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Some scenarios where you may consider term life insurance:
People - like a spouse or child, depend on you financially.
Your death would be a financial burden to others.
You have debt that will be paid off after a number of years, such as a mortgage.
You're a stay-at-home parent and your family would have to pay someone to handle household tasks and other services if you die.
See the average cost of term life insurance for men and women by age
These annual life insurance rates are based on a $500,00, 20-year term life insurance policy for super preferred applicants.
Source: Quotacy. Lowest Three Rates For Each Age and Risk Class Averaged. Data Valid as of June 21st, 2023.
Age
Average annual rate for men
30
$220
40
$332
50
$819
60
$1,656
70
$9,296
Age
Average annual rate for women
30
$183
40
$281
50
$643
60
$1,656
70
$8,204