What's The Average Cost For A $300,000 Life Insurance Policy
A $300,000 life insurance policy is usually enough for most middle class families.
Financial planners recommend you should get 5 to 10 times your yearly salary in life insurance coverage. So, if you make $50,000 per year, you should get a policy from $250,000 to $500,000.
It's always better to be over-insured than under-insured.
The average premiums for a $300K policy will vary according to the your age, current health status, medical history, family history, risk factors, etc.
Choose your age bracket for a $300,000 life insurance policy:
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Example Premiums For Men | Example Premiums For Women
20 year term rates on a $300,000 life insurance policy for men over fifty.
The monthly premium examples below are for a male who is in good health and is a non-smoker.
| AGE | $300,000 |
| 50 year old man | $54.40 |
| 51 year old man | $59.74 |
| 52 year old man | $66.16 |
| 53 year old man | $67.38 |
| 54 year old man | $71.40 |
| 55 year old man | $78.10 |
| 56 year old man | $85.92 |
| 57 year old man | $94.20 |
| 58 year old man | $120.66 |
| 59 year old man | $137.41 |
05/01/2023 - These premiums are just estimates. Your quoted prices will most likely be different.
10 year term rates on a $300,000 life insurance policy for women over 50.
The example monthly premiums below are for a female who is in excellent health and is a non-smoker.
| AGE | $300,000 |
| 50 year old woman | $24.16 |
| 51 year old woman | $25.90 |
| 52 year old woman | $28.10 |
| 53 year old woman | $30.26 |
| 54 year old woman | $33.15 |
| 55 year old woman | $35.88 |
| 56 year old woman | $38.43 |
| 57 year old woman | $40.86 |
| 58 year old woman | $43.75 |
| 59 year old woman | $47.17 |
| 60 year old woman | $51.10 |
| 61 year old woman | $55.83 |
| 62 year old woman | $60.55 |
| 63 year old woman | $66.35 |
| 64 year old woman | $73.41 |
| 65 year old woman | $81.13 |
05/01/2023 - These premiums are just an estimate. Your average prices will be different.
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Main Factors Affecting Life Insurance Costs
As we mentioned above, your health and age are the main factors in determining your life insurance rates and coverage choices.
If you are taking any medication, for example, for hypertension, high cholesterol, diabetes, asthma, you still may able to qualify for preferred rates. But, you will have to prove to the insurance underwriter that these conditions are under control. You will need to submit to a medical exam and have a blood test.
Smokers Pay More
If you are a smoker or use any tobacco products, your rates will be much higher, sometimes as much as 3 to 4 times higher. It really pays to stop smoking in more ways than one.
If you just smoke a cigar once in a while, there are companies that offer non-smoker rtaes to the occasional cigar smoker. You have to search around.
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If you are wondering "How much does a $300,000 dollar life insurance policy cost?", no matter your age, 50, 55, 60, 65, 70, etc. It is easy to find out typical policy costs by comparing rates online.