Nebraska Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

When buying life insurance, it’s important you know just how much coverage to purchase. This way, you can minimize the likelihood of either buying too much or too little, which can prove more expensive than necessary. Establishing a budget for how much you can afford on a monthly basis is one of the strategies to ensure you can keep yourself insured throughout the term you choose. So take the time to obtain estimates. You can start by reviewing the tables below showing the potential premiums of Lincoln, Nebraska consumers.

Estimated Monthly Premiums
Lincoln, NE 68502
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

 

From the table above alone, you can already see just how age impacts life insurance premiums. In fact, this is the biggest factor that influences rates. Thus, the earlier you buy, the greater your chances of securing better rates.

For instance, getting insured at 30, with your non-smoking and relatively healthy lifestyle, means having premiums averaging at $32.31 for men, and $25.85 for women. Buy when you’re already in your 40s, even when you keep your health in check, and you face premiums more than double.

Raising policy value but decreasing the term

In case you want to bump up the face value of your policy but decrease its term, your premiums may look like these estimates:

Estimated Monthly Premiums
Lincoln, NE 68502
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

 

Opting for more coverage but reducing the term is a good idea if you’re already in your 40s or 50s but you still want to keep supporting your family even when you’re gone. With a bigger payout, you can even help pay for your kids’ college tuition fees. Just make sure you can afford to pay the higher premiums as costs go up drastically at this age.

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

More life insurance help

Aside from age, there are several other factors that dictate your premiums. Smoking is one of them. So as long as you avoid habit and keep your health in good condition, you have higher chances of securing better rates. And before you finalize your purchase, contact the Nebraska Department of Insurance first to inquire about your chosen insurer’s licensure.