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How Much Does Life Insurance Cost? In this video we shed light on how life insurance rates are calculated and what factors you need to know.

Introduction to Life Insurance: The video discusses the cost of life insurance and emphasizes the importance of having life insurance.

Coverage Amount: The amount of coverage desired is a significant factor affecting the premium. Higher coverage leads to higher premiums.

Policy Type: Differentiating between permanent plans and term insurance, where permanent plans are typically three to four times more expensive than term policies.

Term Length: The duration of the term policy also influences the cost, with a 10-year term being cheaper than a 30-year term.

Age: Age is a primary rating factor; younger individuals generally have lower insurance costs, while older individuals face higher premiums.

Health Factors (Tier 2): Current medical health, including factors like blood pressure, cholesterol readings, and medication usage, affects insurance rates.

Medical and Family History (Tier 2): Past health issues and family history of diseases can impact insurance rates due to hereditary considerations.

Height and Weight (Tier 2): Height and weight are significant factors, with certain charts dictating eligibility for the best rates based on these factors.

Tobacco Usage (Tier 2): Tobacco usage, including smoking, vaping, or using smokeless tobacco, can significantly increase insurance rates and may even disqualify individuals.

Additional Factors (Tier 3): Tier 3 includes unconventional factors like driving record, credit history, and hobbies. A history of driving infractions or certain hobbies may affect rates or even result in a decline.

Life Insurance Costs (2023 Example): The video provides an example for a 35-year-old male and female in 2023, both assumed to be healthy. For a million dollars worth of coverage, the estimated monthly premium for the male is around $70, and for the female, it's approximately $59. Additionally, it notes that males may generally have slightly higher premiums due to a shorter life expectancy.

Stability of Life Insurance Rates: Life insurance rates have remained consistent over the last decade and, in some cases, have even decreased, attributed to people living longer on average.

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