Although a $200,000 life insurance policy (term or whole) is most likely not enough for the majority of individuals, it is a good start. It will go a long way in helping your family cope with your death.
The 200K will probably be enough to pay final expenses, pay for the remaining mortgage, pay for some student loans, and maybe even some outstanding debts.
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 $100K or $200K policy is a good start.
|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|
|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|
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.
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, but are pretty much guaranteed.
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!