Tennessee Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

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With a life insurance policy in your investment portfolio, you can keep providing for your loved ones even when you’re no longer physically with them. With this in your financial arsenal, you can worry less about your family experiencing serious money matters because of loans you may leave behind. It also ensures they don’t have to shoulder the burden of funeral and burial costs.

There are several tactics that can help you find an offer with better rates, and buying at a younger age is one of them. The tables below, which show the typical cost of life insurance in Nashville, Tennessee, will help you understand just how age (and other factors) affect premiums.

Estimated Monthly Premiums
Nashville, TN 37001
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

 

Comparing the average monthly premiums of non-smokers, you’ll see that the younger male group pays about $50.34 less than their older peers. For the non-smoking female group, those in their 30s (or 20s) enjoy premiums nearly $31 lower than those in their 40s or 50s. Even when you add smoking to the equation, age still makes a difference. For men, the younger ones pay $43 less on a monthly average. As for women, those still in their 20s or 30s pay about $90 less.

Reducing the insured period but going for a bigger coverage

Maybe you want the policy valued at half a million but would only want the policy in enforcement for 20 years. Your premiums may look like these:

Estimated Monthly Premiums
Nashville, TN 37001
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

 

Both tables prove that age remains the leading factor that affects life insurance premiums. However, your individual quotes will still vary, based on your gender, health condition, and lifestyle. Take note that women pay a lot less than men since statistically, they have a longer life expectancy rate.

More life insurance help

Aside from investing in life cover at a younger age, there are many other strategies that will help you obtain better premiums. Obtaining quotes from various insurance companies and comparing them is one of the most effective.

Just make certain that your quotes come from potential sellers that have the proper licensure. You can check this with the Tennessee Department of Commerce and Insurance.