change the price a lot:
Age (biggest factor)
Smoking
Health issues
Term length (10 vs 20 vs 30 years)
Company you choose
One tip: quotes vary wildly between companies. I saw a $10/month difference for the same coverage just by shopping around.
Bottom line:
If you’re healthy and just want basic coverage, term life is cheap. Whole life is much more expensive and usually only makes sense in specific situations.
It depends, but a $100k life insurance policy is usually pretty cheap for most people.
For term life insurance, which is what most people get:
I got quoted around $12/month in my early 30s for a 20-year term, non-smoker. Friends in their 40s pay closer to $25–$35.
For whole life insurance, it’s a completely different story:
That’s because it lasts your entire life and builds cash value.
Things that change the price a lot:
Age (biggest factor)
One tip: quotes vary wildly between companies. I saw a $10/month difference for the same coverage just by shopping around.
Bottom line:
If you’re healthy and just want basic coverage, term life is cheap. Whole life is much more expensive and usually only makes sense in specific situations.