The Average Life Insurance Cost Per Month

How Much Do Life Insurance Quotes in California Cost?

Buying life insurance is often considered to be a costly affair by many and it is under this impression that they miss out on securing their family's future. But in reality, it is quite affordable and can be easily paid out in pocket-friendly premiums. Buying insurance does not only bring you peace of mind, but it is also a great financial investment that comes to the rescue when you and your family need it the most. Life insurance cost in California can be easily accessed through agencies and independent agents, but for a lay-man to know whether or not he/she has been offered the right quote, knowing the basis on what the quotes are finalized is very important. As per the protocol, quotes are based on various factors such as lifestyle and habits, on-going, and past health conditions, the insured' s age, etc. The only factor by which a life insurance quote remains unaffected is the location of the person, unlike other types of insurance policies.

Randhawa Insurance Agency, operating in Fresno, CA, is a trusted and genuine life insurance cost and quote provider in California. Dedicated towards the goal of providing genuine life insurance quotes in Fresno, CA region and surrounding areas, we ensure that our clients are well-informed about the policy that they wish to buy by providing a clear breakdown of what the client is supposed to pay. In this blog, we shall discuss the most common question that any individual would have before buying life insurance quotes in California or any other place.

What Factors Decide the Cost of a Life Insurance Quote?

As mentioned earlier, the average life insurance cost in California depends on factors such as lifestyle, health age, etc., but they also factor in some other details such as your job, your weight, and even the health history of your family. In this blog, we have compiled various policy types and customer profiles to calculate the average cost of insurance per month. These policy types have been segregated based on age, gender, policy size, policy length, etc. to reach a final average life insurance cost for buyers.

Average life insurance cost by Age

Insurance companies go by the rule of natural life expectancy of a normal human being while deciding on life insurance cost in California or any other place. Age is a strong determinant of how much premium the insured has to pay. The younger you are, the lesser premium amount you pay, and the older you get, you are expected to pay more. For example, if we talk about a term of a period of 20 years, starting from the age of 25 years up to the age of 65 years. In this case, we would notice that the increase rate in the premium is much lesser when the individual is younger than when an individual is older. The premium cost increases by only 2% between the ages of 25 and 30, while the percentage of increase around the age of 60-65 is much higher up to 93%. The dynamics of the life insurance quotes also change whether or not the buyer is a smoker or not. Smokers generally pay more premium amounts than non-smokers.

Average Life Insurance Cost by Gender

It is a fact that men pay almost 25% more premium on an insurance quote than women. This fact is also based on another life expectancy fact that men tend to live a shorter life than women. Even if a male and a female belong to the same age, the average life insurance cost in Fresno would be more for a man than a woman. Let us take an example of a man and a woman of 30 years buying a policy worth $250. The average monthly premium cost for a man would be somewhere around $200 whereas for a woman the same policy would cost around $175 for the same premium amount.

Average Life Insurance Cost by Policy Size

In simple terms, the policy size means the policy's face value or the death benefit that your policy offers. It is the amount that the beneficiaries receive after the insured passes away. This means that the bigger your policy size, or the face value of the policy, the bigger the premium amount you will have to pay. Life insurance cost is based on the individual's paying capacity for a policy that offers a big or small death benefit. For example, if we talk about a policy that offers a face value of $100K, the premium amount for such a policy would be around $213. Similarly, a policy with a much higher face value worth $500K would have a premium amount of around $624.

Affordable Auto Insurance in California has lots of benefits

Randhawa Insurance Agency Inc. provides the California low cost automobile insurance and best discounts for good drivers. We heartily welcome you to our office located at 3150 N Weber Ave, Fresno, CA 93722, or call us at:-(559) 549-6800 for additional information for affordable car insurance.

Average Life Insurance Cost by Policy Length

As the name suggests, the policy length refers to the duration of the policy. This does not imply for whole life insurance which is a permanent policy and goes on till the individual dies, in that case of course the buyer pays a higher amount of premium. In term life insurance, the buyer has the option of choosing the term of the policy which can be 5,10,15,20,25,30 years. Life insurance quotes in California along with their monthly premiums are based on the length of the policy you go for. For example, a 10-year term life insurance premium would be much lesser than a 20 or 30-year term. This type of policy, is most suitable for families who are under heavy debts and mortgages and would land in big trouble if the sole breadwinner of the family passes away.

The average cost of life insurance in Fresno, CA is based on various factors which are explained above and we hope that now you have a better picture of how and on what basis the quotes are decided. Randhawa Insurance Agency is dedicated to providing affordable and genuine priced policies as we understand that the security of your family should not come at the cost which you can't afford. So, feel free to reach out to us anytime on the details mentioned below.

Call Us: (559) 549-6800