How Much Life Insurance Can I Get For $200 A Month?

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 $200 a month?

In this article, you’ll learn:

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 2021 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 $200 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 $200. 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 $200 A Month

10-Year Term

Age Gender Monthly Premium Policy Coverage Amount
25Male$193$15 million
30Female$180$20 million
35Male$149$10 million
40Female$183$10 million
45Male$164$4 million
50Female$159$3 million
55Male$181$1.5 million
60Female$136$1 million
65Male$190$500k
70Female$109$250k
75Male$151$100k

15-Year Term

Age Gender Monthly Premium Policy Coverage Amount
25Male$168$10 million
30Female$189$15 million
35Male$151$8 million
40Female$184$7 million
45Male$185$3 million
50Female$175$2.5 million
55Male$162$1.5 million
60Female$180$1 million
65Male$161$300k
70Female$156$250k
75Male$203$100k

20-Year Term

Age Gender Monthly Premium Policy Coverage Amount
25Male$193$8 million
30Female$187$10 million
35Male$193$7 million
40Female$183$5 million
45Male$169$2 million
50Female$187$2 million
55Male$168$750k
60Female$169$600k
65Male$199$250k
70Female$169$100k

30-Year Term

Age Gender Monthly Premium Policy Coverage Amount
25Male$172$4 million
30Female$192$5 million
35Male$178$3 million
40Female$176$2.5 million
45Male$186$1.25 million
50Female$179$1 million
55Male$193$400k

Permanent Life Insurance

Age Gender Monthly Premium Policy Coverage Amount
25Male$193$700k
30Female$200$700k
35Male$176$400k
40Female$199$400k
45Male$177$250k
50Female$183$250k
55Male$179$150k
60Female$170$125k
65Male$199$100k
70Female$139$50k
75Male$126$25k

*The examples in the first two tables are for a 10, 15, 20 and 30 year level term policy, respectively at each carriers best health class. D.O.B. used is June 1st 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 June 1st 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, Lincoln Financial, Protective Life and North American.

*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! e want you to get the lowest rate!

Sample list of life insurance companies such as: Principal, Lincoln Financial, AIG, Protective Life, Banner Life and Pacific Life their and prices for under $200 a month. As you can see, a 40-year old male, in excellent health can qualify for a $3 million 20 year term policy for $140 month.

Wrap Up

As you can see, if you have a life insurance budget of $200 month you can qualify anywhere from $25k of permanent life insurance up to $20 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 $200 month.

To see how much life insurance you qualify for $200 a month, take advantage of our quote engine.

Instant Life Insurance Rates from Our Rate Quoter

FAQ

Which life insurance companies have the best rates for $200 month?

Some of the top companies include: Pacific Life, Banner Life, Protective Life, Lincoln Financial, AIG, Transamerica, SBLI, Sagicor, Symetra Life, Principal, North American 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 $200 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. Typically coverage amounts over $1 million will require the 20-minute no cost paramed.

How can I lower my monthly life insurance payment to under $200 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 9/3/2021 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.

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