Last Updated on September 17, 2020 by Andrew Lee
Find the Best Life Insurance
Compare Term & Whole Life Insurance Options:
There are several steps you should take when buying life insurance. One of them is to determine whether a death benefit is enough for your family or if you want your policy to have a cash-value component. However, just as important is to establish an amount of coverage just right for the needs of your household. Knowing how much to buy can help you minimize the chances of either underbuying or overbuying. To do this, you need to have a basis for comparison. The tables below contain projected premiums for those living in Salem, Oregon.
Estimated Monthly Premiums
Salem, OR 97301
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 table above already shows how big a difference buying at a younger age makes when it comes to premiums. In fact, how old you are when you first purchase life cover plays the biggest role in determining your rates. All in all, choosing to become insured in your 20s or 30s can pave the way for better premiums. Just compare the premiums of the younger male and female group with what their older peers of the same age. You’ll find that for men, the monthly average difference is a little more than $50. For women, the younger, non-smoking group pays nearly $31 less.
Greater policy value but the decreased term
Say you want a $500,000 policy value for just a term of 20 years. Your premiums may look something like these estimates:
Estimated Monthly Premiums
Salem, OR 97301
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 |
Opt for a greater policy with a shorter term, and you can expect premiums slightly higher than those shown above. These features may suit you better if you’re already an “established adult,” or you’re already in the 40s or 50s. You may need a bigger death benefit at this age because you have children in college, or you have several remaining loans to take care of.
More life insurance help
Aside from age, the other major factor that influences life insurance rates is smoking. Because this greatly reduces life expectancy, insurers always charge their smoking applicants higher.
Once you’ve made all the necessary preparations for obtaining life cover, you can proceed to compare insurance companies and the plans they offer. Just make the Oregon Insurance Division lists your potential insurers as legitimate and licensed.
