YOU ASK:

What is the average price of life insurance?

WE ANSWER:

There are no quick and easy answers for this, since life insurance premiums are priced based on a number of factors. Remember, life insurance premiums are based on the risk that you present. The higher the perceived risk, the higher the premiums.

Kind of life insurance product you choose. There are various versions or kinds of life insurance products. The basic kinds would be a whole life product, a term life insurance product or a return or premium life insurance product. Term would be cheaper, while a whole life product is usually the most expensive kind, and the return of premium product would fall in the middle of the two price ranges. The premiums will also depend on the length and the amount of life insurance coverage.
Age of the life being insured. The older you are, the more expensive your premiums will be. This is because as you age, you also become more prone to illnesses and diseases.
Your Gender. Your gender will also come into play when you apply for life insurance. Generally, males are charged higher premiums than females of the same age.
Your Health condition. If you have health problems, this can also affect your premium rates. This includes situations where you have chronic illnesses such as heart disease or diabetes. The premiums will also be higher if you have habits that will negatively affect your health, such as drinking or smoking. The insurance underwriter will also look into your height and weight ratio to check whether you are overweight or not.
Your Occupation. If you are working in a hazardous occupation or environment, chances are, your premiums will also be more expensive. For example, if you are a diving instructor, your life insurance premiums will be more expensive than if you worked in the office.

Another factor would be the life insurance company itself. Life insurance companies have their own pricing and underwriting guidelines.

To get an idea of the average price of life insurance for you, you can do a little research over the Internet to compare prices from different life insurance companies.

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