Jeff is a well-known speaker and expert in life insurance and financial planning. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading finance websites. He is a licensed life insurance agent and has helped over 3000 people secure life insurance. He is licensed in all 50 states & DC. Jeff has spoken at top insurance conferen...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jan 13, 2021

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The Facts of Life

  • Buying $250,000 in term life insurance is inexpensive
  • Factors like age, gender, and overall health will affect your rates
  • Term life insurance is only good for a certain amount of time before the policy expires

If you’re wondering “How much does $250,000 in life insurance cost?“, you’ve come to the right place.

This article will go over life insurance rates for $250000 in term life insurance, the best companies for this benefit amount, and how to qualify for those rates.

Some life insurance shoppers may be looking for greater amounts of coverage. However, a $250,000 life insurance policy is a very common and very important purchase.

Why?

The death benefit is to protect your beneficiary from financial hardship. This type of coverage will assist your family and is pretty inexpensive.

Before you buy $250,000 in life insurance, shop around to find the best deal. Enter your ZIP code now to compare $250,000 life insurance quotes today.

How much does $250,000 in term life insurance cost?

What if your annual salary is approximately $50,000 per year and you pass away? To determine how much life insurance you need, the general rule is to buy life insurance that is seven to ten times your salary.

If you have children around the age of 13, a $250,000 life insurance policy will cover the amount of income you’d be making until they reached the age of 18.

What if you have younger children? $250,000 is still an excellent choice.

If your annual salary is around $30,000 a year and you have young ones, your life insurance benefit could protect them for the remainder of their childhood.

People will commonly buy this amount of term life insurance if they are married and have children. The death benefit can be sued to cover the mortgage and loss of income.

What will I pay for a $250,000 life insurance policy?

Let’s dive right in. How much does life insurance cost for men and women?

We’re going to run some $250,000 term life insurance rates that most people will qualify for.

Just know that what you will ultimately pay for your policy will be based on a variety of factors such as gender, age, tobacco use, overall health, hobbies, occupation, and more.

For example, if you enjoy riskier hobbies such as skydiving, your life insurance rates will be higher. Also, your rates will depend on the length and type of policy you choose.

Other factors like where you live and how many beneficiaries you have won’t affect your rates. Also, your race, ethnicity, and sexual orientation can’t be used to determine your rates.

Below are quotes based on “Preferred Best” non-tobacco rates. Preferred rates are based on excellent health. If you aren’t in excellent health, you can expect to pay more based on the qualifying criteria of the life insurance company you apply with.

This table shows you the $250,000 life insurance rates for men. You can see that the average cost of life insurance goes up as age increases.

$250,000 Term Life Policy Average Monthly Rates for Men
Age10 Year Term Average Monthly Rates ($250,000 Policy)15 Year Term Average Monthly Rates ($250,000 Policy)20 Year Term Average Monthly Rates ($250,000 Policy)30 Year Term Average Monthly Rates ($250,000 Policy)
Age 20$9.62$10.51$12.97$18.49
Age 30$9.62$10.51$13.22$20.39
Age 40$11.71$12.97$17.91$30.40
Age 50$23.80$32.85$41.94$72.41
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Now see the $250,000 life insurance rates for women.

$250,000 Term Life Policy Average Monthly Rates for Women
Age10 Year Term Average Monthly Rates ($250,000 Policy)15 Year Term Average Monthly Rates ($250,000 Policy)20 Year Term Average Monthly Rates ($250,000 Policy)30 Year Term Average Monthly Rates ($250,000 Policy)
Age 20$8.79$9.89$11.78$15.48
Age 30$8.79$10.10$11.95$17.43
Age 40$10.87$12.56$15.44$25.36
Age 50$20.46$24.06$31.65$54.47
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According to Forbes, women tend to buy less life insurance than men, even though they believe life insurance is needed. Considering how inexpensive the cost of life insurance is, speak with an agent to determine what amount is right for you.

These are the best rates available for $250,000 term life insurance. All of these quotes were based on a fully underwritten policy with a medical exam.

How do you qualify for $250,000 in life insurance?

Did you know that you need to qualify financially for life insurance?

That’s right.

Your health isn’t the only thing that life insurance companies look into before they offer you a policy. Keep reading to see what other factors impact your rates.

What financial qualifications do you need to meet?

The life insurance company needs to know that you can afford the policy and pay the annual or monthly rates.

For a $250,000 term life insurance policy, you will probably have to meet the following guidelines:

  • Are you between the ages of 18 – 40? You’ll need an annual income of $10,000. That amount is 25 times your annual income.
  • Are you between the ages of 41-50? You’ll need an annual income of $16,666. That amount is 20 times your annual income.
  • Are you between the ages of 51-55? You’ll need an annual income of $50,000 or more. That is 15 times your annual income.

This gives you a quick idea of the general finances you’ll be required to show before a $250,000 policy is available to you.

The great news is that these amounts are excessive.

Are there health qualifications?

Your overall health is usually the most confusing part of qualifying for life insurance. The reason is that each life insurance company looks at your health differently.

Some companies are more strict with certain health conditions while others are not.

However, all life insurance companies will want to know the details of your past and current health. In addition, they’ll want to know:

  • Do you use tobacco?
  • Have you been to the hospital recently?
  • Do you see any specialists?
  • Do you have any health conditions that can be considered risky?
  • Do you use medications?
  • Does your family have a history of heart disease, cancer, diabetes, or stroke?

Your health will greatly affect your life insurance rates. Companies will generally charge more for insurance for a person with health conditions.

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What are the best life insurance companies for $250,000 policies?

These life insurance policies are very common which means there is stiff competition from the life insurance companies.

This competition has a direct effect on rates – which is great for the life insurance shopper.

Here are the best life insurance companies for $250000 life insurance:

  • Banner Life – The Banner Life Insurance Company offers excellent rates. Even though they aren’t a household name, they have received an “A+” rating from A.M. Best. Banner has a great reputation as a top life insurance company that provides low-cost life insurance and excellent coverage.
  • SBLI – With an “A+” rating from A.M. Best, SBLI is another top life insurance company for $250,000 life insurance policies. Their term life insurance rates are guaranteed for the duration of the term. They also have a renewable option on an annual basis.
  • Protective Life – Protective Life is the 3rd “A+” A.M. Best rated company on our list. Compared with most life insurance companies, Protective offers very low rates for a $250,000 life policy.
  • American General – Our fourth life insurance company, American General, received an “A” A.M. Best rating. This isn’t as high as the previous life insurance companies, but it is still a great rating. American General provides shoppers very low life insurance rates with excellent coverage.

There are many good life insurance companies out there so be sure to shop around to find the best fit for you.

What is term life insurance?

There are many reasons people decide to buy life insurance. There is not a best time to buy life insurance, but common reasons are marriage, becoming pregnant, starting a business, or buying a home.

Unlike whole or universal life insurance, term life insurance is the cheapest and only lasts for a certain amount of time.

Depending on the policy you choose, you may or may not need to have a medical exam. Usually, prices will be higher if you don’t have a medical exam since the insurer can’t verify your overall health.

You can also choose various add-ons and riders to customize your policy even more. Adding an accidental death benefit or long-term care waiver can create a policy just for your needs.

Term life policies are great for people who don’t want to spend a lot of money on life insurance but still want the most coverage for the cheapest price.

The downside is that the policies are only good for a certain amount of time. If you outlive your policy, you will have to purchase a new one. Prices will have increased by that point and could be much more expensive.

How can you save on term life insurance?

Once you decide on the type of life insurance you want to purchase, the next step is getting the best deal. Some ways to save money are:

  • Try a different amount of insurance – Changing the amount of coverage you get will change your rates, so work with some numbers to find the best coverage at the rate you can afford.
  • Check to see if your job offers coverage – Sometimes life insurance is offered through your employer. The group plan can be cheaper and may not include a medical exam.
  • Get healthy – Quit smoking and do what you can to improve your health.
  • Consider multiple policies – Depending on the amount of coverage you are looking for, it may be cheaper to carry more than one policy to equal the coverage you want.
  • Shop around for coverage – Each company will charge a different rate for coverage, so be sure to get quotes from multiple companies.

These are just a few ways to save on your life insurance.  Speak with an agent for even more ways to save.

What’s the best way to shop for $250,000 term life insurance policies?

Using an independent agent can mean a difference of up to 73 percent off your life insurance rate.

Independent agents like us have access to multiple life insurance companies, so we aren’t committed to any particular company.

We’re impartial and will shop from dozens of best-rated life insurance companies. If you have any pre-existing medical conditions, it’s even more important you work with an experienced independent agent.

You will be provided all of the best options that you can qualify for and simply choose the one that best meets your needs.

To find affordable $250,000 life insurance, enter your ZIP code now to compare quotes from the best companies.