How Much Does a $200,000 Life Insurance Policy Cost?
On average, a 40 to 50 year old man will pay from $32 per month to $75 per month, respectively, for a 20-year term life insurance policy in the amount of $200,000. This assumes a non-smoker in good health. A woman will pay roughly 25% less.
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Your own life insurance costs will depend, mostly, on your age, gender, health, and tobacco use.
Depending on the above factors, you may still be able to find a $200K policy at affordable prices.
A $200,000 life insurance policy (term or whole) may not be enough for many, but it is a good amount of money, that will go a long way helping with expenses.
Choose your age bracket for a $200,000 life insurance policy quote:
The $200,000 will probably be enough to pay final expenses, pay for the remaining mortgage on your home, pay for student loans, and maybe even some outstanding debts.
Coverage Amount Recommended By Financial Planners
Typically, financial planners recommend that you should get a life insurance policy from 5 to 10 times your yearly income.
For example, if you make $50,000 per year, you should get a policy in the amount of $250K to $500K. But, if you can't afford that right away, a $100,000 or $200K policy is a good start.
"Don't leave your family in a financial predicament, get plenty of life insurance coverage!"
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Example Premiums For Men | Example Premiums For Women
Example rates for a 20 year term, $200,000 dollar life insurance policy for a man in good health and non-smoker.
| AGE | $200,000 |
| 30 Years Old | $21.90 |
| 35 Years Old | $23.90 |
| 40 Years Old | $32.65 |
| 45 Years Old | $49.29 |
| 50 Years Old | $75.65 |
| 55 Years Old | $117.89 |
| 60 Years Old | $199.52 |
10/21/2024 - These premiums are just estimates. Your quoted prices will most likely be different.
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Example cheap rates for a 20 year term, 200 thousand dollar life insurance policy for a woman in good health and non-user of tobacco products.
| AGE | $200,000 |
| 30 Year Old | $19.59 |
| 35 Years Old | $20.75 |
| 40 Year Old | $26.66 |
| 45 Years Old | $37.30 |
| 50 Year Old | $56.05 |
| 55 Years Old | $84.08 |
| 60 Year Old | $139.82 |
10/21/2024 - These premiums are just estimates. Your quoted prices will most likely be different.
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How Your Health Affects Life Insurance Costs
The pricing tables displayed above are for women and men in good health and that do not use tobacco products (cigarettes, cigars, chewing tobacco, etc.). If you have certain medical conditions your policy prices will be higher. For example, heart conditions, kidney disease, severely obese, etc.
If you are taking medication because you are diabetic, have high blood pressure, have high cholesterol, you still can qualify for regular rates, but this will be determined on a case by case basis. The results of your blood test and medical exam will "tell" the insurance company what your rate will be.
What If I'm Self-Employed or a Freelancer?
Self-employed individuals have to really think about being covered, because they do not have employer-provided life insurance coverage (usually Group-Term Life Insurance), and often put any life insurance coverage thoughts in the back burner.
No worries, if you work for yourself and are a freelancer, you can still get a $200K life insurance policy, or a similar amount.
Choosing Between $200,000 Term and Whole Life Insurance
When choosing between term and whole life insurance, here are some key factors to consider:
| Insurance Type | Coverage Duration | Premium Costs | Cash Value | Expiration | Flexibility | Purpose |
|---|---|---|---|---|---|---|
| Term Life Insurance | Provides coverage for a specific period (e.g., 10, 20, or 30 years) | Premiums are generally lower than whole life insurance premiums, especially at younger ages | Does not have a cash value component | Expires at the end of the term, unless you renew it | Can be more flexible, as you can adjust the coverage amount or length of the term as your needs change | Often best suited for temporary needs, such as covering a mortgage or supporting dependents during their formative years |
| Whole Life Insurance | Provides coverage for your entire lifetime, as long as premiums are paid | Premiums are higher, but the policy builds cash value over time | Has a cash value component that accumulates over time, which you can borrow against or withdraw | Does not expire as long as premiums are paid | Is generally less flexible, as the coverage amount and premiums are fixed | Can be useful for long-term financial planning, estate planning, or as a supplementary retirement income source |
Consider your current and future needs, budget, and financial goals when deciding between term and whole life insurance. It's also a good idea to consult with a financial advisor to help you make the best choice for your specific situation.
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What If I'm Denied Coverage?
In certain cases you may be denied typical life insurance coverage. If this is the case, you can always try to get a guaranteed issue or no medical exam life insurance policy. These are more costly and not cheap, but are pretty much guaranteed.
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Are you asking yourself, "How much does a $200,000 dollar life insurance policy cost?", no matter your age, 30, 35, 40, 45, 50, 55, 60 - find out your policy costs by clicking here!