North Carolina Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

Life insurance isn’t cheap, but it doesn’t mean you can’t do anything to make it more affordable. One way to trim your expenses is to ensure you neither overbuy nor underbuy. Before you make this long-term investment, establish how much coverage you first need, as your choice in a policy value will largely influence your monthly premiums. Below you will find tables that show how much life coverage in Raleigh, North Carolina can cost.

 

Estimated Monthly Premiums
Raleigh, NC 27601
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

 

Age is the number one factor that insurance companies consider when calculating monthly rates. In short, the younger you are, the greater chances you have of enjoying better premiums. Of course, your individual quotes will still depend on your health condition, family history, and lifestyle. In general, though, buying early can potentially save you hundreds, even thousands of dollars in the long run. Just compare the monthly payments of the younger and the older groups charted in the table above. For non-smoking men, the younger group pays nearly $51 less, and for non-smoking women, those in their 30s (or 20s) pay almost $31 less.

Choosing a bigger payout for a shorter term

Just in a case $200,000 isn’t enough for your household, you can always go for a bigger payout. The table below shows what premiums may look like for a 20-year policy with a $500,000 value.

Estimated Monthly Premiums
Raleigh, NC 27601
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

 

Because you opted for more coverage but shortened the term, you can expect to pay slightly more. Average premiums for the younger non-smoking male group amounts to about $39.21 a month; $55.30 less than what the older group pays for. For the younger female group, premiums average at are $31.42; $46.38 lower than their older peers.

More life insurance help

From these projections alone, you can already see that becoming insured earlier can be your ticket to better premiums. Besides, doing so also helps reduce financial risks considerably.

There are several other things you should do in preparation for purchasing life cover, and one of these is to make certain your choice in an insurance company has the proper licensure. You can seek the help of the North Carolina State Insurance Department for verification.