I just moved for a new job and bought a new house, and I’d like to increase the amount of my life insurance. I have a $500,000 20-year term policy. How much would it cost to boost it to $1 million?
If you’re pretty young and healthy, it costs a lot less than you’d expect. A 30-year-old woman could pay as little as $214 per year for a $500,000 20-year term insurance policy and $354 for $1 million, says Byron Udell, CEO of AccuQuote.com. A healthy 30-year-old man would pay $244 for $500,000 and $421 for $1 million.
The price difference is slightly higher for a healthy 40-year-old. For a woman, a $500,000 20-year term insurance policy would cost $304 per year, and $1 million in coverage could cost $529, according to Udell. A 40-year-old man would pay more: $328 per year for a $500,000 20-year term insurance policy and $626 for $1 million.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Ask your insurer how much it would cost to boost your coverage, and compare the cost with buying a new policy. One advantage of buying a new policy is that you start the 20-year clock ticking again. But if you have health problems, you might get a better deal boosting coverage with your current insurer.
You can get price quotes from many term insurance companies at AccuQuote.com or LifeQuotes.com. If you have any health conditions, it’s usually better to call the Web site or agency rather than just comparing quotes online; giving the agent a heads up about your health condition up front can help him find the insurer that’s most likely to offer you the best rate. For more information, see 4 Ways to Save Money on Life Insurance.
-
Stock Market Today: Stocks End Higher in Whipsaw SessionThe main indexes were volatile Thursday with Nvidia earnings in focus.
-
Trump Picks Dr. Oz as Head of Medicare and MedicaidPresident-elect Donald Trump picked Dr. Mehmet Oz to lead the Centers for Medicare and Medicaid Services. Here's what to know about the former TV host.
-
Credit Report Error? They All Mattercredit & debt Don't dismiss a minor error. It could be the sign of something more serious.
-
Insurance for a Learning Driverinsurance Adding a teen driver to your plan will raise premiums, but there are things you can do to help reduce them.
-
529 Plans Aren’t Just for Kids529 Plans You don’t have to be college-age to use the money tax-free, but there are stipulations.
-
When to Transfer Ownership of a Custodial Accountsavings Before your child turns 18, you should check with your broker about the account's age of majority and termination.
-
Borrowers Get More Time to Repay 401(k) Loans
retirement If you leave your job while you have an outstanding 401(k) loan, Uncle Sam now gives you extra time to repay it -- thanks to the new tax law.
-
When It Pays to Buy Travel Insurance
Travel Investing in travel insurance can help recover some costs when your vacation gets ruined by a natural disaster, medical emergency or other catastrophe.
-
What Travel Insurance Covers When Planes Are Grounded
Travel Your travel insurance might help with some costs if your trip was delayed because of the recent grounding of Boeing 737 Max planes.
-
Ways to Spend Your Flexible Spending Account Money by March 15 Deadline
spending Many workers will be hitting the drugstore in the next few days to use up leftover flexible spending account money from 2018 so they don’t lose it.
