Average life insurance rates.. anyone seeing changes?

Just checked on life insurance rates, and they seem pretty steady this month. Looks like a 30-year-old male can get a $500,000 term policy for around $30/month, but whole life is way higher at over $400/month. Anyone else looking into policies recently?

Yeah, I noticed term life is generally the cheapest option. For someone like me in their 40s, term rates go up a bit. I think I’d pay around $35/month for $250k coverage if I’m reading the rates right.

@Zeke
Makes sense. I read that rates increase as you age, but they say term is still the best if you just want basic coverage.

FYI, if you’re a smoker, the rates are crazy high. Like, a 30-year-old male smoker pays around $80/month for $500k term insurance. Might make sense to quit if you’re looking at life insurance.

Kirby said:
FYI, if you’re a smoker, the rates are crazy high. Like, a 30-year-old male smoker pays around $80/month for $500k term insurance. Might make sense to quit if you’re looking at life insurance.

Ouch, didn’t realize smoking had that much impact. Good tip, though, for anyone considering it.

Whole life is a commitment, for sure. A 30-year-old female might pay around $400/month for $500k whole life policy. It’s a lot, but the cash value part is kind of nice if you’re planning long-term.

Paz said:
Whole life is a commitment, for sure. A 30-year-old female might pay around $400/month for $500k whole life policy. It’s a lot, but the cash value part is kind of nice if you’re planning long-term.

True, but I think it only makes sense if you’re using it for estate planning or have long-term needs. Otherwise, term seems more budget-friendly.

For no-medical-exam policies, the rates are similar to regular term if you’re young. I saw that a 20-year-old female pays around $23/month for $500k coverage. Not bad if you want to avoid the whole medical exam process.

@Vic
Yeah, skipping the medical exam is a plus. Just have to keep an eye on the coverage options, I guess.