If you only require life insurance for 15 years, you’ll find a lower cost (possibly much lower) for a $50,000 term policy. $50,000 is the minimum term policy issued from all the companies we’re aware of.. Life insurance at 55 costs about 8% less than life insurance at age 56. Typically the max age to qualify for 30 year term is 50 to 55 with most companies. *However we have access to at least one company who will issue a 30 year policy up to age 58..
A 20 year level term policy for a 50 year old woman, non smoker, with no health problems, in the amount of $200,000 will cost only an average of $37 per month. A 30 year level term policy for a 50 year old woman, smoker, in fair health, in the amount of $400,000 will cost around $370 per month. Not surprisingly , if you are a smoker the price of a policy will go up a great deal, on average, it will double..
A term life insurance policy with a face amount of $500,000 will provide your heirs with a $500,000 payout when you pass away. Term life insurance is far less costly than whole life insurance. A term policy is a good safeguard for specific financial commitments such as college tuition. You can time the term policy to expire after Junior graduates.. There are no tax consequences if the total amount of such policies does not exceed $50,000. The imputed cost of coverage in excess of $50,000 must be included in income, using the IRS Premium Table, and are subject to social security and Medicare taxes..
A whole life insurance policy from State Farm has many benefits, including lifetime coverage, access to cash value (tax deferred), guaranteed death benefit and level premium amounts over the life of the policy. Policy limits are available up to $100,000. State Farm also has what they call “Limited Pay Life Plans” for 10, 15 or 20 years.. Through GEICO Insurance Agency, Inc., Life Quotes, Inc. offers affordable life insurance options to meet your family's needs. Get a life insurance quote online or call us at (888) 532-5433 to get the assurance of knowing your loved ones will be protected..