New Mexico Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

A key tactic that smart consumers use when purchasing life insurance is to first establish how much they need and what they can afford. To do this, they obtain estimates from various companies licensed to sell insurance products in the state. They then get the average of these quotes, and from there, know what falls under the “affordable” price range. By doing this, you can determine which plans come with premiums most suitable for your budget. Use the tables below to start your analysis of premiums in Santa Fe, Mexico.

Estimated Monthly Premiums
Santa Fe, NM 87501
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

 

The first thing you probably noticed is how the younger group enjoys lower premiums than their older peers. For non-smoking males, there is a difference of nearly $51 in the average monthly cost, while this is a little more than $30 for the non-smoking women. This is simply because insurance companies consider every factor that can reduce life expectancy, and smoking is one of the biggest contributors to mortality.  

A bigger payout for a shorter term

In case you want to buy a policy with a larger death benefit but only want your term to last 20 years, your premiums may play around these ranges:

Estimated Monthly Premiums
Santa Fe, NM 87501
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

 

This table reiterates the considerable difference smoking makes when it comes to the cost of life coverage. Both health and life insurance will always cost more for those who don’t take good care of themselves, and smoking is just one of these unhealthy habits they look at. Insurers also consider applicants who make use of electronic cigarettes or other nicotine-containing products, such as patches and gums, as high-risk.

More life insurance help

Always remember that insurers will always charge varying rates, but no matter how little the difference is, it can potentially save you hundreds of dollars over the course of your policy. Just don’t forget to check on the licensure of the provider you choose to get insurance from, to ensure problems won’t arise during the claims filing process. New Mexico’s Office of Superintendent of Insurance can assist you with such concerns.