The cost of life insurance per month can vary greatly depending on a number of factors including the type of policy, the coverage amount, the individual’s age, health, and occupation, and the length of the term.
For term life insurance, the cost per month can range from a few dollars for a young, healthy individual with a low coverage amount, to several hundred dollars for an older individual with a high coverage amount.
For example, a healthy 30-year-old non-smoking male can purchase a 20-year $500,000 term life insurance policy for an average monthly premium of around $15 to $20.
Whole life insurance is generally more expensive than term life insurance because it provides permanent coverage, and the premiums are typically higher because the policy also builds cash value. The cost of a whole life insurance policy can be several times more than a term policy of the same amount.
It is important to note that the cost of life insurance can vary significantly depending on the insurer and the specific policy, so it’s important to shop around and compare different policies and insurers before making a decision.