How Much Does Insurance Cost?
Getting insurance is an important part of protecting assets and covering unforeseen costs, but how much insurance cost is affordable. It’s understandable to want to know what such protection will cost you. Here is a summary of the cost of insurance, broken down by type.
Health insurance is perhaps one of the most important kinds of insurance to consider. How much plans cost depends on a variety of factors, including:
- The type of healthcare plan (whether or not it qualifies for government subsidies)
- Your age
- Your location
- Whether or not you smoke
- Your gender
- Whether you have any preexisting conditions
In general, In 2020, the average national cost for health insurance is $456 for individuals and $1,152 for a family per month, according to the Kaiser Family Foundation.
Car insurance is also important for protecting both your vehicle and your financial interests in the event of an accident or other event that puts your car at risk. It’s not just important to get insurance – it’s important to make sure you’re getting the right insurance that fits your budget.
The average cost of car insurance is around $1,500/year, or just under $125/month. However, certain factors such as age, type of coverage, and driving record can affect this cost significantly.
Life insurance could be the best way to protect your family in the event of your sudden passing. Typically, life insurance is divided into two categories: term and whole life.
- Term life insurance provides coverage for a set period of time, and typically costs $100/month for a 35-year-old man. The cost for women is usually lower.
- Whole life insurance provides lifetime coverage and can cost up to $400/month depending on the plan.
It’s important to understand both the importance and the cost of insurance when deciding what kind of insurance coverage to invest in. Every situation is different, so it’s important to speak with a professional to find the best solution for you. Hopefully, this summary has given you a better understanding of how much insurance might cost.