Enter your yearly life insurance premium into the calculator to determine the life insurance cost per month, week, and day.
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Life Insurance Cost Per Month Formula
The following equation is used to calculate the life Insurance Cost Per Month.
LICM = YP / 12
- Where LICM is the monthly life insurance cost ($/month)
- YP is the yearly life insurance premium ($)
What is the Average Life Insurance Cost Per Month?
The cost of life insurance varies greatly from person to person, but the average cost of life insurance is $30 a month.
The first thing we should point out about life insurance costs is that there isn’t an “average” cost because each person’s needs are different.
Depending on their circumstances, different life insurance policies may work better for one person than another. Also, someone who is young and in good health will pay much less than someone older or with more health issues.
There are many different life insurance policies that you can choose from depending on your specific needs. The three most common types of life insurance are Term Life Insurance, Whole Life Insurance, and Universal Life Insurance.
The most affordable policies are term life insurance policies. Term policies offer coverage for a set period and payout only if you die during that term period.
They’re less expensive because they don’t pay out very often (most people outlive their term policy). They also offer peace of mind — if you’re in good health, it’s nice to know you have a safety net in place for your family should you pass away unexpectedly.