The Average Rate for a 15-Year Term Life Insurance Policy

When it comes to shopping for life insurance, it’s crucial to compare rates. Similar plans often can be drastically different in cost from one company to another, but the shopping process can sometimes feel overwhelming. SelectQuote can help you find the right plan for the right price and help you better understand how the average rate for a 15-year term life insurance policy is calculated.

The Average Rate for a 15-Year Term Life Insurance Policy

When it comes to shopping for life insurance, it’s crucial to compare rates. Similar plans often can be drastically different in cost from one company to another, but the shopping process can sometimes feel overwhelming. SelectQuote can help you find the right plan for the right price and help you better understand how the average rate for a 15-year term life insurance policy is calculated.

What are life insurance premiums based on?

Life insurance premiums are as individual as a person’s personality. They’re based on a variety of factors making up your “risk profile,” often making the average 15-year term life insurance rate hard to apply to your needs.

Just like regular health insurance, life insurance companies base their rates on a candidate’s life expectancy, including factors such as:

  • Gender
  • Age
  • General health
  • Unhealthy habits, such as smoking and drinking.

The cost of premiums can also depend on your geographic location and some life insurance calculators also will ask about your hobbies, your family’s health history, and sometimes, your driving history. Additionally, the type of policy, policy length and the benefit amount you choose will have an impact on the cost of your life insurance policy. For example, a 20- or 25-year term life insurance policy could cost more than a 15-year term life insurance policy of the same benefit amount.

All of the above factors will help determine the cost of your life insurance policy, so be sure to keep this information in mind while shopping around.

How much does a 15-year term life insurance policy cost?

It’s natural to assume million-dollar life insurance policies cost a fortune, but the fact is, you may be able to get substantial coverage at an extremely affordable rate—probably more affordable than you’d think.

Generally, people who are younger and in better health will have access to a lower 15-year term life insurance rate. The price of life insurance increases as you age, so there’s never a better time to buy than right now.

If you feel that a 15-year term life insurance policy might be right for you, there’s also a chance you’re interested in how much it might cost you. The easiest way to get the most accurate quotes is to start with our online quote form and then let one of our licensed insurance agents walk you through your options. In just minutes, we can provide you with coverage and price comparisons from some of the most trusted insurance companies.

What are life insurance premiums based on?

Life insurance premiums are as individual as a person’s personality. They’re based on a variety of factors making up your “risk profile,” often making the average 15-year term life insurance rate hard to apply to your needs.

Just like regular health insurance, life insurance companies base their rates on a candidate’s life expectancy, including factors such as:

  • Gender
  • Age
  • General health
  • Unhealthy habits, such as smoking and drinking.

The cost of premiums can also depend on your geographic location and some life insurance calculators also will ask about your hobbies, your family’s health history, and sometimes, your driving history. Additionally, the type of policy, policy length and the benefit amount you choose will have an impact on the cost of your life insurance policy. For example, a 20- or 25-year term life insurance policy could cost more than a 15-year term life insurance policy of the same benefit amount.

All of the above factors will help determine the cost of your life insurance policy, so be sure to keep this information in mind while shopping around.

How much does a 15-year term life insurance policy cost?

It’s natural to assume million-dollar life insurance policies cost a fortune, but the fact is, you may be able to get substantial coverage at an extremely affordable rate—probably more affordable than you’d think.

Generally, people who are younger and in better health will have access to a lower 15-year term life insurance rate. The price of life insurance increases as you age, so there’s never a better time to buy than right now.

If you feel that a 15-year term life insurance policy might be right for you, there’s also a chance you’re interested in how much it might cost you. The easiest way to get the most accurate quotes is to start with our online quote form and then let one of our licensed insurance agents walk you through your options. In just minutes, we can provide you with coverage and price comparisons from some of the most trusted insurance companies.

Can I change my policy later?

There may come a time down the road where you find yourself wondering whether your life insurance policy is still a good fit. Life changes frequently, and it’s normal to want your life insurance policy to reflect those changes.

Perhaps after buying your 15-year term life insurance policy, you lost weight, lowered your blood pressure or quit smoking. Or maybe you noticed that life insurance prices have been falling. You don’t have to be locked into the rate you purchased if there’s a lower price available, and it’s always a good idea to compare your current coverage to what else is available. With SelectQuote, we can reshop your coverage and rates at any time to make sure you still have the benefits your family needs at a price you can afford. Let us do the work for you.

SelectQuote Is Here To Help

Life insurance can be a powerful tool to have in place should the unexpected happen. When you’re ready to take the important step of buying life insurance, we’re here to help. We have helped millions of families find the best coverage for them by comparing coverage and rates from some of the most trusted insurance companies in just minutes.

We do the shopping. You do the saving.