How much does life insurance cost?

Ever wonder know the cost of life insurance is calculated? There are a lot of factors that contribute to the cost of life insurance. Here’s how it’s calculated and some tips on choosing the right policy for you.
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Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. Northwestern Mutual delivers financial security to more than five million people with life insurance, disability income and long-term care insurance, annuities, and brokerage and advisory services.
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Transcript:
The ultimate safety net for life’s unexpected twists and turns? Life insurance. But 72% of Americans think it’s a lot more expensive than it really is, and costs can vary based on you-and what you’re up to.
So what impacts the cost of an insurance policy?
First up: gender. Women tend to live longer than men (sorry, fellas!), so they usually enjoy lower premiums than men who share the same age, health, and lifestyle.
Age and health impact price, too. When you’re younger and healthier, costs tend to be lower. Most policies also require a medical screening, which can influence your rates depending on the results.
Lifestyle also plays a role. People with high-risk jobs or hobbies should expect higher premiums.
Some factors influencing rates have less to do with you and more to do with your policy. For example, your coverage amount-the more you need, the more you’ll pay.
The type of policy you choose matters, as well. Term life insurance protects you for a set amount of time and is typically the least expensive way to get the coverage you need for today. On the other hand, whole life insurance is more expensive because it covers you for, well, your whole life and provides a cash reserve you can tap into that’s guaranteed to grow regardless of market fluctuations. You can even tap into it while you’re still alive.
The bottom line: There are many factors that determine the cost of your policy. Your advisor can help design a plan to match your unique needs so you can protect those who matter most-and, depending on your policy, build value that you can use throughout your life.