Definition: Life insurance cost average refers to the average cost of a life insurance policy, which represents the total amount that an individual will be required to pay each year or monthly to maintain the coverage. The cost varies depending on various factors such as the term of the policy, the level of coverage, and the location where it is purchased. The term "life insurance cost average" refers to the price a person is charged for life insurance policies that they are currently considering purchasing. It is calculated by dividing the total premium amount paid by the insurer (the premium amount divided by the number of years covered) by the age at which an individual will be eligible for benefits. The cost average can also vary depending on factors such as whether it is a term or whole life policy, whether it has specific coverage limits, and any applicable fees or discounts. The cost average should be considered in conjunction with other factors when considering purchasing a life insurance policy to ensure that the coverage meets the individual's needs and preferences. In general, life insurance cost averages can range from as low as 0.1% per year to over 8% per year depending on the specific policy and age at which benefits are payable.
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