Pennsylvania has everything you could possibly need for a good standard of living. But if you want to enjoy your life at this happening state to the fullest, you will need the protection of a good life insurance policy.
Life insurance in Pennsylvania is not only important but also affordable. Here are some of the best life insurance companies in Pennsylvania to consider.
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Popular Type of Life Insurance in Pennsylvania
The common type of life insurance preferred by Pennsylvania residents is term-life insurance. Although the death benefit is only paid out if the policyholder dies during the term of the policy, this type of insurance offers a number of advantages. One advantage is that it is generally less expensive than permanent life insurance policies.
In addition, term-life insurance policies can be renewed at the end of the term, which gives policyholders the option to continue their coverage.
- Whole Life
- Term Life
Average Life Insurance Rates in Pennsylvania 2023
Pennsylvania life insurance companies offer a wide variety of life insurance policy options to their customers. The average cost of life insurance in Pennsylvania will vary depending on the type of policy that is purchased, the age and health of the policyholder, and the death benefit that is chosen.
Female policyholders pay about $16.23 per month for a $250,000 policy in the state. In contrast, insured men pay an average of $18.37 per month for a comparable life insurance policy.
The below table shows the average cost of term life insurance for 250K coverage limit for male and female respectively.
- 25 (Female) $10.95
- 25 (Male) $12.30
- 35 (Female) $12.45
- 35 (Male) $13.80
- 45 (Male) $21.24
- 45 (Female) $26.19
- 55 (Female) $45.37
- 55 ( Male) $61.24
Average Monthly Cost of Whole Life Insurance for 250K Coverage
The below table shows the average cost of whole life insurance for 250K coverage limit for male and female respectively.
- 25 (Female) $108.50
- 25 (Male) $120.97
- 35 ( Female) $163.41
- 35 (Male) $179.16
- 45 (Female) $255.72
- 45 (Male) $281.75
- 55 (Female) $417.38
- 55 (Male) $462.66
Frequently Asked Questions
How much life insurance do I need?
To decide on how much life insurance you need, consider your current insurance including any employer group and social security insurance. Determine the financial resources of your dependents and also the income your dependents require for family living.
What is the average cost of Pennsylvania life insurance?
The average annual rate of life insurance in Pennsylvania is $658 and monthly average premium is $55. However, the life insurance rates vary from person to person depending on various factors such as age, health condition, coverage amount, etc.
Is life insurance taxable in Pennsylvania?
Unless interest is paid on the amount of life insurance money, you are not required to pay taxes on inherited funds.
Can life insurance claim can be denied?
If the policyholder stopped making premium payments, lied on their application, committed suicide during the first few years of the coverage, or deceased while committing a crime, a claim may be denied.
What is the most common type of life insurance in Pennsylvania?
Term life insurance is considered as one of the common and affordable type of life insurance in the state. Term life insurance provides coverage for a set period of time, typically 10 to 40 years.
How can I get the best life insurance in Pennsylvania?
Asking a life insurance agent to assist you in choosing a policy that best suits your needs and finances makes sense. Your insurance requirements can be reviewed, and an agent can advise you of the several types of products that are offered. Ask about additional types if one doesn’t suit your requirements.