Life Insurance

A life insurance policy in 2023 could range from $27 to $65 a month for a 40-year-old male buying a 20-year term policy with a $500,000 death benefit, which is a common type of policy.

Keep in mind that when you get a quote, the rate is affected by many variables, including the life insurance company, policy type, coverage amount, length of term, gender, health status, and other factors. For example, a permanent whole or universal life insurance policy will cost significantly more, because it provides lifelong protection and builds tax-advantaged cash value that can be accessed while you are still alive.

If you would like one of our licensed agents to call you to help determine the best policy for your needs and budget click here. If you're looking for lifelong insurance protection that also provides cash value, there are two main options: whole life and universal life. A whole life policy offers level premiums and more guarantees, but a universal life policy can be more affordable because it offers variable premiums that you can raise or lower within a certain range. The insurance company may also let you customize your policy with various provisions, such as an accelerated death (or “life”) benefit rider to pay for end-of-life needs and even certain kinds of long-term care. If you don't need permanent coverage or cash value, which can provide benefits such as policy loans, term life insurance coverage costs will generally be lower. 

A life insurance policy can help provide financial protection at any age, and it is especially important for adults with financial dependents. Consider getting life insurance sooner rather than later, because, generally speaking, the younger and healthier you are when you purchase life insurance, the lower your rates will be. As you age and your financial picture changes, life insurance can provide additional benefits. For example, permanent life policies are often used for estate planning to help simplify the transfer of generational assets. There can be certain tax benefits as well, but you should always consult with a tax professional before purchasing life insurance for this purpose. 

Yes, many people have life insurance coverage from more than one source. For example, if you have group life insurance coverage through work, the coverage amount may not meet your life insurance needs, so you can supplement it with an individual policy. Or perhaps you have permanent insurance that provides lifetime coverage while building cash value but has a limited death benefit for your family. You can choose to get an additional term life insurance policy that can help provide a significant income tax-free death benefit while your children are still growing up. 

Life insurance death benefits are almost always income tax-free. The cash value growth of a universal or whole life insurance policy is also tax-deferred, so it can grow faster because it's not being reduced by taxes each year.