Connecticut Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

One of the most effective ways to reduce your risks of buying either too much or too little life insurance coverage is to establish a budget for your premiums. By taking the time to obtain estimates, you can set a range of what you can consider affordable. Review the table below containing the projected premiums of Hartford, Connecticut residents who wish to purchase a $200,000 value policy with a 30-year term.

Estimated Monthly Premiums
Hartford, CT 06101
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

 

A person’s life insurance premiums are primarily based on age; buying early can help you save money in the long term, as the tables above indicate. At 30, non-smoking men can become insured for less than the payment of a monthly premium of less than $21, while men aged 45 (also non-smokers) have to pay more than twice this amount. And smoking dramatically increases rates, with rates jumping nearly four to five times higher.

Getting more coverage but shortening the term

In case you want a policy that has a bigger value at $500,000, but would like it to only last for two decades, your estimated premiums may look like these:

Estimated Monthly Premiums
Hartford, CT 06101
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

 

Getting more coverage for a shorter term is ideal for older applicants who have many beneficiaries such as children who go to college or will attend one in the near future. If you’re a male who doesn’t smoke, your premiums may average somewhere around $94.50 a month. Compared with a smoker of the same gender and age, you’ll pay about $228 less. Not smoking means potentially paying nearly $50,000 less for the entire duration of the policy.

More life insurance help

Age and smoking habits are two of the biggest factors that make up life insurance premiums. From what you’ve seen above, you can already see that buying early and maintaining a smoke-free lifestyle is the best way to trim your insurance costs. If you’re ready to buy a term life policy, you can find out more in this article.

And don’t forget to contact the Connecticut Department of Insurance to confirm that the insurance companies you want to work with have the proper licensure.