Indiana Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

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One of your priorities when purchasing a life insurance policy is to ensure it meets the needs of your entire household. This means that, aside from featuring a sufficient death benefit, it should also fit your budget. And to make certain of this, you should have some idea on how much you can expect insurance companies to charge you for your premiums. In the table below, you’ll see the projected premiums for a 30-year policy with a $200,000 face value purchased in Indianapolis, Indiana.

Estimated Monthly Premiums
Indianapolis, IN 46201
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

 

The numbers display just how big a difference it makes when you purchase life coverage at an early age. Even when you remain healthy and maintain a non-smoking lifestyle at 45 years old, buying at this age greatly increases your insurance expenditures.

Age is the number one consideration insurance companies make when calculating premiums, and in general, the younger an applicant is, the better the premiums. Of course, your individual rates will still depend on your current health status, but as long as you are in good health and you take really good care of yourself, then you don’t have to worry about exorbitant premiums.

More coverage for a shorter time

If you’re looking to leave your beneficiaries with a $500,000 policy benefit, your premiums for a 20-year policy may look like these:

Estimated Monthly Premiums
Indianapolis, IN 46201
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 long as you keep your health in check and you don’t smoke, you can still find a policy that will suit your budget. For non-smoking established male adults, you can expect a monthly premium average of around $94.05. For non-smoking women of the same age, you’ll pay more than $15 less, somewhere around $77.79/month on average.

More life insurance help

In short, completely avoiding the act of smoking paves the way for better premiums, regardless of age and gender. Also, don’t forget to check with the Indiana Department of Insurance for questions about licensure and claims filing process.