Expect whole life premiums to cost between $250 to $1,000 a month if you're young and healthy, and that price increases significantly as you age. Since whole life policies offer lifelong coverage and build cash value, they're more expensive than term life insurance.How do you calculate premium for life insurance?
To calculate Life Insurance premium you take the benefit volume per $1,000 of coverage multiplied by the monthly rate. For example, to calculate the monthly premium based on a 2x annual earnings (assume $40,000) schedule and a rate of $0.12 per $1,000 of coverage per month, the calculation is: Benefit Volume * Rate / $1,000 = Monthly premium $80,000 * 0.12 / $1,000 = $9.60.What is the average price of life insurance?
The average cost of life insurance can be anywhere between $30 - $50 a month, depending on the individual. Companies consider various factors such as: Your age; Current health; Length of coverage; Gender; The older you are, the higher your life insurance prices will be each month since you're more susceptible to illnesses than a younger person.