How Much Does 15-Year Term Life Insurance Cost – A term life insurance policy is a type of life insurance policy that offers coverage for only a limited period. After considering some factors, like your financial responsibilities, you can easily select how long you want your term life insurance to be. Term life insurance generally ranges between 10 and 30 years. However, if you are looking into getting an affordable life insurance policy, term life insurance is an option to consider. While the price range for term life insurance differs, how much does a 15-year term life insurance cost?
There are several forms of life insurance policies. These forms include 10-year, 15-year, and 20-year term life insurance policies. It is important to financially prepare for your death by purchasing a life insurance policy to offer financial support to your loved one after you are gone. Having enough life insurance makes sure that your beneficiaries have enough funds for your funeral after you are no more. However, as you read through, this write-up contains insights on how much a 15-year term life insurance costs.
What is a 15-Year Term Life Insurance Policy?
A 15-year term life insurance policy is a type of time life insurance that requires policyholders to pay premiums monthly or yearly to keep their insurance policy on the run. If during this period the policyholder dies, a tax-free death benefit will be received by the beneficiaries to cover funeral costs, charity goals, long-term medical care, mortgages, dependent expenses, or daily bills.
How Much Does 15-Year Term Life Insurance Cost?
How much a 15-year term life insurance costs depends on different factors. The average annual premium for term life insurance is $250,000, with monthly payments ranging from $17.85 to $44.37, depending on age.
Smokers are charged $76.22 and $259.18 monthly for 15-year term life insurance, while those with a poor health condition pay between $35.40 and $106.92 monthly on term life insurance. The tables below illustrate how much a 15-year term life insurance policy costs according to the age and health of the buyer.
15-Year Term Life Insurance Cost According to Coverage and Age
| Age of Policyholder | $250,000 | $500,000 | $1,000,000 |
| 30-year-old | $17.85 | $22.31 | $38.79 |
| 40-year-old | $22.65 | $30.01 | $54.70 |
| 50-year-old | $44/37 | $66.89 | $120.41 |
15-Year Term Life Insurance Cost for Buyers With Poor Health
| Age of Policyholder | Poor Health | Smoker | High BMI |
| 30-year-old | $35.40 | $76.22 | $32.53 |
| 40-year-old | $49.64 | $114.13 | $44.61 |
| 50-year-old | $106.92 | $259.18 | $93.61 |
Smokers and people with poor health are likely to have severe medical conditions, which makes them quite risky to insure. For this reason, they tend to get higher insurance costs than other individuals.
Factors That Affect Your 15-Year Term Life Insurance Cost?
Some factors affect your term life insurance policy rates. These factors are considered by most life insurance companies when evaluating how much a 15-year term life insurance policy would cost. However, these factors include:
- Age:
Young individuals generally get more affordable term life insurance policies than older individuals because they are considered less risky to insure.
- Health Conditions:
Most insurance companies look into medical records and a family’s medical history to determine if you will likely develop a health condition that may take your life.
- Gender:
Generally, women are considered to have a longer life span than men. For this reason, they are considered less risky, and they pay less for term life insurance policies than men.
- Lifestyle:
Factors like criminal record and smoking can affect your term life insurance cost. Insurance companies determine how much a 15-year term life insurance would cost.
Companies that Offer the Lowest 15-Year Term Life Insurance Rates?
While every life insurance company offers term life insurance, some companies offer the lowest 15-year term life insurance rates. These companies include:
- Mass mutual.
- Mutual of Omaha.
- Progressive.
- Transamerica.
- Nationwide.
- AAA.
- Prudential.
These lenders offer the lowest 15-year term life insurance rates for different individuals, such as smokers, people with poor health conditions, and seniors. However, the lowest-term life insurance companies depend on your budget and what life insurance policy is best for your needs and fits into your finances.
Can a 15-Year Term Life Insurance Be Extended?
It is possible to extend your 15-year term life insurance policy after completing the term. You can also decide to switch to a whole life insurance policy or allow your policy to get out of date. To extend your insurance, you should contact your insurance company or agent to help you with the process