Calculate Life Insurance Premium
20-Pay Permanent Whole Life Insurance Rate
Sometimes its overwhelming to find the best price and company for a specific service. To make life insurance less complicated, we broke down the steps to calculate life insurance rates based on your specific information. Feel free to contact us if you have any questions.
This Annual Premium Formula is based on the 20-Pay Life Insurance Policy – which is paid off in 20 years, but provides permanent coverage. This premium is usually higher than the premium of a Whole Life or Universal Policy because of the limited number of years of contribution. Call us if you’d like to know your rate for other types of insurance.
Calculate Annual Premium for Life Insurance:
- In the Life Insurance Rate Table, find your age in the columns marked “Issue Age”
- Move across that row until you reach
- your gender, nicotine use designation (i.e., Male, Male Tobacco User, Female, Female Tobacco User)
- Band that includes the amount of insurance that you desire
- 1 – Under $10,000
- 2 – $10,000 to $24,000
- 3 – $25,000 & Over
- Multiply that dollar value per $1,000.00 by the number of thousands of face value coverage.
- This is an estimate of your annual premium for this permanent life insurance policy.
How to calculate Monthly Premium for a life insurance policy :
The Annual Premium can be used to find other payment modes:
Monthly – multiply the annual premium by .09
Quarterly – multiply the annual premium by .265
Semi-Annual – multiply the annual premium by .52
Other factors:
NerdWallet provided a great article that outlines how Life insurance rates are calculated. Rates are based on life expectancy, thus many factors help determine rates, including gender, age, health and whether you smoke. For these reasons, its best to buy life insurance as early; the longer you wait, the more your rates will increase.
Contact Us or Submit a Preliminary Application
TO SUBMIT A PRELIMINARY APPLICATION:
- Fill out the Preliminary Application. (do not hesitate to leave portions blank)
- On the right side of the first page, write the type of insurance you would like and the face value – i.e. Amount of Insurance.
- Answer No to the Riders, and simply add the premium amount you calculated and the elected mode (frequency – monthly, annually, etc.)
- We encourage you to call us if you need any help. Email or Mail the application to us. Upon reviewing your application, we will contact you to finalize the process, or to obtain additional information.