Discover how Ethos can help you get a policy of up to a million dollars at an affordable rate. This chart shows average 10- to 30-year term life policy premiums for healthy, non-smoking 35-year-old males and females.
Your life insurance coverage can help secure your family’s financial future by covering living expenses, outstanding debt, mortgage payments, education, and more.
A $1 million life insurance policy can offer protection for your loved ones if you pass away unexpectedly. But is it right for you? It's recommended you carry at least ten times your annual salary. The DIME formula (debt + income + mortgage + education) is another helpful way to determine your coverage calculations. Adding these factors together can give you a better idea of your coverage needs.
- Debt - Total of all current debt (such as student loans or credit card balances)
- Income - Multiply your salary by the estimated number of years your family would need support ($100k salary x 10 years = $1 million)
- Mortgage - Mortgage balances or housing expenses
- Education - An estimate of the costs to fund your children's tuition
- Age: Life insurance coverage costs more the older you get. The younger you are, the higher amount of coverage you'll qualify for.
- Health: The better your health status, the better your chance of being approved for a higher policy.
- Income: Many applicants can qualify for coverage up to 30 times their annual salary. Depending on how much you make and your financial situation, you may want to consider increasing your coverage.