Illinois Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

As part of your life insurance buying preparation, it’s important you take the time to learn more about your potential premiums. This way, you’ll have a clearer picture of how much to expect as your insurance expenditures based on the kind of health and lifestyle you have. The table below shows the estimated premiums for people living in Springfield, ID who want a 30-year policy with a face value of $200,000.

Estimated Monthly Premiums
Springfield, IL 62701
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

 

When you buy a policy at an early age, as shown above, you can enjoy low premiums of less than $20 a month, regardless of your age. Women will enjoy lower rates though since statistically, they have a longer life expectancy than men. Of course, your individual quotes still depends on your overall health condition.

On the other hand, delaying your purchase, say for 15 years, will result in premiums more than twice of what you would’ve otherwise paid at 30 years old. Again, this applies to both male and female applicants.  

Bumping up coverage for a shorter term

In the event that you want your insurance to only last 20 years, but would like it to come with a $500,000 value, you can expect your premiums somewhere around these projections:

Estimated Monthly Premiums
Springfield, IL 62701
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

 

Looking at all the eight different groups, you’ll instantly notice that those who don’t smoke pay a lot less than those in the smoker category of the same age and gender. For example, when you directly compare the averages, 30-year-old, non-smoker males have average monthly premiums $40.63 cheaper than those who do. This means that every year, they can save up to $487.56, and for the entire life of their policy, this translates to a savings of $9,751.20.

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

More life insurance help

Based on the calculation above, you can see just how big a deal smoking is when it comes to life insurance premiums. And for inquiries regarding the licensure of an insurer in your state, make sure you contact the Illinois Department of Insurance.

References:

http://insurance.illinois.gov/applications/RegEntPortal/