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What is the average cost of life insurance?

I know individual circumstances apply, but there must be an average monthly cost somewhere. 33 years old, Male Looking for term life insurance, 500K I was just given a monthly quote for $28 per month

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1. Hi Charles! Glad to hear you're looking to compare rates in order to find the lowest cost. That's a good idea. As far as the average cost of $500,000 of life insurance for a 33 year-old male goes - the rates can and do vary quite a bit. Actually, they can vary by up to 50% or more depending on a number of factors, including the insurance company, type of life insurance, your health, your family's health history, the term of your policy, etc. In order for you to find the lowest rates available for term life insurance (which is the lowest cost life insurance for someone your age) you may want to look at Level term Life Insurance Quotes for 10, 15, 20 or 30 years of coverage, depending on your needs. Decide how long you need the life insurance, and then compare free, no obligation quotes online to check the prices and the financial strength ratings of the insurance companies. You can get up to 12 instant quotes for term life insurance from top-rated insurers at efinancial - https://www.efinancial.com/smartquoteefc.aspx?source=389-707 You just fill out one form and they give you instant quotes in seconds. That way you can find out what is actually the lowest rate compared to what you have already been quoted. Also, here is how term life isnurance works: Term life insurance lasts for a specific number of years, usually 10, 15, 20 or 30 years. The most common terms are 10 years or 20 years. Term life insurance policies pay the beneficiary the face amount of the life insurance policy if the insured person dies during the term of the policy. For example, a 15-year term life policy with a face amount of $250,000 would pay $250,000 to the beneficiary if the insured died any time during those 15 years. Usually, term life insurance costs less than permanent life insurance. At the end of the policy term, the insured is no longer insured, and a death benefit is no longer paid. Some term life insurance policies are renewable, or can be converted to permanent life insurance. Term Life Insurance Has Three Standard Features: Level Usually, the annual premium for the policy paid by the insured stays the same each year. The face amount of the policy also stays the same. Level term life insurance policies can usually last up to 30 years. Convertible Before the end of the term for the policy, the life insurance policy owner may be able to convert the term life insurance into a permanent life insurance policy. The owner usually has a specific number of years during the term life insurance policy to convert the policy. The premiums usually increase for the permanent life insurance. Renewable Term life insurance policies that are renewable offer the owner the option of renewing the life insurance policy at the end of the policy term, up to a specific age limit (usually age 65 or 70). For example, a 15 year policy may be renewed for another 15 years. If the policy is renewed, a medical exam may be required. The term life insurance premium will usually increase when the policy is renewed. I hope that helps! Best of luck to you Charles.
2. Charles! Thats a tricky question because without knowing more then you really cant actually give you an accurate qoutation. However, the important thing is to know that there are really two types of policies - term life and whole life - the former requires a lower monthly/yearly premium but does not give any cash value during the life of the policy. So say you pay 350.00 for a year, if nothing happens, you dont get back any money. The Whole life has a much higher premium but you do get back money if you cancel and a part goes to a life benefit and some goes to investments, that your earn on cancellation and in fact you eran interest on your premium. To really decide which is best for you you should read this blog it ties credit and life insurance together - http://aspencreditcard.info/2007/12/09/what-is-the-cost-of-life-insurance/