How much you pay for life insurance depends on 3 major factors nolkmpoujhksg

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• How much life insurance costs depends how much coverage you want, the type of policy you get, and how much risk you pose.
• Life insurance companies independently decide how much risk you pose, considering factors like age, health history, a medical exam, and what you do for work.
• Smoking is considered one of the biggest risk factors across the board. Nicotine users can pay two to three times more for a premium than the average person.
• Term life insurance is typically the cheapest type of policy because it lasts for a fixed period of time.
• According to Policygenius, a 30-year-old male with "preferred health" can expect to pay a monthly premium of $23 for a $250,000 30-year term life policy, while a woman in the same situation would pay an average of $19.

At a certain point, you may consider buying life insurance to protect your family's future.

Insurance-comparison website Policygenius boils it down to a simple question to decide whether you need life insurance: Does anyone rely on your income for their financial well-being? That could be children, a spouse, aging parents, or anyone else who could be considered some level of dependent.

If someone else relies on your income, then you probably need life insurance. Stay-at-home parents, retirees, and children generally don't.

Need life insurance? Our partner Policygenius can help find the right policy for you »

You can think of a life insurance premium — the amount you pay monthly to the insurance company — like a three-legged stool. How much you pay depends on how much coverage you want, the type of policy you get, and how much risk you pose. The average person can expect to pay between $300 to $400 a year for life insurance, according to Policygenius, but it really depends on your situation.

The first step is calculating how much life insurance you need. This amount is called the death benefit and will generally be paid out to your beneficiaries in a tax-free lump sum. Typically, the higher your income and the more expensive the city you live in, the more money your family will need in your absence.

Calculate your own estimated life insurance needs with SmartAsset's free calculator: