How Much Life Insurance Can I Get For $200 A Month?
Posted in Price last updated on March 22, 2024One 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
- Amount of Life Insurance Coverage You Can Buy for $200 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 2024 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 |
|---|---|---|---|
| 25 | Male | $189 | $15 million |
| 30 | Female | $199 | $20 million |
| 35 | Male | $145 | $10 million |
| 40 | Female | $187 | $10 million |
| 45 | Male | $161 | $4 million |
| 50 | Female | $157 | $3 million |
| 55 | Male | $178 | $1.5 million |
| 60 | Female | $135 | $1 million |
| 65 | Male | $187 | $500k |
| 70 | Female | $108 | $250k |
| 75 | Male | $149 | $100k |
15-Year Term
| Age | Gender | Monthly Premium | Policy Coverage Amount |
|---|---|---|---|
| 25 | Male | $161 | $10 million |
| 30 | Female | $189 | $15 million |
| 35 | Male | $151 | $8 million |
| 40 | Female | $184 | $7 million |
| 45 | Male | $185 | $3 million |
| 50 | Female | $175 | $2.5 million |
| 55 | Male | $162 | $1.5 million |
| 60 | Female | $180 | $1 million |
| 65 | Male | $161 | $300k |
| 70 | Female | $156 | $250k |
20-Year Term
| Age | Gender | Monthly Premium | Policy Coverage Amount |
|---|---|---|---|
| 25 | Male | $194 | $8 million |
| 30 | Female | $184 | $10 million |
| 35 | Male | $195 | $7 million |
| 40 | Female | $179 | $5 million |
| 45 | Male | $162 | $2 million |
| 50 | Female | $185 | $2 million |
| 55 | Male | $165 | $750k |
| 60 | Female | $167 | $600k |
| 65 | Male | $193 | $250k |
| 70 | Female | $167 | $100k |
30-Year Term
| Age | Gender | Monthly Premium | Policy Coverage Amount |
|---|---|---|---|
| 25 | Male | $164 | $4 million |
| 30 | Female | $173 | $5 million |
| 35 | Male | $173 | $3 million |
| 40 | Female | $170 | $2.5 million |
| 45 | Male | $1179 | $1.25 million |
| 50 | Female | $178 | $1 million |
| 55 | Male | $184 | $400k |
Permanent Life Insurance
| Age | Gender | Monthly Premium | Policy Coverage Amount |
|---|---|---|---|
| 25 | Male | $189 | $600k |
| 30 | Female | $187 | $550k |
| 35 | Male | $182 | $400k |
| 40 | Female | $170 | $350k |
| 45 | Male | $193 | $250k |
| 50 | Female | $177 | $250k |
| 55 | Male | $179 | $150k |
| 60 | Female | $180 | $125k |
| 65 | Male | $198 | $100k |
| 70 | Female | $155 | $50k |
| 75 | Male | $123 | $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 121 at each carriers best health class. D.O.B. used is March 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!
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?
Do I need a medical exam to qualify for a rate less than $200 month for life insurance?
How can I lower my monthly life insurance payment to under $200 month?
Keep Reading
- 10 vs 15 vs 20 vs 25 vs 30 Year Term Life Insurance Policy
- 35 Year Term Life Insurance Policy
- Pacific Life Insurance Review
- Banner Life Insurance Review
- A+ Rated Life Insurance Companies 2023
- Life Insurance Company Ratings 2023
- 5 Million Dollar Life Insurance Policy
- $1 Million Life Insurance Policy
*The rates listed in this article are as of 3/1/2024 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.
