Florida Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

You want to make sure you spend money on the most suitable life insurance policy for you and your family. And a cover that best suits your entire household is one that doesn’t just have all the right components, such as sufficient value and term, but also one that won’t break the bank. To make certain your coverage meets these qualifications, you should also have an idea of how much you can afford and what premiums look like in your state. To help you get started, check the table below containing projected premiums for a $200,000 policy value lasting 30 years in Tallahassee, Florida.

Estimated Monthly Premiums
Tallahassee, FL 32301
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

 

As you can see, the younger group of non-smoking females have the lowest possible premiums. At age 30, their monthly life insurance expenditures average at just about $26. Non-smoking males of the same age pay monthly premiums a little more than $6 higher than their female peers.

This shows just how gender plays a role in determining life coverage payments. Women not just have a longer life expectancy; statistically, they are also less likely to put themselves at risk of getting into a serious accident. Thus, they enjoy lower premiums.

Increasing coverage but the lessening term

One of the most popular term levels is the 20-year term. If you’re interested in this, and you’d like a policy with a $500,000 value, take a look at these estimates:

Estimated Monthly Premiums
Tallahassee, FL 32301
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 policy with these features is common among those who made the purchase when they were already in their 40s and 50s and have children attending college. Although you’d make payments for a shorter amount of time, keep in mind that your expenses will considerably go up. As the tables for the male groups indicate, average premium payments for 45-year-old adults can double, even triple or quadruple.

More life insurance help

In short, one of the best ways to have affordable premiums is to buy early. This applies to both term and whole life cover.

The Florida Division of Insurance Agent and Agency Services can also help you regarding insurer licensure and other related concerns.