How Much Does a $200,000 Life Insurance Policy Cost?
Depending on your age and health, average premiums for a $200K policy may still be affordable.
A $200,000 life insurance policy (term or whole) may not be enough for many, but it is a good amount of money, that will go a long way helping with expenses.
The $200,000 will probably be enough to pay final expenses, pay for the remaining mortgage on your home, pay for student loans, and maybe even some outstanding debts.
Choose your age bracket for a $200,000 life insurance policy:
Recommended By Financial Planners
Usually, financial planners recommend that you should get a life insurance policy from 5 to 10 times your yearly income. For example, if you make $50,000 per year, you should get a policy in the amount of $250K to $500K. But, if you can't afford that right away, a $100,000 or $200K policy is a good start.
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Example Premiums For Men | Example Premiums For Women
Example rates for a 20 year term, $200,000 dollar life insurance policy for a man in good health and non-smoker.
| AGE | $200,000 |
| 30 Years Old | $21.90 |
| 35 Years Old | $23.90 |
| 40 Years Old | $32.65 |
| 45 Years Old | $49.29 |
| 50 Years Old | $75.65 |
| 55 Years Old | $117.89 |
| 60 Years Old | $199.52 |
11/03/2022 - These premiums are just estimates. Your quoted prices will most likely be different.
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Example cheap rates for a 20 year term, 200 thousand dollar life insurance policy for a woman in good health and non-user of tobacco products.
| AGE | $200,000 |
| 30 Year Old | $19.59 |
| 35 Years Old | $20.75 |
| 40 Year Old | $26.66 |
| 45 Years Old | $37.30 |
| 50 Year Old | $56.05 |
| 55 Years Old | $84.08 |
| 60 Year Old | $139.82 |
11/03/2022 - These premiums are just estimates. Your quoted prices will most likely be different.
How Your Health Affects Life Insurance Costs
The pricing tables displayed above are for women and men in good health and that do not use tobacco products (cigarettes, cigars, chewing tobacco, etc.). If you have certain medical conditions your policy prices will be higher. For example, heart conditions, kidney disease, severely obese, etc.
If you are taking medication because you are diabetic, have high blood pressure, have high cholesterol, you still can qualify for regular rates, but this will be determined on a case by case basis. The results of your blood test and medical exam will "tell" the insurance company what your rate will be.
What If I'm Self-Employed or a Freelancer?
Self-employed individuals have to really think about being covered, because they do not have employer-provided life insurance coverage (usually Group-Term Life Insurance), and often put any life insurance coverage thoughts in the back burner.
No worries, if you work for yourself and are a freelancer, you can still get a $200K life insurance policy, or a similar amount.
What If I'm Denied?
In certain cases you may be denied typical life insurance coverage. If this is the case, you can always try to get a guaranteed issue or no medical exam life insurance policy. These are more costly and not cheap, but are pretty much guaranteed.
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Are you asking yourself, "How much does a $200,000 dollar life insurance policy cost?", no matter your age, 30, 35, 40, 45, 50, 55, 60 - find out your policy costs by clicking here!