Virginia Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

A lot of people regard life insurance as one of the most important investments they have, since it protects a household from the serious financial effects of losing a primary income earner. With this is in your arsenal, you can keep providing for your loved ones, even after you’re gone. Keep in mind though that this kind of contract will legally bind you with your chosen provider for a long period of time, so it’s important you can take full responsibility for it, which means paying your premiums on time. Your rates may vary, but you can use the tables below to have an idea on how much typical policies cost in Richmond, Virginia.

Estimated Monthly Premiums
Richmond, VA 23219
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

 

Like almost anywhere in the United States, many residents of the VA capital favor the $200,000 policy value. For a 30-year term, you can find offers for a 30-year-old, non-smoking male or female with monthly premiums as low as $20. In general though, women within this category pay less, with their rates averaging at $26; $6 less than the $32 monthly premiums average of men.

More coverage for a reduced term

Many established adults opt for a policy with a shorter term but bigger payout because they’ve already determined the length of time they need coverage. The larger death benefit is usually for their children’s college expenses. Here’s how the premiums look for cover with these features.

Estimated Monthly Premiums
Richmond, VA 23219
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

 

One way to gauge how much coverage you need is to factor in the number of children you have, and for every kid, add at least $100,000. You might also want to consider a policy with a “savings account” component, which provides you with an additional source of income. So if you have three kids, a $500,000 policy value may just be right for your household.

More life insurance help

Aside from determining the amount of coverage you need and learning of the different strategies that can help minimize your life insurance expenditures, you should also make sure you work only with a licensed provider.