How much should you pay for life insurance?

Factors like your age, health, and family history will all determine how much you pay for life insurance. / Credit: Getty Images
Factors like your age, health, and family history will all determine how much you pay for life insurance. / Credit: Getty Images

When it comes to life insurance the amount of coverage you need is particular to your own individual circumstances and standard of living. There is no set amount everyone should have. It depends on a variety of factors, including how much you're willing to pay in premiums each month.

But how much should you be paying for life insurance?

Similarly, the answer is the same as the amount of coverage needed: it depends. Factors like your age, health, family history and even if you smoke will all determine how much you pay each month.

If you don't have life insurance - or want to get more - now is a good time to act. Don't hesitate and get a free quote today.

Not sure how much your monthly life insurance bill will be? There are a series of factors to consider to help narrow it down.

How much to pay for life insurance

How much you can expect life insurance to cost is tied to all of the following factors. Take these into account when trying to get an accurate figure:

The type of insurance: There are two primary kinds: term life (a pre-determined set amount of time in which you'll be insured) and whole life insurance (which remains active for a full lifetime). Term life insurance tends to be cheaper because it has an expiration date. And, unlike whole life insurance, it doesn't have a savings element to consider. The downside is that whole has more benefits than term. Although these are the two most well-known, there are many other types to choose from including universal and variable.Your age: The younger you are, the safer a bet you are to insurance companies. So you'll pay a lot less than you would if you were older. If you don't have life insurance now, don't wait and get started today. It won't become cheaper in the years to come. Your health: What kind of shape are you in? Life insurance companies will want to know that information before they agree to insure you. They will do an exam and bloodwork and, depending on your health at the time, you may pay more or less.Your family history: Is there a history of heart disease in your family? What about cancer or diabetes? Your genetics could be a predictor for future (costly) health issues.Your smoking status: This is an obvious one. Do you smoke, or did you smoke previously? Smokers are prone to a whole series of health issues that could make them more pricey to insure. That price differential will be reflected in your monthly bill.Your occupation: Your job can also cause a price hike or limit your insurance options, particularly if it's high-risk or hazardous - which increases the potential of accidents, injuries or even death.

You could wind up paying as little as $17 per month up to and surpassing $75 per month (or more). It really depends on your age, health and other specific factors mentioned above.

Not sure what you're eligible for and how much it would cost you? You can get a price estimate today by answering a few short questions.

The above list is not exhaustive and other items may be taken into account. Life insurance companies will potentially insure you for hundreds of thousands of dollars so they'll want to be fully aware of who they're covering.

There are, however, some things you don't have to worry about when trying to accurately gauge your monthly life insurance cost. This includes, but is not limited to:

Your raceYour sexual orientationYour credit score/historyYour marital historyThe planned number of beneficiaries you would add to an account

Think you now know what cost to expect for life insurance? Act now and get the best rate for you and your family.

How to get cheap life insurance

While life insurance and the associated costs are personal to each policyholder, there are some reliable ways to make sure you don't overpay. This includes:

Starting early: The younger you are, the safer a bet you are to insurance companies. So you'll pay a lot less than you would if you were older.Comparison shopping among companies: Don't take the first deal you get. Review at least three providers to make sure you're getting the best coverage for the most reasonable cost.Completing a thorough process: "Simplified" life insurance may not require a medical exam. But you won't get cheaper life insurance by going this route. Don't pay more for less. Complete the traditional life insurance vetting procedures.

Couple's "Casa Banana" dream home in Florida reduced to rubble during Hurricane Ian

North Korea launches missile over Japan

Exclusive discounts from CBS Mornings Deals on items designed to save time and money