Utah Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

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Life insurance is a long-term contract between you and your chosen provider. In exchange for monthly premiums, it provides your family with a barrier against the potential effects of losing a primary income earnerAnd as important as this type of protection is, you still want to prepare yourself for the potential overall costs of maintaining one. This way, you can make sure that you won’t have problems making your payments on time. Take a look at the following tables to have some idea on how much life insurance costs in Salt Lake City, Utah.

Estimated Monthly Premiums
Salt Lake City, UT 84101
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

 

In general, women spend less not just on their life insurance, but also their health insurance. This is because statistically, females enjoy a longer life expectancy than men. They also have less likelihood of developing risky behavior. So for a non-smoking female who’s in her 20s or 30s, your monthly premiums may average around $26. Compared with a non-smoking male of the same age, you’d pay an average of $6 less every month.

Bigger policy value for a shorter term

If a $200,000 policy value isn’t sufficient for your family’s needs, you can bump it up to $500,000. This, combined with a shorter term of 20 years will result in the following monthly premiums:

Estimated Monthly Premiums
Salt Lake City, UT 84101
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

 

As the table indicates, women will still enjoy better premiums than men of the same age, health condition, and lifestyle. However, you’ll also notice that smoking drastically raises the cost of life insurance. And smoking tobacco cigarettes isn’t the only basis insurers use to qualify someone as a “smoker.” If you use other products that contain nicotine, such as electronic cigarettes, patches, and gums, you’ll also fall under the smoker category.

More life insurance help

The two tables indicate that age, gender, and lifestyle habits play major roles in determining one’s premiums. So as early as possible, consider making the investment. And once you’re ready to sign, ensure that your chosen provider has the license to sell. The Utah Insurance Department can help you confirm licensure status.