The pricing of life insurance is based on a rate per $1,000 of life insurance coverage. Your rate per $1,000 of coverage is developed based on your age, health and other risk factors that may affect how long you are expected to live.
The risk factors include your lifestyle, tobacco use, driving record, occupation, hobbies, etc.
In addition, the type of life insurance and amount of life insurance will factor into your rate.
Basically, the younger and healthier you are when you buy life insurance, the lower your rate.
Also, the lower the amount of life insurance coverage, the lower your rate per $1,000 of protection.
And, term life insurance costs a lot less than permanent life insurance because term life is temporary, providing coverage for up to 30 years.
Learn more about pricing for life insurance and how it works.