Find the Best Life Insurance

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A life insurance policy is a great addition to any smart financial plan. However, since this is a type of long-term investment, you want to make sure you won’t have problems making your payments on time. And to ensure you can afford the policy you’ll purchase, you should have prior knowledge of what your premiums may look like. Check out these tables to have a clearer picture of how much life coverage in Trenton, New Jersey costs.

Estimated Monthly Premiums
Trenton, NJ 08608
Policy: $200K
Duration: 30 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $55.65 – $91.53 $19.17 – $45.45
45 Yr Old Male $167.65 – $230.87 $39.36 – $125.94
 30 Yr Old Female $40.42 – $72.88 $16.35 – $35.34
 45 Yr Old Female $117.34 – $176.49 $30.89 – $82.53

 

This table shows how much of a difference smoking makes, regardless of age and gender. Non-smoking men in their 30s pay more than $41 a month less than those who do. Women in their 30s who smoke pay a little over $31 more every month than their peers who don’t. And you can expect this to go even higher as you age. Keep smoking in your 40s or 50s, and you’re looking at monthly premiums averaging around $117 (for men) or $94 (for women).

Reducing term but paying for a bigger death benefit

Here’s what your premiums may look like if you get a policy with a $500,000 face value and a term of 20 years.

Estimated Monthly Premiums
Trenton, NJ 08608
Policy: $500K
Duration: 20 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $72.62 – $133 $20.36 – $58.05
45 Yr Old Male $213.94 – $430.30 $50.06 – $138.95
 30 Yr Old Female $59.50 – $115.40 $17.93 – $44.90
 45 Yr Old Female $154.32 – $296 $39.48 – $116.10

 

As long as you don’t smoke, and you purchase a policy with these features while you’re still in your 20s or 30s, you’d pay nearly twice and a half less than what you’d otherwise pay as an established adult. For the younger male group, this means paying around $55 a month less on average, and nearly $47 a month less for the younger female group. .

More life insurance help

There are several other ways on how you minimize your overall life insurance expenditures (hyperlink to “Tactics That Will Save You Money when Buying Life Insurance” article), so make sure you take the time to explore all of them.

And to make certain that once you purchase a policy, you do so from a licensed insurance company, contact the New Jersey Department of Banking and Insurance for assistance.