Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

Buying life cover warrants preparation. However, one of the first things you should ask yourself is how much coverage will sufficiently meet your family’s needs. Once you have established this, you’ll find it less difficult to choose among the wide variety of death benefit options and terms. You can then create a price range to trim your list down to offers you can afford. And to give you an idea of how much people in Madison, Wisconsin spend for this type of protection, check out the tables below.

Estimated Monthly Premiums
Madison, WI 53705
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

 

Many people and small families throughout the country usually purchase a policy with a $200,000 value. Combine this with a 30-year term, and you can find offers for as low as $20 a month, given that you’re in the “young adult” age range and you don’t smoke. Include smoking in the formula, and your premiums will go up dramatically. For men in this group, expect your premiums to average at about $74 a month, while monthly rates for women average at around $57.

Shorter term but larger coverage

The length of time you’d like to keep your insurance will also affect your premiums, as shown in the table below.

Estimated Monthly Premiums
Madison, WI 53705
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

 

A quick comparison of the two tables will show you that a bigger death benefit for a shorter term costs more. However, the premiums for this kind of policy just slightly increase, as long as you keep a smoke-free lifestyle and you maintain optimal health. As an established adult of the male gender who doesn’t smoke, you can expect your monthly premiums to average at around $95. For women, rates average at about $78 a month.

More life insurance help

As important as it is to get life insurance at an earlier age, you should still give yourself enough time for careful planning. Aside from comparing similar offers and their rates, you should also make certain your options in insurers have the proper licensure. Fortunately, the Wisconsin Office of the Commissioner of Insurance can provide you with assistance for licensure verification.