The rate for life insurance is the amount you pay per $1,000 of life insurance coverage. The insurer multiplies your rate times the amount of life insurance you want to get the total premium for your life insurance policy.
For instance, if your rate is $1 per thousand dollars of life insurance and you want to buy $500,000 of life insurance, your premium would be 1 X $500 or $500 per year.
How is my rate determined?
Your rate per $1,000 of life insurance is developed based on several factors that may affect your longevity - how long you are expected to live.
These rate factors include your age, gender, health, occupation, hobbies, lifestyle, if you smoke or not, your height-to-weight ratio, your driving history and credit history, among other things.
In addition, the type and amount of life insurance will impact how much you pay for your life insurance policy.
How can I compare rates for life insurance?
You can compare life insurance rate quotes by contacting a local life insurance broker, calling insurance companies direct, or visiting a life insurance quote provider on the internet to shop for instant life insurance rates online from a network of life insurance companies.