Maine Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Your primary concern when buying life insurance is to ensure the one you’ll get suits the needs of your entire family. While the most important part is for it to have a payout that’ll sufficiently support your beneficiaries, you also have to make sure you can afford to pay for it. One of the most effective tactics to address this is to have an idea of how much you might have to pay for your coverage on a monthly basis. Below you’ll find tables with projections for Augusta, Maine residents you can use to come up with an estimate.

Estimated Monthly Premiums
Augusta, ME 04330
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

 

One of the most popular coverage amounts, a $200,000 policy value with a 30-year term can come with monthly premiums lower than $20 for younger applicants who don’t smoke. You’ll notice though that the younger female group enjoys better premiums than the male group of the same age. This is because statistically, women outlive men, especially since the majority of them take fewer risks and often lead healthier lifestyles.

Greater coverage for a shorter term

Speaking of terms – the length of time a policy is in place – the 20-year level is the most popular of the available options. If you combine this with a $500,000 face value, your monthly premiums may look like any of these:

Estimated Monthly Premiums
Augusta, ME 04330
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 lot of people who purchase this type of policy are those who have kids in college (or will attend one in the near future). College education, as you know, can reach exorbitant costs, so life cover that will pay out a bigger amount makes sense for such families. Just remember that you’ll have higher premiums, as the tables show above when you bump up coverage and shorten the term.

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

More life insurance help

You should also learn about what you can do in the event you’ll have difficulties making payments for it in the future. This way, you know what your other options are rather than just dropping your coverage.

For additional assistance, such as checking the licensure of an insurance company, you can contact The Maine Bureau of Insurance.