5 Things to Know Before Getting Life Insurance Quotes


Don’t let misconceptions about life insurance hold you back from getting life insurance quotes. Here are a few key points.

  1. Life insurance may be more affordable than you think. The average cost of a 20-year term life policy with a $500,000 death benefit for a healthy 30-year-old woman is $252 annually or only $21 a month, according to a Forbes Advisor analysis of average life insurance rates. For a male, the average annual rate is $300, or $25 a month.
  2. The younger you are when you buy life insurance, the less you’ll pay. Your age and your health affect the rate you pay. Waiting to buy life insurance means you’ll pay more simply because you’ll be older. Plus, if you develop health issues, life insurance quotes will be even higher. For example, men buying a 20-year term life policy with a $500,000 death benefit at age 40 instead of age 30 can pay up to 36% more. For women, it’s up to 39% more.
  3. You might not need a life insurance medical exam. There are plenty of good options for no-exam life insurance. We found multiple insurers that offer up to 30-year terms and more than $1 million in coverage, without requiring a medical exam.
  4. The application process can be fast and easy. If you’re in good health, you might be able to apply online and get approved for coverage in just a few minutes without taking a medical exam.
  5. You should compare life insurance quotes from several insurers because prices can vary widely. If you work with an independent insurance broker, the broker will do the comparison shopping for you.

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