What will a $1,000,000 Term Policy Cost You?

“You’re supposed to live!  Take advantage of that before you do end up getting older, and the grim reaper starts approaching.”

Anything that can possibly yield you a million bucks must cost a ton of money, right?  Well… There are plenty of factors including, age, gender, health, and term length but on average these premiums are quite low!  When you are young, you’re supposed to live a long life.  The insurance companies know this and will reward you with your premium payments.

Here are some examples:

Let’s start with all you young families in your 20’s.  Do you have small little kiddos around the house?  We all want the best for our kids.  Getting a 20-year term policy makes a lot of sense for you all.  This way, we’ve got our kiddos covered until they’re out of college.  Just in case something bad happens to you and your income stops, the rest of the family will be able to go on with their future plans.  Once the policy runs out, you’re still alive, and the kiddos are out of the house making their own living (hopefully).  For a 25-year-old male, your monthly payments would only be about $50-$60 a month for a 20-year term.  For you ladies out there it will cost you about $30-$40.  For all you math whizzes out there.  That’s $1-$2 a day!  Just think though, how much better will you sleep knowing that in those 20 years if something were to happen to you, everyone you’re leaving behind will have a nest egg to help cope with life without you.

For everyone in your 30’s, it’s going to be similar.  You’re supposed to live!  Take advantage of that before you do end up getting older, and the grim reaper starts approaching.  You’ve probably got young kids as well, or maybe like me, they’re in their teen years, and they want nothing to do with you.  Grab some term insurance to secure their future.  For a 35-year-old female in good health, your policy will cost you about $40-$50, and the guys are still about $50-$60.  Cheap right?  Okay, raise your hand if you knew it would be that inexpensive for that amount of coverage.

What if you are not so young anymore?

You fine people in your 40s and 50s have kids who are hopefully self-sufficient by now.  I’m sure a lot of you still have kids in the house, but another good reason for insurance at this age is to prepare for retirement.  What happens to your spouse if your income stops?  Will they still be able to enjoy their golden years like all of you have planned?  For a 45-year-old man, a 20-year term policy would cost them about $120-$130, and the women would pay $90-$100.   That’s still only $3-$4 a day.  Less than the price of a latte.  A 55-year-old woman would expect to pay about $220-$240 and a man would pay about $310-$330.

After that, a 20-year term loan gets pretty expensive because we’re set to die in our early 80s.  However, the rest of you have no excuse to not be covered.  There are many other types of life insurance for all sorts of ages.  Please, give us a call and we can talk you through all of your options for any stage of life, coverage level, or premium.