Contact Us:  (770) 413-0807
Cornerstone Insurance Agency
  • Home
  • Quotes
    • Boat Insurance Quote
    • Auto Quotes >
      • Auto Insurance Quote
      • Classic Car Insurance Quote
      • Motorcycle Quote
    • Business Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Insurance Bond Quote
      • Georgia Used Car Dealer Insurance
      • Workers Compensation Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Final Expense Insurance Quote
      • Umbrella Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Excessive Property Claims
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Contact My Carrier
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
    • Business >
      • Georgia Used Car Dealer Insurance
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Insurance Bonds
      • Workers Compensation
    • Life/Financial >
      • Life Insurance
      • Disability Insurance
      • Final Expense Insurance
      • Umbrella Insurance
    • Property >
      • Home Insurance
      • Condo Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
      • Excessive Property Claims >
        • Landlords Insurance Quote
  • Blog
  • About
    • Staff Directory
    • Insurance Carriers
    • Client Testimonials
    • Refer a Friend
    • Local Links
    • Videos
    • Newsletter Signup
    • News
    • Reviews
  • Contact
  • Home
  • Quotes
    • Boat Insurance Quote
    • Auto Quotes >
      • Auto Insurance Quote
      • Classic Car Insurance Quote
      • Motorcycle Quote
    • Business Quotes >
      • Business Insurance Quote
      • Business Owners Package (BOP) Insurance Quote
      • Insurance Bond Quote
      • Georgia Used Car Dealer Insurance
      • Workers Compensation Quote
    • Life & Financial Quotes >
      • Life Insurance Quote
      • Final Expense Insurance Quote
      • Umbrella Insurance Quote
    • Property Quotes >
      • Home Insurance Quote
      • Excessive Property Claims
      • Flood Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Contact My Carrier
    • Free Consultation
  • Insurance
    • Vehicles >
      • Auto Insurance
      • ATV Insurance
      • Boat Insurance
      • Classic Car Insurance
      • Motorcycle Insurance
    • Business >
      • Georgia Used Car Dealer Insurance
      • Business Insurance
      • Business Owners Package (BOP) Insurance
      • Insurance Bonds
      • Workers Compensation
    • Life/Financial >
      • Life Insurance
      • Disability Insurance
      • Final Expense Insurance
      • Umbrella Insurance
    • Property >
      • Home Insurance
      • Condo Insurance
      • Flood Insurance
      • Landlords Insurance
      • Renters Insurance
      • Excessive Property Claims >
        • Landlords Insurance Quote
  • Blog
  • About
    • Staff Directory
    • Insurance Carriers
    • Client Testimonials
    • Refer a Friend
    • Local Links
    • Videos
    • Newsletter Signup
    • News
    • Reviews
  • Contact

Agency Blog

What are the Factors that Affect Your Life Insurance Cost?

1/5/2021

0 Comments

 
Picture
Many people today are seeing the value of getting life insurance. COVID-19 has made them worry about their mortality and showed them their vulnerabilities. As a result, many individuals now better understand the significance of getting life insurance. 

Life insurance provides financial assistance to your beneficiaries in the event of your death. It can help secure the future of your children since it can cover their college expenses. The insurance policy also gives you peace of mind since it can shoulder your funeral arrangements and other costs. Hence, your beneficiaries will not be financially burdened by your death.
​
A lot of people are considering life insurance due to the current health crisis. Thus, it is crucial to talk about some of the factors that can affect your life insurance cost.
Policy Coverage
The coverage of your life insurance policy is one of the factors that dictate how much premium you need to pay. The coverage amount and the term length have an impact on your life insurance cost.

There are two common types of life insurance: term life insurance and permanent life insurance. Term life insurance has an expiration and will only provide financial protection within a defined period. Meanwhile, permanent life insurance has no expiration and offers protection regardless of the age of your death.

In most cases, term life insurance is a lot cheaper among the two types of life insurance. Permanent life insurance is the more expensive term than term life insurance since it has no expiration and offers cash value as an investment. On average, permanent life insurance is up to 15 times more expensive than term life insurance.

Your Age
Your life insurance premium is primarily driven by age. The later in life you get life insurance, the higher the premiums you need to pay. It is perceived that younger policyholders will live longer and less likely to die at any given year than older policyholders.

For example, a 25-year-old male with $500,000 coverage will pay a monthly premium of $27.01, while a 60-year-old male with the same coverage will shell out a $262.92 per month premium.

Studies showed that your premium could increase by up to 10% each year when you put off getting life insurance. The best time to get life insurance is when you are young because your premium depends on your age.

Conclusion
Life insurance has become the essential insurance policy amid the pandemic. However, not everyone will pay the same amount of premium. Your life insurance cost will depend on the type of policy you are getting, how old you are, and several other factors. The general rule in life insurance is the sooner you get it, the cheaper your premium is.

At Cornerstone Insurance Agency, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (770) 413-0807. You can also request a free quote by CLICKING HERE.
0 Comments



Leave a Reply.

    Contact Us

    (770) 413-0807
    2330 Scenic Hwy S
    Snellville, GA 30078
    Click Here to Email Us

    Archives

    January 2023
    December 2022
    November 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    August 2016

    Categories

    All
    Apartment Building Insurance
    Auto Insurance
    Business Insurance
    Commercial Auto Insurance
    Commercial Buіldіng Insurance
    Conversion
    Conversion Clauses
    Cоnvеnіеnt Store Inѕurаnсе
    FAQs
    Financial
    Flood Insurance
    General Lіаbіlіtу Insurance
    Georgia
    Health Insurance
    Home Insurance
    Insurance
    Life Insurance
    Local
    Safety
    Workers Compensation Insurance

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login

Social Media

Newsletter Signup

Contact Us

Cornerstone Insurance Agency
2330 Scenic Hwy S
Snellville, GA 30078
(770) 413-0807
Click Here to Email Us
Review Us

Location

Website by InsuranceSplash