How much does life insurance cost? Probably a lot less than you think. A recent LIMRA study found that 63 percent of consumers polled indicated that life insurance was too expensive, yet 80 percent of consumers overestimate its cost by nearly threefold. LIMRA is a leading insurance and financial services trade association.
Today’s consumers have many sources of data at our disposal. We can research everything from pots to pains, yet many of us make incorrect assumptions about one of the most important and basic decisions concerning our family’s financial future: purchasing life insurance.
Various factors determine your cost for life insurance, the most basic of which are age and health. Generally, your premium is lower the younger you are when you purchase life insurance. Additionally, premiums are lower for healthier individuals, and there are things you can do to lower your insurance costs.