Narrow down life insurance companies by coverage levels, riders offered, medical exam requirements and more to get a quote for a $250,000 life insurance policy.
No one can predict the future, but life insurance can help you protect your family. Ideally, your policy should allow your beneficiaries to maintain the lifestyle they’ve grown accustomed to. A $250,000 policy is generally inexpensive and popular among seniors and young earners, as well as careful savers who have healthy savings, retirement and 401(k) accounts.
Rates are on the lower end for policies around $250,000, especially if you’re young, healthy and a non-smoker. The average cost of a 20-year term, $250,000 policy for a healthy 30-year-old is $14.89 a month for a man and $13.06 for a woman. Expect your rates to differ based on your gender, age, health, lifestyle, occupation and the policy length you choose.
| Age | Man | Woman |
|---|---|---|
| 18 | 15.93 | 13.32 |
| 20 | 14.93 | 12.69 |
| 25 | 14.46 | 12.73 |
| 30 | 14.89 | 13.06 |
| 35 | 16.13 | 14.28 |
| 40 | 14.89 | 18.07 |
| 45 | 16.13 | 25.20 |
| 50 | 45.20 | 35.80 |
| 55 | 71.20 | 53.06 |
| 60 | 123.21 | 89.54 |
| 65 | 223.20 | 165.19 |
*Rates are provided by Quotacy and valid as of 2021 in all states except Montana
Consider getting a $250,000 life insurance policy if you:
The amount of coverage you buy should account for three things: your income, your assets and your financial obligations. Do your financial obligations minus other assets add up to $250,000? If so, $250,000 may be enough coverage to meet your needs.
Here’s what to consider:
Your eligibility depends on your age and income. Depending on your age, you’ll need to be earning $10,000 to $50,000 a year to qualify, or you’ll need to prove that $250,000 is between five and 25 times your annual income. The good news is that the financial requirements for $250,000 of coverage aren’t too high.
Typically, insurers approve applicants earning at least an annual salary of:
If you’re self-employed, insurers might scrutinize your application more than if you worked for someone else, and you may pay higher rates to compensate for your less-secure income. It may be harder to get a no-exam life insurance policy as a self-employed individual, too.
With some insurers, like Brighthouse, Lincoln TermAccel, Haven Life or Principal, you may be able to get $250,000 policy without taking a medical exam. However, it may still require an online questionnaire, agent screening or a phone interview.
These types of policies are generally only open to people between the ages of 18 and 60 and are exclusively available for those in excellent health. If a company catches any medical conditions — even minor ones — in its screening process, you’ll probably have to take a medical exam or won’t qualify for the policy.
If you’re in good health and have the time — and inclination — to take a medical exam, you’re more likely to get a better deal. No-exam policies are much quicker to secure, but that convenience comes at a hefty cost in the form of high premiums.
When you’re considering purchasing a $250,000 life insurance policy you’ll need to decide between a term or whole life policy. Both policy types are sold by various insurers at this coverage level so you will have several options regardless of whether you pick a term or whole life insurance policy.
Term insurance is a simple product that meets many people’s life insurance needs by providing a death benefit to the beneficiary if the policyholder dies during the policy term, often 20 years. The policy ends when the term expires, although some term policies can be extended or converted to permanent policies.
Whole life policies are permanent policies that continue through the insured’s lifetime, as long as premiums are paid. Whole life policies can accrue cash value and can be used as investments.
The concept behind life insurance is simple: Pay now to protect your family later. When you’re working out how much coverage to buy, carefully think about your assets and financial responsibilities.
If they add up to $250,000, it’s worth looking into this kind of coverage. If not, continue comparing life insurance options to find the best policy and coverage for you and your family.
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can i split life insurance leave half to my spouse and half to my son
Hi Patti,
Thank you for reaching out to finder!
Yes. You can nominate multiple beneficiaries in your life insurance policy and you can also designate the percentage of the amount that each beneficiary will receive.
Please note though that different insurance providers may have different terms and conditions so make sure you carefully read through relevant documents like the policy Terms and Conditions before making any decision. If you already have an insurance provider in mind, you may also want to speak with them directly to consult them on how to go about nominating beneficiaries.
Cheers,
Charisse