Idaho 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 important steps to take before you purchase life insurance coverage is to obtain premium estimates. This way, you’ll have an idea on how much you’re looking at, long-term. To start off, take a look at the table below for a 30-year policy with a $200,000 face value in Idaho’s capital city:

Estimated Monthly Premiums
Boise, ID 83705
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 just how big a difference non-smokers pay towards their life coverage from those who smoke. For men under the 30-year age group, smokers pay nearly twice as much. And for those aged 45 who smoke, their premiums are more than three times higher.

The key takeaway here is that, regardless of gender and age, smoking drastically raises life insurance costs. Also keep in mind that insurers also qualify applicants as smokers if they use any other type of tobacco products, such as nicotine gums and patches.

Shorter-term, bigger coverage

Now, say for instance you want to bump up your coverage to $500,000, but shorten the term to 20 years. Here’s what your premiums most likely look like:

Estimated Monthly Premiums
Boise, ID 83705
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 you can see, the younger group of males can already purchase insurance with this value and term for less than $21 a month, while their female counterparts can enjoy coverage for less than $18 a month.

And even if you purchase insurance at a later age, say 45 years old, as long as you don’t qualify as a smoker, you can still enjoy affordable premiums, regardless of your gender.

More life insurance help

There are plenty of things you can do to save on life insurance costs, aside from staying healthy and keeping a smoke-free lifestyle, one example is to determine the right amount of coverage you should get.

And before you put your signature in this kind of long-term contract, make sure you contact the Idaho Department of Insurance to verify the licensure of the insurance company you wish to purchase your policy from.