Term life insurance is a type of life insurance that pays your family money if you die. It lasts for 10 to 30 years. It is often considered the most affordable and straightforward type of life insurance because it pays out a death benefit to your family if you die during the term of the life policy.
Trustage is an insurance company owned by CUNA Mutual Group. It offers term life insurance, accidental death, and whole life insurance. The company operates in the United States and is headquartered in Madison, Wisconsin.
This article will talk about term life insurance rates from Trustage. It will tell you how they are determined and how to save on them. The article will also explain why reviewing and updating your coverage is important. Finally, there will be tips for getting the best rate possible.
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Trustage Term Life Insurance Rates
Term Life Insurance for 30-Year-Old
| Coverage | Male | Female |
|---|---|---|
| $15,000 | $9 | $7 |
| $20,000 | $11 | $9 |
| $50,000 | $22 | $17 |
| $100,000 | $42 | $32 |
| $250,000 | $80 | $55 |
Term Life Insurance for 40-Year-Old
| Coverage | Male | Female |
|---|---|---|
| $15,000 | $11 | $9 |
| $20,000 | $15 | $11 |
| $50,000 | $34 | $23 |
| $100,000 | $65 | $44 |
| $250,000 | $120 | $80 |
Term Life Insurance for 50-Year-Old
| Coverage | Male | Female |
|---|---|---|
| $15,000 | $19 | $13 |
| $20,000 | $24 | $17 |
| $50,000 | $58 | $40 |
| $100,000 | $114 | $77 |
| $250,000 | $222 | $150 |
Term Life Insurance for 60-Year-Old
| Coverage Amount | Male | Female |
|---|---|---|
| $15,000 | $41 | $28 |
| $20,000 | $55 | $36 |
| $50,000 | $134 | $87 |
| $100,000 | $265 | $172 |
| $250,000 | $517 | $337 |
Term Life Insurance for 69-Year-Old
| Coverage | Male | Female |
|---|---|---|
| $15,000 | $62 | $40 |
| $20,000 | $82 | $53 |
| $50,000 | $203 | $129 |
| $100,000 | $404 | $255 |
| $250,000 | $810 | $517 |
The amount you pay for insurance goes up every five years as you get older. The age bands are 25, 30, 35, 40, 45, 50, 55, 60, 65, 70, and 75. Remember that all coverage amounts may not be available to all ages, and the life insurance policy is renewable to age 80.
The rates go up as the coverage amount goes up. This is true for both males and females.
Additionally, as the age increases, the rates also increase. For example, a 30-year-old male would pay $6.50 monthly for $10,000, while a 69-year-old male would pay $42.70 monthly for the same coverage. A similar trend can be seen for females of all ages.
It is important to know that, in general, females pay lower rates than males at each age and coverage level. This is because females live longer than males, on average.
The price increase is greater for older people, especially for coverage that costs more than $50,000. Older people are considered more likely to get sick, so the company charges more money to offset that risk.
If you need life insurance and want something more permanent, consider whole life insurance.
Understanding Trustage Term Life Insurance Rates
The monthly rates for Trustage term life insurance are determined by a variety of factors, including:
Coverage amount: The more insurance coverage you have, the more money you will have to pay each month. This is because if you were to pass, the company would have to pay more.
Age: The monthly insurance rate goes up as the policyholder gets older. The reason is that when people are older, the insurance company believes they are at higher risk of death. So, the company charges more money to cover that risk.
Gender: Generally, rates for females are lower than for males at each age and coverage level. This is because females live longer than males, and other risk factors affect males more than females.
Health: The person’s health who has the insurance policy affects how much that person has to pay each month. If the person has health issues or has had one, that person is considered higher risk and will have to pay more monthly.
Occupation: The job that the person who owns the policy has can also affect how much they pay every month. People with dangerous jobs, like people in the military or police officers, might have to pay more.
Lifestyle: Smoking, drinking alcohol, and other choices can also affect your monthly pay. People who do risky things may have to pay more money.
Duration of coverage: The amount of time the insurance covers also affects how much you pay every month. If the insurance covers a longer period, then you will usually have to pay more each month.
The monthly life insurance rate can differ depending on the company and the policy. It is a good idea to compare rates from different life insurance companies. You should also consider what you need and how risky it is before choosing a policy.
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How to Save on Trustage Term Life Insurance Rates
There are a few ways to potentially save on Trustage term life insurance rates, including:
Maintaining good health: Health is a major factor in determining term life insurance rates. If people exercise regularly, eat healthy foods, and do not do risky things like smoking, they may be able to get lower rates.
Shop around: Rates can vary significantly between companies, so it’s important to shop around and compare insurance quotes from multiple companies to ensure that you’re getting the best rate possible.
It’s important to save money on Trustage term life insurance rates, but make sure the coverage meets your needs and that you’re comfortable with the premium.
The Importance of Reviewing and Updating Coverage
Life events can change how much insurance you need. For example, if you get married or have a baby, you will need more insurance. Reviewing your term life insurance coverage periodically to ensure it meets your needs is important.
It is important to check your coverage regularly to ensure you have the right amount of insurance. This is especially important when something big happens, like having a baby or buying a house. A good rule of thumb is to review your coverage every 2-5 years.
Final Thoughts
Trustage term life insurance is affordable and straightforward for individuals and families seeking coverage.
Remember to compare rates and coverage options from multiple companies to find the best fit for your needs.
To save on Trustage term life insurance rates, policyholders can maintain good health, bundle policies, opt for a longer term, and shop around for the best rate.
Regularly reviewing and updating your term life insurance coverage with Trustage is important to ensure that your loved ones are protected during your death and that your policy is aligned with your current life circumstances.
