Massachusetts Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

One of the strategies smart life insurance buyers use to ensure they buy a policy they can afford is coming up with a price range. You can do this by obtaining premiums estimates so you know which plans come with rates that suit your budget better. To help you determine what the average cost of life insurance is in Boston, Massachusetts, take a look at these tables.

Estimated Monthly Premiums
Boston, MA 02108
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

 

As you can see, the younger group pays a lot less than their older peers, regardless of gender. Men can already have insurance for less than $20 a month. Women pay even less, as they can find policies that cost just a little more than $16 a month.

If you wait until you’re in your 40s though, you can expect premiums to come with an increase of as high as four times. Add smoking to the equation, and your life insurance expenses will go up even more.

Choosing a bigger payout but shortening policy term

You can opt for a policy with a bigger value and a shorter term. The estimates below show where premiums are at for a 20-year policy with a $500,000 death benefit:

Estimated Monthly Premiums
Boston, MA 02108
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

 

Both tables show the huge difference smoking does to premiums. Life insurance is always more expensive for those who smoke cigarettes. This dramatic increase also applies to those who use other similar products, such as nicotine gums and patches, as well as electronic cigarettes.

The key takeaway here is to buy insurance while you’re still young and avoid smoking at all costs. Not only will this help you secure better rates; it will also help you maintain a better quality of life.

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

More life insurance help

In the event that you’re looking to buy coverage but would also want to expand your investment portfolio, you should explore whole life insurance. As a final reminder, always check the licensure status of any insurer, whether you opt for a term or whole life. The Massachusetts Division of Insurance is always ready to provide you with assistance.