When it comes to the cost of a life insurance policy, life insurers develop a rate they charge per $1,000 of life insurance coverage. This rate is based on your personal risk factors, the type and amount of life insurance, and your life expectancy.
Life expectancy is the length of time you are expected to live based on your current health and risk factors.
Your personal risk factors include your age, gender, health, lifestyle, driving record, occupation, hobbies, height-to-weight ratio, tobacco use, and family health history, among other things.
The younger and healthier you are, the lower your rate $1,000 of life insurance coverage.
The higher the amount of life insurance you need, the higher your rate per $1,000 of coverage.
Term life costs much less per $1,000 of coverage because it is temporary, while permanent life insurance provides guaranteed lifetime life insurance protection at much higher rates.
Here's how you can shop and compare multiple life insurance quotes from several of the leading life insurance carriers.