Kentucky Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

There are many different ways for you to cut back on life insurance expenditures, and one of them is to make sure you don’t buy too much or too little coverage. In order to do this, you first have to set a budget for how much insurance you need and how much you can afford. This way, when you obtain estimates, you can determine which ones are wallet-friendly. To help you get started, check out the numbers below representing the potential premiums of Frankfort, Kentucky residents for a 30-year policy with a value of $200,000.

Estimated Monthly Premiums
Frankfort, KY 40601
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

 

Everyone who purchases life cover can expect their premiums to largely depend on their age. As the table above shows, there is a significant difference in the premiums of 30-year olds and those at the age of 45. In short, buying at a younger age is your ticket to better rates. And as long as you don’t smoke, you don’t have to worry too much about high costs.

More coverage for a shorter period of insured time

Say, for instance, you want to get a policy with a $500,000 value but would only like your insurance to last for 20 years. Your premiums most likely will look like any of these:

Estimated Monthly Premiums
Frankfort, KY 40601
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

 

Given that you’re purchasing more insurance for a shorter term, you’d have to pay more, but the difference isn’t that great. Add smoking to the equation though, and you’d see a noticeable increase. For example, 30-year-old male smokers would pay more than twice what non-smokers will, while 45-year-old women smokers would pay almost thrice than what their non-smoking peers would.

Find the Best Life Insurance

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More life insurance help

There are several other things you can do to make certain you get the right policy off the bat. Check out this pre-buying guide. Also, the state’s department of insurance can help you ensure that the insurance company you’re buying the policy from has the proper licensure.