One of the most affordable options is a $100,000 term life insurance policy. See for yourself. Get a quote for $100,000 of term coverage instantly using our free quoting tool. No need to give away any contact information in order to see real-time pricing estimates.
Questions answered in this article:
- How much is a $100,000 life insurance policy?
- When does $100,000 of coverage make sense?
- Is $100,000 enough life insurance?
- Can I get a $100,000 life insurance policy with no medical exam?
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How much is a $100,000 life insurance policy?
The cost of a life insurance policy is determined by a number of factors such as gender, age, and your health status. Another main factor is whether you decide to buy a term life insurance policy or a whole life insurance policy.
A $100,000 term life insurance policy is one of the most affordable options. How long you want the $100,000 policy to last will affect your monthly premium. Term length options vary from 10 to 40 years.
Cost of a $100,000 Term Life Insurance Policy
Monthly Cost of a $100,000 Life Insurance Policy by Term Length (applicants are healthy, non-smokers)
|Term Length||Male, Age 35||Female, Age 35|
Your age directly impacts the cost of a life insurance policy. The younger you are, the more affordable it is. And both term life insurance and whole life insurance offer fixed rates, which means your monthly premium will never increase during the life of that policy.
Cost of a $100,000 Term Life Insurance Policy
Monthly Cost of a 20-Year $100,000 Life Insurance Policy By Age (applicants are healthy, non-smokers)
Cost of a $100,000 Whole Life Insurance Policy
Monthly Cost of a $100,000 Whole Life Insurance Policy By Age (applicants are healthy, non-smokers)
As you can see, whole life insurance is much more expensive than term life insurance. However, whole life insurance also includes features that term doesn’t have.
Whole life insurance lasts your whole life (hence the name). Unlike term life insurance which is temporary.
Whole life insurance also accumulates cash value. You, as the policy owner, can borrow against this cash or withdraw from it to use however you wish. But keep in mind that whatever amount you take out as a withdrawal or policy loan will reduce the death benefit. And, like any other typical loan, the balance accrues interest.
When does $100,000 of coverage make sense?
A $100,000 term life insurance policy makes sense for those who are on a limited budget but still want to ensure their loved ones are protected from the unexpected.
A $100,000 term life insurance policy makes sense if you have a large amount of savings, little debt, and would like to provide funds for your end-of-life expenses.
A $100,000 term life insurance policy makes sense if you’re laddering policies and this policy is for a specific protection goal.
For example, you and your spouse purchased a home with a 30-year $300,000 mortgage. You have a teenager graduating from high school next year and want to support her through college. You can buy two different life insurance policies that are specific to ensuring your family can remain in their home and financially protecting your child.
A 30-year $350,000 term life insurance policy will provide the cash your spouse needs to continue paying monthly living expenses if you die before the mortgage balance is paid.
A 10-year $100,000 term life insurance policy will provide the cash your family needs to support your daughter through college and her young adult life until she’s financially dependent, even if you die and can’t physically be there to see her through it yourself.
A $100,000 whole life insurance policy makes sense if you need lifelong protection for your loved ones. Perhaps you have a non-working spouse or a child with special needs. If you aren’t sure how long people will be relying on you, then whole life insurance may be a good option.
A $100,000 whole life insurance policy also makes sense as a supplement to a larger term life insurance policy. Purchase enough term life insurance to cover all your debt and financial responsibilities. And choose a long enough term length to protect your family until all or a majority of your debt is paid off. Then also buy a small whole life insurance policy to cover end-of-life expenses and leave behind a small inheritance.
Is $100,000 enough life insurance?
A $100,000 term life insurance policy may not be enough for some people. And you may be surprised at how affordable higher amounts of term life insurance can be.
The difference in cost between a $100,000 and $250,000 term life insurance policy may be as little as $2-3 per month. How much more secure would your family be with an extra $150,000 if you died unexpectedly?
I encourage you to use our life insurance quoting tool and play around with the coverage amounts and term lengths. See for yourself how affordable term life insurance is.
If you’re looking to supplement term life insurance, a $100,000 whole life insurance policy is a good amount of permanent coverage. Not all families need permanent life insurance, however.
Buy what you can afford. $100,000 of term life insurance is a million times better than no life insurance.
Can I get a $100,000 life insurance policy with no exam?
Many companies offer no-exam options for small face amounts like $100,000 life insurance. In fact, many of the companies we work with here at Quotacy have no-exam options up to $1,000,000 of term life insurance coverage.
Buying $100,000 of whole life insurance coverage without an exam is a bit trickier, unless you get guaranteed-issue whole life, but these policies have limited benefits and are more expensive than traditional whole life.
Contact Quotacy and speak with an agent directly to learn about what options you have to buy whole life insurance without an exam.
In most cases, to qualify for no-exam options you need to be in good health. But not all life insurance companies underwrite the same way, so some have more lenient qualification requirements than others. If you prefer to skip the medical exam, your agent will let you know if you qualify.
If something happens to you, life insurance can help financially protect the loved ones you leave behind.
Our life insurance needs calculator can help you determine the right amount of coverage you need. Check it out here: life insurance calculator.
If you prefer to talk with an advisor to determine how much life insurance you need, contact us directly here at Quotacy. Our agents are happy to go over your needs, but won’t push you into buying coverage you don’t need.
Note: Life insurance quotes used in this article are accurate as of August 11, 2022. These are only estimates and your life insurance costs may be higher or lower.
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About the writer
Natasha Cornelius, CLU
Senior Editor and Licensed Life Insurance Expert
Natasha Cornelius, CLU, is a writer, editor, and life insurance researcher for Quotacy.com where her goal is to make life insurance more transparent and easier to understand. She has been in the life insurance industry since 2010 and has been writing about life insurance since 2014. Natasha earned her Chartered Life Underwriter designation in 2022. She is also co-host of Quotacy’s YouTube series. Connect with her on LinkedIn.