How much does life insurance cost?

How much does life insurance cost?

Nobody knows what can happen tomorrow, that’s why life insurance is the protection and financial support for your family in the event of an unfortunate death. 

In the insurance market, there are different types of life insurance and costs. The price of these is subject to the options offered by insurance companies in Peru. It is important to compare options before choosing life insurance.

How is life insurance paid for? 

Life insurance is paid in the following way: there is a policy that must be paid, and that can normally be split. Either for semi-annual, or quarterly payments and even for some companies that you can pay monthly. Everything will depend on the type of insurance, the amount to be paid, and the insured company. 

What are the costs of life insurance? 

As we mentioned the costs of life insurance, depending on the type of insurance requested. How much does private life insurance cost? For example, life insurance with a return is priced from s/39 per month. Another type of insurance such as Flex Investment Life Insurance has a cost of s/180.

What is the cheapest life insurance? 

The cheapest life insurance depends on the type of insurance and the coverage you want to give your loved ones. Therefore, we always recommend comparing life insurance options. Review the detailed information of the companies and their types of policies such as life risk, death, and life savings.

How much does life insurance cost for 50 years? 

Although the costs of both health and life insurance increase when age is older. In the case of people over 50, it is possible to find affordable policies, and this is more likely when people have health problems. Prices generally range from 100 to 700 soles per month. 

How much does life insurance pay for death in Peru? 

Life insurance for death in Peru will depend on the money invested throughout the term of the policy. Depending on the type of insurance, beneficiaries will obtain death coverage up to $100,000. Compare life insurance and evaluate what is best for you to protect your loved ones. How Much Is Life Insurance per Month? Everything You Need to Know about LI

How much does life insurance cost?

It is one of the most common questions: how much does life insurance cost? There are several factors that determine the price, so it varies according to each person. Of course, it is much less money than you imagine and we will tell you why.

The function of risk life insurance is to protect us against any unforeseen event. If something happens to us, our beneficiaries (or ourselves) will receive compensation to cover the expenses that arise. It is a very useful product for anyone: if you live alone if you have a family if you have a mortgage … But how much does life insurance cost?

The factors that influence the price

Two people will pay different prices for the same policy. Insurers take into account various aspects to establish exactly the premium. Therefore, to know how much life insurance costs, you have to consider these aspects:

1. Your age

The chances of something happening to us grow over the years. That’s why younger people pay less for their policies—they’re less likely to need them.

The price goes up a little every year.

Since age is one of the factors that determine the price, the premium adjusts over time. This occurs with renewable temporary life insurance, that is, those that are updated and paid year after year.

To give you an idea, a 30-year-old man has a probability of dying of 0.3 per 1,000, according to the National Institute of Statistics (INE). In other words, less than one man in 30 out of every 1,000 dies in Spain. On the other hand, for someone aged 45, the probability is 0.8 out of 1000, almost three times more. Obviously, it is still a very small risk, so the price of the premium will remain low.

2. The capital you want to insure

The more money you want your beneficiaries to receive if something happens to you, the more fee you will have to pay. Therefore, it is cheaper to take out insurance of 60,000 euros than one of 250,000.

Keep in mind that the cost of living increases as time goes by 20 years ago more things were bought with 100 euros than now, right? Therefore, it is important to update the capital of the policy from time to time. That, therefore, will also raise the price.

3. The coverages that you add to the policy

You can take out traditional life insurance, which indemnifies the beneficiaries only if you die. But you can add other coverage, such as also covering you in the event of disability or dependency, including the option of receiving double the money in the event of an accident… The more complete the product, the more the price will rise.

Likewise, you can change the coverage of the policy whenever you want. If you decide to extend them, the price will be adjusted to include those new services.

4. Other factors that increase the risk of death

Law 50/1980 establishes that the insurer must know all the circumstances that affect the risk. Therefore, they will ask you some questions about your health and whether you do any extreme sports or have a risky profession. You should always answer truthfully; If something happens to you for any of these reasons and you lied, the company can deny you compensation.

Buying life insurance is cheaper than ever

We have never lived as many years as now. The average life expectancy of Spaniards is 83 years, the best figure in history. In turn, the risk of dying unexpectedly has been greatly reduced over the years. For example, in 2018 insurers fixed more than 4 million vehicles (according to Unespa ); instead, only 60,000 families need to collect life insurance per year.

This data has made policies much cheaper: it is unlikely that you will need them. Although they protect us from great risk, the cost for a family is very low.

Protect yourself for less than the cost of a dinner

If you are wondering how much life insurance costs, the easiest thing to do is to do a simulation in our comparator. You just have to insert your age and the capital you want to hire. The platform will show you the best prices of the main insurers so that you can get a rough idea.

For example, a 30-year-old person who wants to insure 100,000 euros will be able to do so from 46 euros per year. Less than it costs to go out to dinner with the family! If you prefer 250,000 euros, the price goes up from 110 euros per year. A 50-year-old person will be able to ensure the same amounts from 250 and 614 euros per year.

Remember that adding other coverages will change the price; In our comparator, you can see at a glance the difference between contracting disability, double capital due to an accident, or triple due to a traffic accident. For example, a 30-year-old can add 100,000 euros to his disability insurance for only 24 euros more.

These figures are indicative, they will always depend on each specific case, but they may help you to find out how much life insurance costs. If you have any questions, use our comparator or consult our experts.