If you’re wondering “How much does $250,000 life insurance cost?”, you’ve come to the right place. Life insurance cost.
This article will go over how much you can expect to pay for $250000 life insurance, the best companies for this benefit amount, and how to qualify for those rates.
However, a $250,000 life insurance policy is very common and a very important purchase.
The death benefit is to protect your beneficiary from financial hardship.
How Much Does $250,000 Life Insurance Cost?
What if your annual salary is approximately $50,000 per year and you pass away?
If you have children around the age of 13, a $250,000 life insurance policy will cover the amount of income you’d be making until they reached the age of 18.
What if you have younger children?
If your annual salary is around $30,000 a year and you have young ones, your life insurance benefit could protect them for the remainder of their childhood.
What Will I Pay for a $250,000 Life Insurance Policy?
Just know that what you will ultimately pay for your policy…
…will be based on a variety of factors such as Gender, Age, Tobacco Use, Overall Health, and more.
Below are quotes based on “Preferred Best” non tobacco rates. Preferred rates are based on excellent health. If you aren’t in excellent health, you can expect to pay more based on the qualifying criteria of the life insurance company you apply with.
$250,000 Life Insurance Rates for Men
$250,000 Life Insurance Rates for Women
These are the best rates available for $250,000 term life insurance. All of these quotes were based on a fully underwritten policy with a medical exam.
Life insurance for smokers
Also, if you’re looking to secure a $250,000 Whole Life policy, please call us at 888-411-1329. We will run illustrations for you.
Qualifying for $250,000 Life Insurance
Did you know that you need to qualify financially for life insurance?
Your health isn’t the only thing that life insurance companies look into before they offer you a policy.
The life insurance company needs to know that you can afford the policy and pay the annual or monthly premiums.
For a $250,000 term life insurance policy, you will probably have to meet the following guidelines:
Are you between the ages of 18 – 40? You’ll need an annual income of $10,000. That amount is 25 times your annual income.
Are you between the ages of 41-50? You’ll need an annual income of $16,666. That amount is 20 times your annual income.
Are you between the ages of 51-55? You’ll need an annual income of $50,000 or more. That is 15 times your annual income.
This gives you a quick idea of the general finances you’ll be required to show before a $250,000 policy is available to you.
The great news is that these amounts are excessive.
Your overall health is usually the most confusing part of qualifying for life insurance. The reason is that each life insurance company looks at your health differently.
Some companies are more strict with certain health conditions while others are not.
However, all life insurance companies will want to know details of your past and current health. In addition, they’ll want to know:
Have you been to the hospital recently?
Do you see any specialists?
Do you have any health conditions that can be considered risky?
Does your family have a history of heart disease, cancer, diabetes, or stroke?
The Best Life Insurance Companies for $250,000 policies
These life insurance policies are very common which means there is stiff competition from the life insurance companies.
This competition has a direct effect on rates – which is great for the life insurance shopper.
Here are the best life insurance companies for $250000 life insurance:
The Banner Life Insurance Company offers excellent rates. Even though they aren’t a household name, they have received an “A+” rating from A.M. Best. Banner has a great reputation as a top life insurance company who provides low premium life insurance and excellent coverage.
With an “A+” rating from A.M. Best, SBLI is another top life insurance company for $250,000 life insurance policies. Their term life insurance premiums are guaranteed for the duration of the term. They also have a renewable option on an annual basis.
How to get a life insurance policy
Protective Life is the 3rd “A+” A.M. Best rated company on our list. Compared with most life insurance companies, Protective offers very low rates for a $250,000 life policy.
Our fourth life insurance company, American General, received an “A” A.M. Best rating. This isn’t as high as the previous life insurance companies, but it is still a great rating. American General provides shoppers very low life insurance rates with excellent coverage.
Shop with an Independent Life Insurance Agent
Using an independent agent can mean the difference of up to 73% off your life insurance premium.
Independent agents like us have access to multiple life insurance companies, so we aren’t committed to any particular carrier.
We’re impartial and will shop from dozens of best rated life insurance carriers. If you have any health conditions, it’s even more important you work with an experienced independent agent.
You will be provided all of the best options that you can qualify for and simply choose the one that best meets your needs.
Call us at 888-411-1329 if you’d like a customized quote or would like to speak with us directly.
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