Southern Heritage Insurance
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How much does life insurance cost?
• Your coverage amount and term length: Less coverage and shorter term lengths cost less.
• Your age: Younger people typically have lower rates.
• Your health status: Healthier people typically have lower rates.
• Your tobacco use: Non-smokers typically have lower rates.
A 10-year term life insurance policy with a death benefit of $1,000,000 for a non-smoker at age 25 is $58/mo and at age 45 it is $135/mo.
What's the difference between term and whole life insurance?
Term life insurance uses premiums to cover you for the determined “term” of the policy. Coverage expires if there is no claim within that time frame. Term life can be a good match for someone seeking affordable coverage to replace lost income over a critical period, such as while raising children or paying off a mortgage.
Whole life insurance lasts your entire life if premiums remain current. Whole-life policies also have the potential to accrue cash value, depending on the policy. For these reasons, whole life insurance premiums are typically higher than term premiums for the same coverage amount.
What if I already have life insurance through my employer?
How much life insurance do I need?
What does life insurance cover?
Life insurance premiums start to increase as policyholders approach their late 50s or early 60s, and may continue to increase as they age. But, the exact age at which premiums start to increase can vary depending on many factors. Factors include the type of policy, the insurer, and the policyholder’s health and lifestyle. Some companies may start increasing premiums as early as age 40. Others may not start increasing premiums until the policyholder reaches their 70s.
While it's encouraging that three out of four Americans have some form of life insurance, 30% rely solely on group life policies, which may not adequately cover their needs in times of uncertainty.
As your independent insurance agent, I understand how much peace of mind comes from protecting your loved ones in case you unexpectedly pass.