Is $67.00 Too Much For A Term Life Insurance Policy Worrh $500k?
Posted August 20, 2009 – 4:43 pm in: term life insuranceI finally got life insurance and it is pretty much the same price for the next 34 years. However, I have not searched around and compared prices. Is $67 per month too much for a $500,000.00 policy at age 23?
Tags: $500k, $67.00, Insurance, Life, Much, Policy, Term, Worrh
6 Comments
That’s sounds about right for a 35 year level term insurance. Now that you are protecting your family, you should consider opening a retirement account such as a Roth IRA and invest on a monthly basis. If you invested in mutual funds of $200/month and you get an average rate of return of 12% during the next 35 years, you can potentially have $1.3 million.
There is one easy way to find out if $67 per month for a term life insurance policy is too much.
That way is to get free, no obligation quotes online and find out for yourself within minutes if you may find some rates that are more affordable for you.
You can fill out one form and get up to 12 quotes instantly for term life insurance at https://www.efinancial.com/smartquoteefc…
There is no obligation. That way you’ll know today whether there is a much better rate available for you.
However, make sure you don’t cancel your current policy until you are approved for another policy, if you are considering this as a possible option.
Even if you can save $15 per month over 34 years that would be about $6,120 plus the time value of that money over the years.
It’s a good idea that you are considering your options.
I hope that helps! Best of luck to you.
Well, there you go, you’ll have the same premium of $67 for the next 34 years (regardless of any health problems or other life events). I am about 3 times as old and pay $123 for $200,000 that I got about 3 years ago and I think something happens when I turn 70. I’m in good health now, but did have a little problem that I told the insurance company about.
First of all, I would like to congratulate you for being worlds ahead and getting a policy at age 23 and looking at a really good amount!!! The good thing is I’m a firm believer of Life insurance. I always say get the most you can when your young and also….You’re less likely to be rated for health conditions when your young since your health is always better. If you happen to be a tobacco user this can have a bearing on the cost of the insurance being higher but you shouldn’t see such a drastic difference since age at this point is in your favor. It also sounds like you have a guaranteed policy so if this is correct your premium should remain level. I would also check to make sure that you have the option to convert this policy to a permanent insurance policy like a whole life or a universal life policy. The thing you may want to consider is, what will you want to do once you 34 year guarantee expires. Will you want to buy another term policy. I will definitely be more costly for you. So if you are going to considering a permanent policy. You may want to do this while you are younger, It’s more cost effective for you. Term Insurance is the most cost effective insurance at the beginning but as one get older the lost opportunity cost is much greater for you.
That sounds about right for 30 year level term. It might ba a bit on the high side.
Me and my wife are almost 40 and have about 700,000 between us. We pay about 84 a month.
Well, if you are looking for comparison quotes, it will be very difficult because most life insurance companies only issue up to a 30 year term. Comparing a 34 or 35 year term to a 30 year term will not be apples to apples.
You could look around a little now, but in 4 or 5 years will be the time you could do more serious comparisons. You should continue to review your coverage every so often anyway to make sure nothing has changed. This is a good time to make sure you still have the best deal to meet your needs.