Average Cost of Life Insurance for a Married Couple

Key Takeaway

The average cost of life insurance for couples can be relatively low, but the best way to estimate your monthly premiums is to get a customized quote from multiple insurance companies. Factors like age, medical history, pre-existing conditions, and coverage needs can impact your premiums.

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Currently, the average cost of life insurance for married couples is about $50 per month, but that rate will fluctuate based on certain factors. For example, whole life insurance rates for smokers may be higher than rates for non-smokers due to the increased risk insurers take on with those policyholders. Your rate will also vary based on the kind of life insurance you choose and the amount of coverage you opt for.

Whether you’re celebrating your twentieth wedding anniversary or are about to tie the knot and are researching term life insurance for married couples, it’s important to have the common types of insurance explained to you. 

In this post, we’ll explore the factors that can impact your monthly premium for life insurance as a married couple, as well as life insurance options for couples.

Factors That Impact Life Insurance Premiums

Age, medical history, lifestyle, coverage amount, and policy type can all impact how expensive or inexpensive your monthly insurance premiums will be. 

Factors like age, lifestyle, and medical history help insurance companies understand the risk you pose as an insured party. Policyholders who are older, have pre-existing conditions such as cancer and heart disease, or who are regular smokers are more likely to be categorized as high-risk parties. If you and your partner apply for life insurance when you are young, in good health, and avoid using nicotine or tobacco products, you may be able to secure lower monthly premiums.

 The coverage amount and policy you apply for will also have an impact on your monthly premium. Higher coverage amounts typically yield higher premiums, and certain policies may be more affordable than others. Whole life and other permanent life insurance policies generally cost more than term life insurance because they last throughout the duration of the policyholder’s lifetime. Term life policies tend to have lower premiums because they only last for a set period of time.

Life Insurance Options for Couples

Married couples can either apply for joint life insurance coverage or opt for separate policies. Let’s break down each type of insurance:

Joint Life Insurance

With a joint life insurance policy, both you and your spouse are covered under one policy. However, the policy generally only pays a single death benefit when one of you passes away. There are two types of joint life insurance: first-to-die and second-to-die.

In a first-to-die policy, the surviving policyholder receives the death benefit when their partner passes away. However, the surviving policyholder will usually no longer have life insurance coverage once they receive the payout.

In a second-to-die policy, the death benefit is paid out to the beneficiaries after both policyholders have passed. In this arrangement, neither policyholder receives the death benefit.

Separate Policies

Separate policies are pretty self explanatory‒they are separate, individual policies! Each policyholder applies for and has their own life insurance policy where they can list their spouse, children, or other loved ones as beneficiaries. In this situation, if the insured person passes away, the death benefit will be paid out to the beneficiaries and the surviving spouse will typically not lose life insurance coverage.

How to Save on Costs

No matter when you apply for life insurance, monthly premiums can be costly. We always recommend speaking with an insurance agent to find a product that works best for you and your spouse, your financial needs, and coverage goals–but here are a few ways you can potentially lower your monthly premiums:

Start Young

The younger you are, the higher your chances are for coverage approval. As stated before, younger applicants typically have lower risk factor scores, which can help with securing lower premiums. Additionally, if you opt for insurance products like universal life insurance, you may have more time to grow the cash value account tied to your policy.

Shop Around

We recommend receiving quotes from multiple insurance agencies to compare coverage and premium rates. Not every agent or agency will be able to provide you with a policy that fits your goals best, so it’s best to compare your findings to secure the plan that’s best for you.

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 The information above is for educational use only and does not represent insurance, tax or legal advice. It is not a recommendation or solicitation to buy insurance. Please talk to your licensed insurance agent for more information about life insurance and your needs. Please consult with the appropriate professional for tax or legal advice. Guarantees are backed by the claims-paying ability of the issuing insurance company.

Article Author: Meredith Bell
Author Bio: Meredith joined Everly in 2022 and has 20+ years of experience in the life insurance industry. She has held various roles in advertising, marketing, communications, sales and distribution support, and product development. Outside of the office, Meredith lives with her daughter Kennedy and their dog Mavis. Meredith enjoys cooking, camping, gardening, hiking, and bourbon (though not always at the same time). She is a live music enthusiast and an avid reader. Her favorite quote is by Thomas Jefferson: "I cannot live without books." Meredith agrees, but would add cheese, movies, and dogs to that list.

Policies are issued by Everly Life Insurance Company (“Everly Life”), Topeka, KS. Everly Life is not licensed in the state of New York and does not solicit or transact business in New York.

A.M. Best's 15 ratings are a measure of claims-paying ability and range from A++ (Superior) to F (in Liquidation). Ratings are current as of January 25, 2024 and subject to change at any time. While ratings can be objective indicators of an insurance company's financial strength and can provide a relative measure to help select among insurance companies, they are not guarantees of the future financial strength and/or claims-paying ability of a company and do not apply to any underlying variable portfolios. The insurance agency from which a policy is purchased, and any affiliates of those entities, make no representations regarding the quality of the analysis conducted by the rating agencies. The rating agencies are not affiliated with the above-mentioned entities, nor are these entities involved in any rating agency's analysis of the insurance companies.

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