Rhode Island Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

Your main concern when you shop for a life insurance policy is to make certain it suits the needs of your entire household. This means that the payout should sufficiently cover not just the financial responsibilities you may leave behind, but also the expenses of your loved ones for a period of time, or until they can support themselves.

However, just as important is to ensure you can afford the monthly premiums, and that the insurance company you’ll work with doesn’t charge exorbitant rates. To determine this, compare your individual quotes with the projected premiums shown below for Providence, Rhode Island residents.

Estimated Monthly Premiums
Providence, RI 02903
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

 

A lot of individuals and small families not just in the capital but all throughout the state prefer the $200,000 policy value, because in most cases, this is sufficient enough a payout. Attach this to a 30-year term and obtain life cover while you’re still in your 20s or 30s and don’t smoke, and you can find a policy with a monthly premium of less than $20, regardless of gender. As a smoker within the same age range, you’d pay a lot more, with premiums averaging at nearly $74 for men and $57 for women.

Going for a bigger coverage but a reduced term

How long you want your policy enforced also determines the rates an insurance company charges you. For instance, a $500,000 value policy with a 20-year term can cost you anywhere near the following:

Estimated Monthly Premiums
Providence, RI 02903
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

 

Although this type of policy will cost you slightly more, you’ll still find good rates as long as you keep your health in check and maintain a healthy lifestyle. For instance, established male adults who don’t smoke pay an average of $95, nearly $228 less than their peers of the same age who do.

More life insurance help

All in all, careful preparation is key to purchasing life insurance offered at a good deal. Just practice caution when you make your choice in a provider; the Rhode Island Division of Insurance Regulation should verify them as licensed.

And don’t forget to inform your loved ones about your policy, so that in case the documents get lost, they know what to do.