Are you looking for life insurance but don’t know how much it will cost you? Understandably, this is one of the biggest questions on potential policyholders’ minds. The best way to go about finding out how much life insurance will cost is to be armed with knowledge and weigh all your options before signing anything. In this blog post, William Schantz discusses the factors that can affect life insurance premiums as well as tips on reducing your costs. Keep reading as we provide you with a better understanding of the complexities of pricing and offer some guidance that can help make navigating these waters a little bit easier!
How Much Will Life Insurance Cost? William Schantz Answers
When it comes to life insurance, there is no one-size-fits-all answer to the question of how much it will cost, says William Schantz. The cost of a life insurance policy can depend on several factors, such as age, gender, lifestyle, and health status. Additionally, the type of policy chosen may also affect the total costs associated with the coverage.
For example, the most common types of policies include term life insurance, which provides coverage for a specified period (e.g., 10 or 20 years) at an affordable price, and whole life insurance, which offers permanent protection with greater cash value accumulation potential but higher premiums than term policies.
On average, American adults aged 18 to 34 pay about $50 per month for a $250,000 20-year term life insurance policy. For those aged 35 to 44, the average cost is around $60 per month for the same coverage. When it comes to whole-life insurance, most people aged 18 to 34 pay an average of $85 per month, and those aged 35 to 44 pay about $125 per month for similar coverage.
It’s also important to note, as per William Schantz, that overall costs will vary from one individual to another depending on factors such as health status, lifestyle choices, and other risk factors that the insurer may take into account when assigning rates. For example, a smoker will generally pay higher premiums than a non-smoker due to the additional risks associated with smoking.
William Schantz’s Concluding Thoughts
According to William Schantz, the cost of a life insurance policy can vary based on several factors, such as age, gender, lifestyle, and health status. On average, term policies are more affordable than whole-life policies, with most adults aged 18 to 34 paying about $50 per month for a $250,000 20-year term life policy and those aged 35 to 44 paying around $60 per month. Whole-life coverage is typically more expensive, with the average monthly premiums for ages 18 to 34 is around $85 and those aged 35 to 44 paying an average of $125 per month. It’s also important to note that individual costs may be higher or lower depending on additional risk factors. Thus, it’s important to assess your needs and budget in order to determine the best life insurance policy for you.