One of the first questions people ask when shopping for term life insurance is how much is it going to cost them. Most people know that owning a life insurance policy is a good idea, but not everyone thinks that they can afford to purchase a policy. The good news is that it’s more budget-friendly than you might think.
Say you’re a mom who wants to ensure her children are protected financially in the event that she suddenly dies. You also earn a significant portion of your household’s family income and worry that if you were to pass your husband would be unable to shoulder the daily living expenses plus help put your children through college. For this reason, you’re considering a term life insurance policy with a 25 year term.
So how much is term life insurance for a mom? Well, really that depends on the mom and specifically her health and/or age. Life insurance companies price their policies according to the level of risk they feel they’re taking by insuring an individual. If you’ve got pre-existing health conditions or are at-risk for health conditions in the future, you will likely end up having to pay more for your life insurance policy.
Let’s say your a new 25 year old mother who is looking for a quote on a 20 year $500,000 term life insurance policy. How much would it cost you? Well below are some sample rates from some of our leading carriers. Take a look at the rate chart for a healthy 25 year old mother.
But, say you’re a 47 year old mom, who is a non-smoker, lives in California and would like a 25 year term so that if she were to pass away, her husband and children would be covered at least until the children are adults and are able to care for themselves. Using the TermLife-Insurance rate estimator, we find that this mom could purchase a term life policy for as little as $868.94 a year or just $74.95 a month. With this estimate from Savings Bank Life Insurance Co of MA, this mom is considered to be in the select preferred health category, although upon submission of the policy application a more thorough health exam would have to be completed.
With that being said, this goes to show you just how affordable term life insurance policies can be for a mom. By putting away less than $75 a month, this mom could have the protection she wants and needs for her family. Call us today and we can find a plan that will fit into your families budget. 855 743 0199
