What are the Average Term Life Insurance Rates?

Average term life insurance rates vary due to the different aspects of the insured. There are many factors on which the insurer may depend for determining the rates for term life insurance, such as age, sex, occupation, families  health standard, health of the proposed insured and so on.

Insurance companies may seek information related to driving history or track hobbies, height, weight, and the amount of the term life insurance applied for and the smoking status of the proposed insured, etc. The loss experience of the insurer is also a factor for determining the rates for term life insurance. According to research, the average cost of term life insurance is $116,000 individually.

Average term life insurance rates and policy schemes:

Who wants to pay more than the average? There are many insurance companies which arrange the average planning for the proposed insured. Statistically, average term life insurance rates have been reduced by 50% in the last decade.

Policy plans may vary from $10 to $200 monthly, so you should be aware of the rates before entering into a contract.

The time period for term life insurance

Usually, the time periods for term life insurance are 5, 10, 15, 20, and 30 years. It allows the insured  life insurance coverage only and not a cash value product. It offers customers the best service package at lower rates.

Extra Benefits in Term Life Insurance:

You can save time and money with the easy-to-follow guidelines as well as the form filling criteria of term life insurance. There are 4 to 5 quotes in term life which you can receive  free of cost. There are many term life insurance companies with no credit check. There is no obligation

Term life is cheaper than any other policy schemes:

Average term life insurance rates are 2 to 3 times cheaper than any other insurance policy. They offer the insured the maximum coverage at lower rates. There is also the facility of the renewal. If the insured passes away during the term, the beneficiary gets the death benefit. The insured may terminate the contract before the maturity if he/she is unwilling to carry it on.