How Much Life Insurance Can I Get For $100 A Month?

Brian McHalePosted in Price last updated on March 12, 2023

One of the most important factors to consider when purchasing a life insurance policy is the cost (in addition to several other factors such as a company’s financial rating and underwriting guidelines).

Since most people have a budget in mind when they start the life insurance shopping process, a common question is how much life insurance coverage can I get for $100 a month?

In this article, you’ll learn:

Each Life Insurance Company Has Their Own Rates
Amount of Life Insurance Coverage You Can Buy for $100 A Month
Why Life Insurance?
How Much Life Insurance Do You Need?
How To Calculate The Rates
FAQ

Each Life Insurance Company Has Their Own Rates & Underwriting Guidelines

Most life insurance shoppers don’t realize there are over 700 life insurance companies in America in 2023 and each one is going to offer you a different rate for the same amount of coverage and policy duration. Sometimes the rates can vary as much as 50% from one company to the next for the same policy. Many of the carriers with the higher rates are household names and you have seen their commercials on TV.

This is why it’s so important to shop around when looking for a life insurance policy so you can find a highly rated company that can offer the most amount of coverage at the best price.

See How Much Life Insurance You Can Really Get for $100 Month

This article is going to revel the truth on how much life insurance coverage you may be eligible for based on a monthly budget of $100. It may surprise you how much coverage you can acquire for just a hundred dollars a month, especially if you received quotes from a local agent that represents only one insurance company.

Amount of Life Insurance Coverage You Can Buy for $100 A Month

10-Year Term

Age	Gender	Monthly Premium	Policy Coverage Amount
25	Male	$94	$7 million
30	Female	$97	$10 million
35	Male	$93	$6 million
40	Female	$98	$5 million
45	Male	$86	$2 million
50	Female	$83	$1.5 million
55	Male	$98	$750k
60	Female	$92	$650k
65	Male	$101	$250k

20-Year Term

Age	Gender	Monthly Premium	Policy Coverage Amount
25	Male	$92	$3.5 million
30	Female	$79	$4 million
35	Male	$87	$3 million
40	Female	$95	$2.5 million
45	Male	$85	$1 million
50	Female	$96	$1 million
55	Male	$93	$400k
60	Female	$88	$300k
65	Male	$97	$100k

Permanent Life Insurance

Age	Gender	Monthly Premium	Policy Coverage Amount
25	Male	$95	$300k
30	Female	$99	$300k
35	Male	$114	$250k
40	Female	$117	$250k
45	Male	$115	$150k
50	Female	$103	$125k
55	Male	$119	$100k
60	Female	$87	$50k
65	Male	$77	$25k

*The examples in the first two tables are for a 10 and 20 year level term policy, respectively at each carriers best health class. D.O.B. used is March 5th and the accompanying year for the age.

*The rates for permanent life insurance are for a guarantee universal life policy to age 100 at each carriers best health class. D.O.B. used is March 5th and the accompanying year for the age.

*Example rates above are directly from some of the top life insurance companies in the country such as: Pacific Life, Banner Life, Protective Life, Transamerica.

*Women pay less than men for life insurance since they statistically live longer.

Why Life Insurance?

Life insurance is meant to replace your future income if you were to pass away prematurely. Life insurance is also used to cover debts such as a mortgage, auto loans, credit cards, student loans, business loans or other outstanding debt and final expenses.

How Much Life Insurance Do You Need?

A general rule of thumb is to have 5x to 20x your annual income in life insurance coverage. This amount of coverage would replace your income for those number of years if you were to die unexpectedly. A young family just starting out will typically have between 10x to 20x their annual income in life insurance as they have more working years ahead that need to be protected and insured.

An applicant with grown children may only need about 5x to 10x their annual income in life insurance coverage to protect their future paycheck and debts such as a mortgage.

If you are unsure of how much life you you need, you can use our life insurance needs calculator.

How To Calculate The Rates

As mentioned earlier, when shopping for life insurance it’s imperative to compare rates from multiple top-rated life insurance carriers since the rates can vary so much from one insurance company to another.

Fortunately, we have a life insurance quote engine that allows you to instantly receive and see the rates nation’s from the top companies just by entering your basic information such as: the coverage amount you are looking for, the duration, birthday and health class.

We want you to get the best rate!

_{Sample list of life insurance companies such as: Lincoln Financial, Principal, AIG, Protective Life, Pacific Life, Mutual of Omaha, North American and their prices for under $100 a month. As you can see, a 35-year old male, in excellent health can qualify for a $5 million 10 year term policy for $80 month.}

Wrap Up

As you can see, if you have a life insurance budget of $100 month you can qualify anywhere from $25k of permanent life insurance up to $10 million of term life insurance just depending on factors such as: your age, gender, health and policy length.

Also, by receiving multiple life insurance rate quotes from the top-rated companies instead of from only one captive agent, you may be stretch your life insurance dollar and secure much more life insurance coverage protection for your loved ones, all for under $100 month.

Why Us?

We have access to the rates from top life insurance companies in the country such as: AIG, Pacific Life, Protective Life, Banner Life, Lincoln Financial, Prudential, Mutual of Omaha, Transamerica, Symetra Life and many others. Since we are independent and not tied to any one life insurance company, our goal is always to find you the best rate from a highly rated insurer.

To see how much life insurance you qualify for $100 a month, take advantage of our quote engine.

FAQ

Which life insurance companies have the best rates for $100 month?

Some of the top companies include: Pacific Life, Banner Life, Protective Life, Lincoln Financial, Transamerica, AIG, SBLI, Symetra Life, Principal and Penn Mutual. You can receive personalized quotes from these carriers using the quoter on our site.

Do I need a medical exam to qualify for a rate less than $100 month for life insurance?

In many cases, you will not need a medical exam. However, each case is different so it will just depend on several factors such as: your age, health, amount of coverage you are applying for and the last time you had a checkup from your physician.

How can I lower my monthly life insurance payment to under $100 month?

You can either reduce the term length and or coverage amount. The shorter the term the lower the cost. Also, as you reduce the face amount the price also goes down.

Keep Reading

_{*The rates listed in this article are as of this writing 1/10/2023 and are not an offer to purchase. Your prices will vary on several factors such as age, health, etc. The final insurance policy premium for any policy is determined by the underwriting insurance company following application.}