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If you already have savings put away for after you've gone, a life insurance policy through super or plenty in the retirement fund, a $100,000 life insurance policy may be a big enough payout for you. Policies are also very affordable and generally only costs a few dollars a month.
Yes. It's possible to get a $100,000 life insurance policy, and it could be ideal if you're simply looking for a life insurance policy to supplement your savings.
Generally, the minimum amount you can be insured for is around $100,000. However, some insurers won't go that low, so you may have to shop around a little. Others will have a minimum premium amount so you might need to add on extras so that you meet their minimum amount. For example, so that your payout is $100,000, you may need to bundle your death benefit with total and permanent disability or trauma cover.
The cost of a $100,000 life insurance policy generally ranges from around $5 to $15 a month. Factors that affect the price of your premium include:
The younger and healthier you are, the better your chances are of paying less. Women and those working in low risk jobs also tend to pay lower premiums.
Age | Men | Women |
---|---|---|
30 | $10.31 | $8.28 |
40 | $12.30 | $9.90 |
50 | $28.61 | $21.93 |
60 | $100.08 | $64.79 |
70 | $427.02 | $239.42 |
To figure out if $100,000 is the right amount of coverage for you, check out the pros and cons.
Pros
Cons
No. It's possible to get life insurance without a medical. Usually, one of the main caveats to no medical life insurance is that it doesn't pay out much. But since you're only looking for a $100,000 policy, it shouldn't be an issue.
Keep in mind though that no medical life insurance is aimed at people who are in good health, so you'll generally have to meet some minimum requirements through a questionnaire to be eligible. The main difference is that you won't have to do a medical exam.
The questionnaire you'll need to fill in will ask you details about your BMI, whether you smoke or not and how much alcohol you drink. You will also be asked if you have any pre-existing medical conditions.
For as little as $5 a month, you could get a $100,000 life insurance policy. If this is enough to pay off your debts and leave some money behind for your loved ones then you can begin comparing providers here.
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