Although life insurance is an important consideration for people of all ages, it is especially important for young adults to understand the costs and benefits associated with obtaining the right coverage that meets their needs. Term life insurance is one of the most popular and cost-effective options, and 23-year-olds can particularly benefit from exploring this option
In this article, we'll discuss how to figure out how much term life insurance costs for 23-year-olds, so they can make an informed decision.
Burial Insurance
20-Year Term Life Insurance Cost (Men; Age 23)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 23 | Men | No | 20 Years | $25,000 | Mutual of Omaha | $9 |
| 23 | Men | No | 20 Years | $50,000 | Mutual of Omaha | $12 |
| 23 | Men | No | 20 Years | $100,000 | Prosperity Life | $18 |
| 23 | Men | No | 20 Years | $250,000 | Prosperity Life | $35 |
The table shows the cost of 20-year term life insurance for a 23-year-old male non-smoker. The coverage and company differ by the coverage amount
Mutual of Omaha offers coverage of up to $50,000 and Prosperity Life offers coverage up to $250,000. The monthly rate for Mutual of Omaha ranges from $9 to $12 per month, while Prosperity Life ranges from $18 to $35 per month.
30-Year Term Life Rates (Male; Age 23)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 23 | Men | No | 30 Years | $25,000 | Mutual of Omaha | $10 |
| 23 | Men | No | 30 Years | $50,000 | Mutual of Omaha | $14 |
| 23 | Men | No | 30 Years | $100,000 | Prosperity Life | $22 |
| 23 | Men | No | 30 Years | $250,000 | Prosperity Life | $44 |
This table shows life insurance rates for a 30-year term for males aged 23 who are non-smokers. Coverage levels available are $25,000, $50,000, $100,000 and $250,000, and the results come from Mutual of Omaha and Prosperity Life. For Mutual of Omaha's $25,000 coverage level, the rate is $10 monthly; for their $50,000 coverage level, the rate is $14 monthly. For Prosperity Life's $100,000 coverage level, the rate is $22 monthly; for their $250,000 coverage level, the rate is $44 monthly.
20-Year Life Insurance Pricing (Male Tobacco; Age 23)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 23 | Men | Yes | 20 Years | $25,000 | Mutual of Omaha | $13 |
| 23 | Men | Yes | 20 Years | $50,000 | Foresters | $17 |
| 23 | Men | Yes | 20 Years | $100,000 | Foresters | $29 |
| 23 | Men | Yes | 20 Years | $250,000 | Americo | $63 |
The above table shows monthly rate estimates for 20-year life insurance policies for a 23-year-old male tobacco user from four different companies. Coverage amounts range from $25,000 to $250,000
Mutual of Omaha offers a rate of $13 per month for a $25,000 policy, Foresters offers rates of $17 for $50,000 coverage, $29 for $100,000 coverage and Americo offers a rate of $63 per month for a $250,000 policy.
Burial Insurance
30-Year Term Rates (Male Smokers; Age 23)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 23 | Men | Yes | 30 Years | $25,000 | Mutual of Omaha | $14 |
| 23 | Men | Yes | 30 Years | $50,000 | Foresters | $22 |
| 23 | Men | Yes | 30 Years | $100,000 | Americo | $37 |
| 23 | Men | Yes | 30 Years | $250,000 | Americo | $81 |
This table shows the monthly rate for 30-year term life insurance policies for male smokers between the ages of 23 and 30, for $25,000, $50,000, $100,000, and $250,000 coverage amounts from three different companies - Mutual of Omaha, Foresters, and Americo. For a coverage amount of $25,000, Mutual of Omaha offers a rate of $14
For a coverage amount of $50,000, Foresters offers a rate of $22. For a coverage amount of $100,000, Americo offers a rate of $37. For a coverage amount of $250,000, Americo also offers a rate of $81.
20-Year Term Premiums (Women; Age 23)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 23 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $9 |
| 23 | Women | No | 20 Years | $50,000 | Prosperity Life | $11 |
| 23 | Women | No | 20 Years | $100,000 | Prosperity Life | $16 |
| 23 | Women | No | 20 Years | $250,000 | Prosperity Life | $29 |
The table above shows the monthly premiums for 20-year term life insurance for a female aged 23. All policies in the table are for a non-smoker
Different amounts of coverage are offered, with Mutual of Omaha offering $25,000, Prosperity Life offering $50,000, $100,000, and $250,000 terms. The corresponding monthly rates are also shown in the table: $9/month for the Mutual of Omaha $25,000 term, $11/month for the Prosperity Life $50,000 term, $16/month for the Prosperity Life $100,000 term, and $29/month for the Prosperity Life $250,000 term.
30-Year Term Policies (Women; Age 23)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 23 | Women | No | 30 Years | $25,000 | Mutual of Omaha | $9 |
| 23 | Women | No | 30 Years | $50,000 | Prosperity Life | $13 |
| 23 | Women | No | 30 Years | $100,000 | Prosperity Life | $18 |
| 23 | Women | No | 30 Years | $250,000 | Prosperity Life | $35 |
The table above shows the life insurance policies available to women of age 23 with a 30-year term. The policies provided by Mutual of Omaha and Prosperity Life both offer coverage amounts ranging from $25,000 to $250,000 and cover non-smokers
The monthly rates for the policies vary depending on the amount of coverage chosen, ranging from $9 to $35.
20-Year Term Monthly Premiums (Women Smokers; Age 23)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 23 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $12 |
| 23 | Women | Yes | 20 Years | $50,000 | Foresters | $14 |
| 23 | Women | Yes | 20 Years | $100,000 | Foresters | $23 |
| 23 | Women | Yes | 20 Years | $250,000 | Foresters | $51 |
This table shows the monthly premiums for life insurance policies with a 20-year term for women smokers aged 23. It provides information about the coverage, company and monthly rate for four different coverage amounts (25,000, 50,000, 100,000, and 250,000)
The monthly rate for Mutual of Omaha is $12 for a $25,000 policy, while the rate for Foresters is $14 for a $50,000 policy, $23 for a $100,000 policy, and $51 for a 250,000 policy.
Burial Insurance
30-Year Term Insurance Quotes (Female Smokers; Age 23)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 23 | Women | Yes | 30 Years | $25,000 | Mutual of Omaha | $13 |
| 23 | Women | Yes | 30 Years | $50,000 | Foresters | $18 |
| 23 | Women | Yes | 30 Years | $100,000 | Foresters | $30 |
| 23 | Women | Yes | 30 Years | $250,000 | Foresters | $68 |
This table displays term life insurance quotes for a 23-year-old female smoker for a 30-year policy. According to the table, Mutual of Omaha offers a $25,000 policy for a monthly premium of $13 and Foresters offers policies for $50,000, $100,000, and $250,000 with respective monthly premiums of $18, $30, and $68.
