Washington Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Determining the sufficiency of death benefit is one of the most crucial factors for consideration when purchasing a life insurance policy. And keep in mind that the amount of coverage you’ll buy will also determine your monthly premiums. This is why you should first establish just how much insurance you should buy, and then ensure you won’t have problems making your payments towards it on time. One way to do this is to educate yourself about the typical cost of life insurance in Olympia, Washington. You can start with the tables below.

Estimated Monthly Premiums
Olympia, WA 98501
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

 

No matter where in the country you live, you can always expect insurers to base the rates they charge primarily on an applicant’s age. Just compare the above-listed premiums of individuals in their 30s with those in their 40s. Comparing the monthly average of the non-smoking female group, you’ll find that the younger ones pay almost $31 less than their older peers. For males, the difference is even bigger, at a little more than $50.

More coverage for a shorter term

Here’s how your premiums may look if you get a $500,000 policy value with a 20-year term:

Estimated Monthly Premiums
Olympia, WA 98501
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

 

This table reiterates the impact of age when it comes to life coverage costs. And because you’ll keep the policy for only 20 years, you can expect to pay more. However, if you buy young, say when you’re still in your early 30s, you will still find policies with good rates, as long as you keep your health in good condition and you maintain a smoke-free lifestyle.

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

More life insurance help

A final piece of advice: you shouldn’t sign any contract unless you’ve already verified the licensure of the insurance provider with the Washington State Office of the Insurance Commissioner. This way, when the need for filing a claim already arises, you’re beneficiaries won’t experience difficulties.