Minnesota Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Knowing what your potential premiums are is one of the most critical steps to take before you purchase a life insurance policy. Doing so will provide you with a clearer picture of what having coverage will cost you. You can start determining your price range by checking out the tables below, which contain premiums estimates for the residents of Saint Paul, Minnesota.

Estimated Monthly Premiums
Saint Paul, MN 55101
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

 

In the table above, it shows that the potential monthly cost of this type of policy for the younger group (for both males and females) is much lower compared to their older counterparts. Non-smoking women in their 30s can have premiums averaging at only $25.85 a month. Non-smoking males of the same age bracket pay a little more, but the average is still lower, at a monthly $32.31.

Of course, individual quotes will still vary after taking into account your overall health condition. But one thing remains true: buying at an older age will result in you having to pay more towards your coverage.

Getting a bigger payout with a reduced term

The first table shows premiums for a $200,000 policy value with a 30-year term. Say you want to go for a higher value but shorten the term to 20 years. Here’s how you can expect your premiums to look:

Estimated Monthly Premiums
Saint Paul, MN 55101
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

 

Comparing the eight different groups will make you see that smoking, no matter the age and gender, makes life insurance far more expensive. Just directly compare the averages of the younger male group: those who smoke pay an average of $40.63 more than their non-smoking peers. For the younger female group, smokers pay an average of a little more than $56 compared with non-smoking women.

Find the Best Life Insurance

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More life insurance help

Life insurance premiums, although largely dependent on age, also take into high regard a person’s lifestyle. Thus, eliminating unhealthy habits can serve as your ticket to better premiums.

And as the Minnesota Department of Commerce – Insurance strongly advises, make sure you consult them to verify the licensure of the insurance company you want to work with.