When you buy life insurance, you’re actually buying two things: help with financial protection for your family and the peace of mind it may bring.
How much you pay for that coverage depends on a number of factors, primarily:
Age: The younger you are, the lower your rates. That’s because younger people are typically viewed as less of a risk to pass away than older people.
Health: Before being offered a plan, people are usually required to receive a physical. Those who receive healthy results will be given lower rates than those who have health risks.
Job: Occupations will also affect life insurance rates. A teacher will likely be offered lower premiums than a police officer. Teachers have a lower chance of losing their life on the job.
Gender: On average, females live longer than males. For this reason, insurance rates are often lower for females. However, this is one of the factors that affects life insurance premiums the least.
If you’re unsure how much life insurance is enough for you, this calculator can help. And once you understand how much you need, check out the plans available to you as an NEA member, all at group rates.
Life Insurance coverage is issued by The Prudential Insurance Company of America, Newark, NJ.