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Life insurance

How Much Can You Save?

Life insurance is a great way to protect your family in the event of tragedy. How much do Americans spend on life insurance annually? This depends on a multitude of factors, such as age, health status, and policy size. The average cost of life insurance for a 35-year-old healthy male with a 20 year, $500,000 policy in the U.S. is $348 a year, according to our in-depth study of insurers and policyholders. Because there are so many factors that life insurance policies take into account, you might be amazed by just how much money you can save by shopping around and comparing life insurance quotes. We’ve found that people who don’t have brand loyalty and who receive life insurance quotes from other companies are able to save over $150 a year. Life insurance quotes vary greatly based on one’s individual profile. Life insurers will usually place policy holders in one of three categories, depending on how likely you are to pass away: super preferred, preferred, and standard. Super preferred policy holders receive the best insurance rates, while standard policy holders receive the worst rates. For this reason, standard policy holders stand to benefit the most from switching policies, so it’s to your advantage to compare as many policies as possible.

Why Do You Need Life Insurance?

Life insurance exists to help families survive in the sad event that their main source of income dies. If you have a life insurance policy worth $500,000, then your family will receive that amount of money if you were to pass away within the term period of the life insurance policy. This is meant to help them maintain a certain standard of life after your passing.

  • Give Your Family a Cushion
    Purchasing life insurance does more than just give your family a lump sum of cash - it gives them time. When a loved one passes away, it can be a traumatic, chaotic, and confusing time. The last thing your family needs is to be worrying about money. Even if your policy isn’t large enough to last your family a lifetime, it gives them time to figure out what their next steps will be.
  • Direct Money, Untaxed
    Life insurance payments are usually speedy and direct. Following a death, families can usually expect to receive their loved one’s life insurance policy money within a matter of days. An unusual but welcome feature of life insurance money is that it is not subject to federal income tax, so families will receive the full amount of the life insurance policy in cash.

Factors That Affect Life Insurance Rates

A common question about life insurance is what key factors contribute to your life insurance rates? Life insurance is one of the ways that you can help protect your loved ones from financial hardship in the case of your death. Our goal s to help you understand the various factors that impact your life insurance premiums. There are several key factors that life insurance companies will look at when determining your insurance premiums. They include:

  • Age
    How old you are is one of the most influential factors that is considered when determining the rates for your life insurance policy. Simply put, the older you are, the more likely the insurance company is to pay out a death benefit. As a result, life insurance premiums get more expensive the older you get. This is one of the reasons why you should consider buying a policy when you are young.
  • Gender
    In the United States, women typically outlive men by almost five years. For this reason, life insurance companies will typically have lower premiums for women than for men.
  • Health Status
    When you apply for a life insurance policy, you will have to go through something called medical underwriting in most cases. This is a process during which the insurance company will ask you a series of questions about your health and any pre-existing health conditions you may have. In addition to asking you questions, you may also be required to undergo a paramed exam, an exam in which they take your weight, height, take blood, and sometimes urine samples. This is done to get an even more comprehensive picture of your health. The answers to the questions and results of the tests will determine if your premiums go up or even if you can be offered coverage at all. In some cases, the insurance company can decline your for coverage based on your health.
  • Smoking
    The serious adverse health risks associated with smoking and fatal diseases that can occur like cancer will mean that as a smoker, your premiums will be higher, sometimes substantially higher. Smoking, as defined by most life insurance companies, includes more than just cigarettes and can include the following:
    • Cigarettes
    • Cigars
    • Smokeless tobacco
    • Nicotine patches and gum
    • Vaping
    • E-Cigarettes
    If you are a smoker and decide to quit, after a certain amount of time, usually at least 12 months of being smoke-free, your life insurance company may reduce your rates. If you are considering quitting, the best time to do it is before you apply for life insurance, but even if you quit after you buy a policy, it will still be worth it.
  • Hobbies & Job
    If you have hobbies that put you at higher risk of death, your premiums may be more expensive than others who do not have those kinds of hoddies. Hobbies that can increase your premiums include things like skydiving, racing cars, and other high-risk activities. Similarly, if your job is riskier than others, your premiums can be higher. Jons like roofers, pilots, loggers, and others that can put you in physical danger will impact your rates.
  • Your policy
    As with most insurance policies the benefits, your choose will have an impact on your premiums. Policies with larger death benefits will cast more than those with smaller death benefits. The kind of life insurance policy you choose (term, permanent, etc. ) will also be a factor in how much you will have to pay.

Our free quote tool takes many of these factors into consideration when getting you the best rate on your life insurance.

Common Life Insurance Questions

Is Life Insurance Taxable?



If you're shopping around for a new policy, you might be wondering "is life insurance taxable?" Good news! In general, life insurance proceeds received by a beneficiary when the holder of the life insurance policy passes away are not taxable. However, there are some minor exceptions, which makes it important for buyers to do their due diligence when shopping around for the best life insurance policy. You can use our free quote tool to find some awesome offers from the top-rated life insurance providers. You'll be met with a long list of custom-tailored policies based on the preferences you choose, making it increasingly easy to find what you need.

Life Insurance For Parents



Life insurance for parents is an excellent way to secure the financial protection of families in the future if unforeseen events were to take place. These policies ensure that a certain amount of funds is paid out to the family if the policy-holder passes away. This is a reliable, affordable, and recommendable way for parents to make sure their children and spouses are cared for if something were to happen. Use our free quote tool to find the best life insurance for parents from some of the best providers available.

Life Insurance For Diabetics



Is there life insurance for diabetics? Yes, there is! Many people incorrectly assume that people with pre-existing conditions such as diabetes aren't able to get life insurance policies. While there are fewer coverage options due to this complication, you'll have no trouble finding some excellent options whether you have Type 1 or Type 2 diabetes. In fact, even individuals who are insulin-dependent qualify for comprehensive life insurance options. To help you find the best policy for your needs, we've developed a free quote tool that makes it easy to compare life insurance for diabetics from different providers.

Reliable Life Insurance



Finding excellent life insurance is critical as it can help family members pay outstanding debts, cover funeral expenses, and get by on a day-to-day basis when the owner of the policy passes away. However, not all life insurance policies are made the same not only in their coverage but also in their trustworthiness. In order to find reliable life insurance, you should always read the fine print and compare policies from multiple providers. Keep in mind that term life and permanent life policies are inherently different and thus shouldn't be compared directly. At the end of the day, one of the most surefire ways to get reliable life insurance is to only buy from a reputable company. Feel free to use our service to find accurate quotes from some of the most well-known insurance providers.

Does Life Insurance Cover Suicide?



Suicide is one of the top 10 leading causes of death in the country, leading many people to wonder "does life insurance cover suicide?" Although some insurance policies can offer some coverage in the event of suicidal death, many have special clauses that limit these benefits. As a result, it's paramount that buyers double-check the fine-print to determine what their policies cover and what they don't in terms of suicide. Many policy providers won't offer benefits if the policy owner commits suicide within a year or so after the policy kicks into effect. Switching policies can also restart this exclusion period, which is another important consideration for policy buyers.

High Risk Life Insurance



Insurance providers constantly have to think about the risk of their incurring when offering someone a policy. As a result, individuals who have a higher chance of passing away are considered a higher risk. Although it's often difficult to find life insurance for these people, they're often the most in need of this coverage. Fortunately, there are many reliable providers that offer high-risk life insurance for people who are deemed riskier due to a number of reasons including dangerous professionals, hobbies that place them in life-threatening circumstances, or because of poor health. Feel free to use our free quote service to find a high-risk life insurance policy that works for you. You can easily compare offers from some of the most reputable providers.

Basic Life Insurance



With so many different options available, it can be difficult to find basic life insurance. Over the years, providers have come up with a seemingly endless variety of life insurance options to cover various circumstances. Although this variety makes it easier for people to find policies that match their unique needs, it can sometimes confuse those looking for a more traditional-style policy. Luckily, our free quote tool simplifies the process, making it easy for users to find basic life insurance policies from some of the most well-established providers. All you have to do is toggle the filters based on your personal needs and preferences. Our system will handle the rest, allowing you to easily compare policies by price and coverage.

Facts & Questions

Life insurance policies work on a contract you sign with an insurance company. In this contract, you opt for an insurance plan and pay monthly premiums. The company will ultimately pay back your benefits to your family (beneficiaries) after your death.

There could be two main reasons:

  • Medical condition: a condition in which you are suffering from something serious like heart disease
  • Non-medical condition: Your previous record like criminal charges, bankruptcy, drug addiction, or any harmful health activity.

Following are the different types of life insurance:

  • Term life insurance.
  • Whole life insurance.
  • Universal life insurance.
  • Indexed universal life insurance.
  • Variable life insurance.
  • Variable universal life insurance.
  • Final expense insurance.
  • Group life insurance.

  • Term life insurance is best for single adults
  • Whole life insurance best for young families, and if you are investing in a child’s future
  • Guaranteed issue life insurance is best for old adults.

If you are paying a high premium and you don’t have any dependents (children with disabilities), endorsement, or estate plans, then you should cash out. Another option you can go with is switching to term life insurance.

Life insurance is a liquid asset that you can convert and cash out quickly without any withdrawal restrictions and loss of assets value.

Yes, creating a life estate is a significant benefit that your beneficiary (family member who gets money after you die) gets. The money is easily convertible and bypasses the complications of probate (the official proving of will).

Generally, the right age in your 20s is that you are liable to health risks and get affordable premiums.

The best way to avoid estate tax is to opt for Irrevocable Life Insurance Trust to control your term or whole life insurance policies. Irrevocable life insurance trust avoids taxation, probate complexities, loss of privacy, and expense on shield assets.

Life insurance helps you pass the financial support and care to your loved ones even if you are not there. You can opt for any life insurance policy that looks affordable to you, and it will surely help you and your family in the long run.