Average Cost of a $300,000 Life Insurance Policy
Typically, a 50 to 55 year old man can expect to pay around $54 to $78 per month for a 20 year term life insurance policy with a death benefit of $300,000 - women will pay around 25% less.
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Your own $300,000 life insurance costs will depend mostly on your age and gender. But, factors like current health and medical status are also very important.
A $300,000 life insurance policy can go a long way in helping most families that lose their main breadwinner.
Financial planners recommend you should get 5 to 10 times your yearly salary in life insurance coverage. So, if you make $50,000 per year, you should get a policy from $250,000 to $500,000.
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"Life insurance is not for us, it's for our loved ones. We want to provide them financial security in case we pass away unexpectedly."
The average premiums for a $300K policy will vary according to the your age, current health status, medical history, family history, risk factors, type of life insurance - whole or term, etc.
Choose your age bracket to get a quote on a $300,000 life insurance policy:
"A proper amount of life insurance will insure your family can continue to live as they are accustomed to."
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Example Premiums For Men | Example Premiums For Women
Life insurance premium rates for 20-year term policies: A comparison of costs for male nonsmokers aged 50 and above, based on a $300,000 coverage amount.
The monthly premium examples below are for males who are in good health.
| AGE | $300,000 |
| 50 year old man | $54.45 |
| 51 year old man | $59.64 |
| 52 year old man | $66.26 |
| 53 year old man | $67.66 |
| 54 year old man | $71.35 |
| 55 year old man | $78.20 |
| 56 year old man | $85.83 |
| 57 year old man | $94.28 |
| 58 year old man | $120.92 |
| 59 year old man | $137.65 |
10/30/2024 - These premiums are just estimates. Your quoted prices will most likely be different.
10 year term rates on a $300K life insurance policy for nonsmoker women over 50.
These example monthly premiums are for females in excellent health.
| AGE | $300,000 |
| 50 year old woman | $24.26 |
| 51 year old woman | $25.95 |
| 52 year old woman | $28.14 |
| 53 year old woman | $30.36 |
| 54 year old woman | $33.25 |
| 55 year old woman | $35.78 |
| 56 year old woman | $38.53 |
| 57 year old woman | $40.55 |
| 58 year old woman | $43.22 |
| 59 year old woman | $47.17 |
| 60 year old woman | $51.10 |
| 61 year old woman | $55.73 |
| 62 year old woman | $60.65 |
| 63 year old woman | $66.45 |
| 64 year old woman | $73.40 |
| 65 year old woman | $81.23 |
10/30/2024 - These premiums are just an estimate. Your average prices will be different.
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Main Factors Affecting Life Insurance Costs
As we mentioned above, your health and age are the main factors in determining your life insurance rates and coverage choices.
If you are taking any medication, for example, for hypertension, high cholesterol, diabetes, asthma, you still may able to qualify for preferred rates. But, you will have to prove to the insurance underwriter that these conditions are under control. You will need to submit to a medical exam and have a blood test.
Undecided Between a $300,000 Whole or Term Life Insurance?
Here are some points to consider when choosing:
| Characteristic | Term Life Insurance | Whole Life Insurance |
|---|---|---|
| Coverage Duration | Provides coverage for a specific period (e.g., 10, 20, or 30 years). | Provides coverage for your entire lifetime, as long as premiums are paid. |
| Premium Costs | Generally lower than whole life insurance premiums, especially at younger ages. | Higher premiums, but the policy builds cash value over time. |
| Cash Value | Does not have a cash value component. | Has a cash value component that accumulates over time, which you can borrow against or withdraw. |
| Expiration | Expires at the end of the term, unless you renew it. | Does not expire as long as premiums are paid. |
| Flexibility | Can be more flexible, as you can adjust the coverage amount or length of the term as your needs change. | Generally less flexible, as the coverage amount and premiums are fixed. |
| Purpose | Often best suited for temporary needs, such as covering a mortgage or supporting dependents during their formative years. | Can be useful for long-term financial planning, estate planning, or as a supplementary retirement income source. |
Smokers Pay More For Life Insurance
If you are a smoker or use any tobacco products, your rates will be much higher, sometimes as much as 3 to 4 times higher. It really pays to stop smoking in more ways than one.
If you just smoke a cigar once in a while, there are companies that offer non-smoker rtaes to the occasional cigar smoker. You have to search around.
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If you are wondering "How much does a $300,000 dollar life insurance policy cost?", no matter your age, 50, 55, 60, 65, 70, etc. It is easy to find out typical policy costs by comparing rates online.