Compare $100,000 life insurance policies

A $100,000 life insurance policy is popular among those who have healthy savings and retirement accounts and want to use life insurance to supplement that. When you die, your policy kicks in to help your family maintain the lifestyle they’ve grown accustomed to. It’s also common for business owners taking out key employee insurance and those who are hoping to secure a loan.

How much does a $100,000 life insurance policy cost?

Life insurance is personalized to the individual. The rate you’re offered is based on gender, age, health, lifestyle, occupation and hobbies, as well as the length of your policy. Younger, healthier applicants score the best life insurance rates, so apply as soon as you can to lock in the lowest premium.

A $100,000 policy is an affordable range for most, with rates starting at $8 to $10 a month for healthy people in their 30s, though that number goes up to $18 to 25 a month for smokers.

*Based on sample rates from Policygenius, December 2019

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Name	Product	Issue Ages	Minimum Coverage	Maximum Coverage	Medical Exam Required
Bestow		21 - 54 years old	$50,000	$1,000,000	No	Affordable 10- and 20-year term life insurance policies with instant quotes and no medical exams.	Go to site More Info	Compare	loading Fetching your data...
LadderLife™ Life Insurance		20 - 60 years old	$100,000	$8,000,000	No	Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.	Go to site More Info	Compare	loading Fetching your data...
Policygenius		18 - 85 years old	$10,000	$10,000,000+	Depends on provider and policy	Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.	Go to site More Info	Compare	loading Fetching your data...
Fabric		25 - 60 years old	$100,000	$5,000,000	No	Get affordable term life insurance with accelerated underwriting or no-exam coverage up to $1,000,000. Available in all states except CA, NY and MT.	Go to site More Info	Compare	loading Fetching your data...
Haven Life		18 - 64 years old	$100,000	$3,000,000	No	Customized term life insurance policies up to $3 million, no medical exam for certain applicants.	Go to site More Info	Compare	loading Fetching your data...
Sproutt		18 - 100 years old	$50,000	$3,000,000	No	This life insurance broker combines technology and the human touch to match you with a policy tailored to your needs.	Go to site More Info	Compare	loading Fetching your data...

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Is a $100,000 life insurance policy right for me?

To figure out if $100,000 is the right amount of coverage for you, think about your income, financial obligations and why you’re getting life insurance. This type of policy might be right for you if:

• You make less than $20,000 a year. The general rule of thumb is to purchase coverage that’s 5 to 10 times your annual salary. If you’re a low-income worker or someone who’s still climbing the career ladder, a $100,000 policy might be appropriate.
• You can’t afford more coverage. Though a $100,000 policy is on the cheaper side for premiums, it’s still a monthly expense that you should be able to comfortably pay.
• $100,000 will cover big expenses after you die. Consider your reasons for taking out a policy. Is it to cover your funeral costs? Pay off remaining mortgage or loan debt? If you’ve done the math and realize that your financial responsibilities add up to over $100,000, you may want to look at higher coverage.
• Your family could afford to replace your income. $100,000 may not leave your family with a lot of money to replace your income; $100,000 is only 2 years’ salary for the average American. If your spouse makes good money or you’re retired, you might not need more than $100,000 in coverage.
• You have other savings or assets. Typically, those who sign up for $100,000 of coverage have healthy savings accounts, no dependents, little debt and few liabilities. For instance, it’s a popular option for seniors who’ve paid off their debt and have assets or money stashed in savings or retirement accounts. Their children are grown and well established in their own careers, and simply want life insurance to cover end-of-life expenses so their families aren’t saddled with that financial burden. They may also want to leave a small inheritance for their grandkids.
• You’re looking for a keyman policy for your company’s executives. It’s also common for business owners to take out $100,000 of coverage for key employees or partners. That way, if those valuable people die, the company won’t be strapped for cash while it finds replacements.

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Can I get a $100,000 life insurance policy?

To determine if you’re eligible for a $100,000 policy, underwriters will look at your age, health and income.

When it comes to life insurance, young, healthy applicants are in the best position. This is because insurance companies use your age, health and family history to calculate your risk of dying during the term. The lower that risk, the less chance the insurer will have to pay out your death benefit.

Your life insurance provider will also assess your income. The reason is simple: you’ll need to be able to afford to pay your premiums, and for a $100,000 policy, the requirements aren’t too steep. In most cases, you’ll just need to prove that you’re earning $10,000 a year or more.

Can I get $100,000 coverage without a medical exam?

Yes, simplified issue or guaranteed issue life insurance policies waive the medical exam in your approval process, but there are some drawbacks. Insurers will still pull public records to find any details they can about your health, and premiums are often more expensive.

• No-exam options are ideal for people who have been denied coverage due to pre-existing conditions.
• Typically, no-exam policies are approved within a week or even on the same day. It’s ideal if you need coverage fast — say, to secure a business loan or fulfill a court order.
• Most guaranteed issue insurers cap their coverage at $250,000, so finding a no-exam policy with $100,000 of coverage is easy to find.
• You can usually get coverage unless you have a serious health condition like AIDS, or a family history of heart disease, diabetes or cancer.

• No-exam policies tend to have higher premiums. Without a medical exam, insurers can’t get a clear picture of your health and family history.
• Insurers will check your pharmacy and Medical Information Bureau records to find any publically available data on your health.
• Insurers also tend to look at your DMV history, so keep in mind that any major driving violations could affect your approval.

Bottom line

Once you’ve decided you need life insurance, the next step is working out how much coverage to buy. Think about your financial obligations now and in the future, and why you’re buying your policy. If you’re simply purchasing life insurance to boost your business or help your family tie up loose ends, or your financial responsibilities come to $100,000, you may be the right candidate.

Frequently asked questions

• Who should I choose as my beneficiary?

  Think about the person or company you’d like to receive your policy’s benefits if you pass away. Most people choose a person as their beneficiary, such as a spouse, sibling or child, but you can also assign an entity, like a charity or alma mater.

• Should I get life insurance for my business?

  If you’re an owner or partner in a business, it’s worth looking into life insurance. If you die during the term, your policy would kick in to offer the company cash flow and a sense of financial security. You may also want to explore key person insurance, which is when business owners and partners purchase a life insurance policy for a valuable employee. Should they die, the company will have cash to tide them over until they find a replacement.

• I already have health insurance. Do I need life insurance, too?

  While health insurance helps to cover your medical expenses if you get sick, it doesn’t pay for the debts, bills and loss of income if you can’t work as a result. That’s where life insurance can step in. Life insurance also offers your family financial support when you die, whereas your health insurance policy dies with you.