How Much Is A $250000 Life Insurance Policy? – You have this form of financial security and peace of mind when you have a life insurance policy. Not only do you benefit from this but your family as well. Thus, in case of any unexpected or unpredictable events, you have the right amount of coverage.
One of the popular choices of many is a $250,000 life insurance policy. This form of coverage is quite comprehensive and affordable which makes it a choice for many.
In this article, we will be finding out how much is a $250,000 life insurance policy and what are the factors that affect the price. With an understanding of these complexities, you can ensure and protect the future of your loved ones.
How Much Is A $250000 Life Insurance Policy?
Unquestionably, there are many factors responsible for the cost of a $250,000 life insurance policy. Nevertheless, the average cost of a 10-year term of this policy type is around $130 per year for a 30-year-old individual. Meanwhile, it costs $180 per year for a 20-year term.
On the other hand, here are other factors that also determine the cost of a $250,000 life insurance policy:
- Health condition.
- Age.
- Coverage type.
- Gender.
- Smoking habits.
- Policy term.
- Hobbies and occupation.
- Medical history.
- Insurance company.
- Location.
By understanding these factors, you can evaluate your needs and consider the available options that will work for you and your family.
Average Annual Cost of $250000 Life Insurance Policy by Age and Gender
Below, you will be viewing the average cost of a $250,000 life insurance policy by age and gender per year for 15, 20, and 30-year terms.
Average Annual Cost for a 15-Year Term
| Age | Male | Female |
| 30 | $156 | $144 |
| 35 | $168 | $156 |
| 40 | $216 | $204 |
| 45 | $276 | $252 |
| 50 | $408 | $312 |
| 55 | $636 | $432 |
| 60 | $1,020 | $696 |
Average Annual Cost for a 20-Year Term
| Age | Male | Female |
| 30 | $192 | $168 |
| 35 | $204 | $180 |
| 40 | $252 | $228 |
| 45 | $348 | $276 |
| 50 | $504 | $384 |
| 55 | $804 | $576 |
| 60 | $1,368 | $960 |
Average Annual Cost for a 30-Year Term
| Age | Male | Female |
| 30 | $276 | $240 |
| 35 | $288 | $264 |
| 40 | $372 | $300 |
| 45 | $576 | $444 |
| 50 | $900 | $660 |
| 55 | $1,596 | $1,140 |
| 60 | Not Applicable | Not Applicable |
$250000 Life Insurance Policy Costs by Term Length
This is the average cost of a $250,000 life insurance policy per year by term length:
| Term | Male of Age 30 | Female of Age 30 |
| 10-Year Term | $132 | $132 |
| 15-Year Term | $156 | $144 |
| 20-Year Term | $192 | $168 |
| 30-Year Term | $276 | $240 |
$250000 Life Insurance Policy Costs by Policy Amount
Here is the average cost of a 20-year term $250000 life insurance policy by coverage amount:
| 20-Year Term Life Coverage Amount | Male of Age 30 | Female of Age 30 |
| $100,000 | $108 | $108 |
| $250,000 | $192 | $168 |
| $500,000 | $300 | $252 |
| $750,000 | $396 | $288 |
| $1 Million | $480 | $348 |
When To Buy a $250000 Life Insurance Policy?
It can be quite complicated when you are stuck between choosing or buying a $250,000 life insurance policy and choosing a different option. Well, not anymore. Here are the best periods to choose or consider a $250,000 life insurance policy:
- If you are starting a family.
- Healthy and young.
- Paying off outstanding mortgages or debts.
- If you are experiencing an important career advancement.
- Estate planning.
- If you have plans to retire.
More importantly, if you are looking for peace of mind. Hence, you know that your family will be safe and protected even in your absence.
When You Should Not Consider Getting One
$250,000 life insurance policies cannot be the solution for everyone. Besides, there are times when considering or buying this type of policy can be a bad idea. Here are a few instances:
- If you have enough savings.
- Have no debts.
- If you have coverage from your employer.
- Have no dependents.
- Limited income.
- Retirement with enough assets.
- For short-term financial responsibilities.
- If you have serious health conditions.
Additionally, your current financial circumstances, financial goals, and future responsibilities determine your decision to choose a $250,000 life insurance policy as well.
Tips for Buying A $250000 Life Insurance Policy
If you are new to the world of insurance, here are a few tips you can put to use when making plans to purchase a $250,000 life insurance policy:
- Find out your needs.
- Compare policies.
- Consider using online comparison tools.
- Go for a term length that meets your plans and responsibilities.
- Understand the various types of life insurance.
- Explore the features of the policy.
- Check out the reputation of the insurance company.
- Consider add-ons.
- Give out accurate details.
- Go through the terms and conditions of the policy or quote.
- Review it regularly.
With the help of these tips, you can make the right decision when it comes to shopping for a $250,000 life insurance policy that will give you the peace of mind and financial stability you need.
