Buying $250,000 in Life Insurance Is More Affordable Than You Think

If you’re wondering “How much does $250,000 in life insurance cost?“, you’ve come to the right place.

This article will go over life insurance rates for $250000 in term life insurance, the best companies for this benefit amount, and how to qualify for those rates.

Some life insurance shoppers may be looking for greater amounts of coverage. However, a $250,000 life insurance policy is a very common and very important purchase.

Why?

The death benefit is to protect your beneficiary from financial hardship. This type of coverage will assist your family and is pretty inexpensive.

Before you buy $250,000 in life insurance, shop around to find the best deal. Enter your ZIP code now to compare $250,000 life insurance quotes today.

How much does $250,000 in term life insurance cost?

What if your annual salary is approximately $50,000 per year, and you pass away? To determine how much life insurance you need, the general rule is to buy life insurance that is seven to ten times your salary.

If you have children around the age of 13, a $250,000 life insurance policy will cover the amount of income you’d be making until they reached the age of 18.

What if you have younger children? $250,000 is still an excellent choice.

If your annual salary is around $30,000 a year, and you have young ones, your life insurance benefit could protect them for the remainder of their childhood.

People will commonly buy this amount of term life insurance if they are married and have children. The death benefit can be used to cover the mortgage and loss of income.

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What will I pay for a $250,000 life insurance policy?

Let’s dive right in. How much does life insurance cost for men and women?

We’re going to run some $250,000 term life insurance rates that most people will qualify for.

Just know that what you will ultimately pay for your policy will be based on a variety of factors, such as gender, age, tobacco use, overall health, hobbies, occupation, and more.

For example, if you enjoy riskier hobbies such as skydiving, your life insurance rates will be higher. Also, your rates will depend on the length and type of policy you choose.

Other factors like where you live and how many beneficiaries you have won’t affect your rates. Also, your race, ethnicity, and sexual orientation can’t be used to determine your rates.

Below are quotes based on “Preferred Best” non-tobacco rates. Preferred rates are based on excellent health. If you aren’t in excellent health, you can expect to pay more based on the qualifying criteria of the life insurance company you apply with.

This table shows you the $250,000 life insurance rates for men. You can see that the average cost of life insurance goes up as age increases.

$250,000 Term Life Policy Average Monthly Rates for Men

Now see the $250,000 life insurance rates for women.

$250,000 Term Life Policy Average Monthly Rates for Women

According to WHO, women live longer than men on average, which explains why life insurance is generally cheaper for them. Considering how inexpensive the cost of life insurance is, speak with an agent to determine what amount is right for you.

These are the best rates available for $250,000 term life insurance. All of these quotes were based on a fully underwritten policy with a medical exam.

How do you qualify for $250,000 in life insurance?

Did you know that you need to qualify financially for life insurance?

That’s right.

Your health isn’t the only thing that life insurance companies look into before they offer you a policy. Keep reading to see what other factors impact your rates.

What financial qualifications do you need to meet?

The life insurance company needs to know that you can afford the policy and pay the annual or monthly rates.

For a $250,000 term life insurance policy, you will probably have to meet the following guidelines:

• Are you between the ages of 18 – 40? You’ll need an annual income of $10,000. That amount is 25 times your annual income.
• Are you between the ages of 41-50? You’ll need an annual income of $16,666. That amount is 20 times your annual income.
• Are you between the ages of 51-55? You’ll need an annual income of $50,000 or more. That is 15 times your annual income.

This gives you a quick idea of the general finances you’ll be required to show before a $250,000 policy is available to you.

The great news is that these amounts are excessive.

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Are there health qualifications?

Your overall health is usually the most confusing part of qualifying for life insurance. The reason is that each life insurance company looks at your health differently.

Some companies are stricter about certain health conditions while others are not.

However, all life insurance companies will want to know the details of your past and current health. In addition, they’ll want to know:

• Do you use tobacco?
• Have you been to the hospital recently?
• Do you see any specialists?
• Do you have any health conditions that can be considered risky?
• Do you use medications?
• Does your family have a history of heart disease, cancer, diabetes, or stroke?

Your health will greatly affect your life insurance rates. Companies will generally charge more for insurance for a person with health conditions.

What are the best life insurance companies for $250,000 policies?

These life insurance policies are very common, which means there is stiff competition from the life insurance companies.

This competition has a direct effect on rates – which is great for the life insurance shopper.

Here are the best life insurance companies for $250000 life insurance:

• Banner Life – The Banner Life Insurance Company offers excellent rates. Even though they aren’t a household name, they have received an “A+” rating from A.M. Best. Banner has a great reputation as a top life insurance company that provides low-cost life insurance and excellent coverage.
• SBLI – With an “A+” rating from A.M. Best, SBLI is another top life insurance company with $250,000 life insurance policies. Their term life insurance rates are guaranteed for the duration of the term. They also have a renewable option on an annual basis.
• Protective Life – Protective Life is the 3rd “A+” A.M. Best rated company on our list. Compared with most life insurance companies, Protective offers very low rates for a $250,000 life policy.
• American General – Our fourth life insurer, American General, received an “A” A.M. Best rating. This isn’t as high as the previous life insurance companies, but it is still a great rating. American General provides shoppers with very low life insurance rates with excellent coverage.

There are many good life insurance companies out there, so be sure to shop around to find the best fit for you.

What is term life insurance?

There are many reasons people decide to buy life insurance. It is not the best time to buy life insurance, but common reasons are marriage, becoming pregnant, starting a business, or buying a home.

Unlike whole or universal life insurance, which are permanent life insurance options, term life coverage is the cheapest and only lasts for a certain amount of time.

Depending on the policy you choose, you may or may not need to have a medical exam. Usually, prices will be higher if you don’t have a medical exam since the insurer can’t verify your overall health.

You can also choose various add-ons and riders to customize your policy even more. Adding an accidental death benefit or long-term care waiver can create a policy just for your needs.

Term life policies are great for people who don’t want to spend a lot of money on life insurance but still want the most coverage for the cheapest price.

The downside is that the policies are only good for a certain amount of time. If you outlive your policy, you will have to purchase a new one. Prices will have increased by that point and could be much more expensive.

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How can you save on term life insurance?

Once you decide on the type of life insurance you want to purchase, the next step is getting the best deal. Some ways to save money are:

• Try a different amount of insurance – Changing the amount of coverage you get will change your rates, so work with some numbers to find the best coverage at the rate you can afford.
• Check to see if your job offers coverage – Sometimes life insurance is offered through your employer. The group plan can be cheaper and may not include a medical exam.
• Get healthy – Quit smoking and do what you can to improve your health.
• Consider multiple policies – Depending on the amount of coverage you are looking for, it may be cheaper to carry more than one policy to equal the coverage you want.
• Shop around for coverage – Each company will charge a different rate for coverage, so be sure to get quotes from multiple companies.

These are just a few ways to save for your life insurance. Speak with an insurance agent for even more ways to save.

What’s the best way to shop for $250,000 term life insurance policies?

Shopping online using a free quote tool can help you to quickly and easily compare rates on life insurance policies, right from home.

Online tools like the one here give you access to multiple life insurance companies, with no commitment to any particular company.

If you have any pre-existing conditions, you may need to speak with an insurance expert regarding your condition and how it could affect your insurance application and the types of life insurance terms you need.

The Bottom Line

To find out how much coverage you need, think about your financial obligations now and in the future, such as a child’s college costs or mortgage payments.  However, it’s a good idea to shop around for the most affordable options before you buy a life insurance policy.

If you have also wondered about $250,000 whole life insurance coverage, you should know that whole life rates are much higher than term life policies. There can be benefits with a whole life policy but they do come at a premium.

To find affordable $250,000 life insurance, enter your ZIP code now to compare quotes from the top-rated insurers.

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