What is the Average Cost of Term Life Insurance?
There is no one right answer for the average cost of term life insurance, because the prices vary by person, age, gender, insurance company, policy type, amount of coverage, and several other factors used to determine your price for life insurance. In 2004, according to LIMRA International, the average adult with life insurance age 25-34 had only $145,000, and the average adult age 35-44 had only $323,000 of insurance on his or her life. As the term “average” implies, many people had smaller amounts of insurance-and one in four adults have no life insurance at all. A study performed in 2007 by the Insurance Information Institute stated Since 2000, term insurance rates dropped about 4 percent per year on average, following an average annual 15 percent drop from 1994-1999. The effect of these drops drove the lowest rates available in 2007 to less than half of what they had been a dozen years earlier. In addition, rates for term insurance may vary by up to 50%, or more between insurance c
