80% of us overestimate the cost of life insurance. In fact, those with no life insurance think it’s 3 times more expensive than it actually is. (LIMRA, 2015). But for many, the cost per month would be less than buying a cup of coffee everyday.

So what is the cost of insurance?

Life insurance prices are unique to the individual. Premiums* are based on lifestyle and health questions.

But here are the facts about life insurance costs:

• general cost increases as we age
• life insurance is more expensive for males (25%+ higher cost)
• life insurance costs are up to 100% higher for smokers

In addition to the increasing costs that come with age, the older we are the more likely we are to be uninsurable. So if insurance is required over a long period of time (have a growing family?) instead of choosing a shorter length of time like 10 years you need to protect your mortgage, it would be more economical to lock in longer initial premiums.

Curious to know how much your premiums would be? Use our free online Needs Analysis Calculator today! Life insurance coverage may be more affordable than you think.

*The specified amount of money that an insurance provider charges in exchange for coverage.

All articles and other information posted on http://teacherslife.com are intended to be informational only and not for the purpose of providing any health, medical, financial, insurance, legal, accounting, tax or other advice. Teachers Life does not guarantee or represent that any information in these articles or elsewhere on this website is accurate, complete, current or suitable for any particular purpose. You use or rely on such information solely at your own risk. All articles and website content are the property of Teachers Life and all rights are reserved. IN NO EVENT WILL TEACHERS LIFE BE LIABLE FOR ANY LOSS OR DAMAGE YOU INCUR RELATED TO YOUR USE OR RELIANCE OF THE INFORMATION IN THESE ARTICLES OR ELSEWHERE ON THE WEBSITE. See the Terms of Use for more information.