How much does a single life insurance policy cost?
TREXIS INSURANCE is a very expensive insurance product.
But according to research from the insurance company, it’s actually cheaper than buying a whole life policy.
In a recent study, TREXI Insurance found that if you purchase a whole-life policy in a few years, the total costs for a lifetime policy will actually be lower than if you buy a whole person policy.
For example, if you have $100,000 in assets and you plan to retire in 2037, you’d pay $1,700 in premiums for a whole lifetime policy.
If you plan on retiring in 2039, you’ll pay $2,700 per year for a full lifetime policy, but you’ll save $4,000 per year if you sell the policy to someone else.
“The benefit of buying a lifetime whole life insurance is that you have to buy a full life policy at age 65,” said Amy Miller, TREEXI’s CEO.
“If you don’t have to worry about the cost of buying one, it just saves you money.”
The good news is, the average life insurance premiums have been falling since 2009.
The bad news is that if rates keep falling, the cost for a new policy is going to go up.
So, if the price of your whole life policies is $100 million, how much will it cost?
According to TREXISA, the answer is $8.5 billion per year.
That means if you’re 65 and plan to die in 2053, you might pay $9,700 for a 10-year whole life plan.
But if you plan in 2019, you will pay $18,700.
If your age is 65 and you’re going to die, your total life insurance will be $8,788,300.
But the total lifetime premium for your policy will be less than $8 billion.
And there’s a catch.
When you buy your whole person insurance, the premium is calculated based on your age.
So, if your age was 65 in 2018 and you died in 2059, your insurance premiums would be $7,957,300 in 2019.
But if you die today, you won’t pay anything in 2020.
Instead, your lifetime premium is going up.
You’ll pay more than $9 billion for your entire policy.
That’s because your lifetime will be higher because you have a higher age, Miller said.
The good thing about this policy is that the cost is fixed for 20 years.
That is, if a policyholder dies in 2043, their whole life premium will be increased by $5,000, but if they die in 2024, their premium will only go up by $3,000.
That makes it easy to understand why many people are buying a 10 or 15-year policy.
The premiums are also affordable because they’re paid at age 55.
The bad news for people who plan to sell their policy is the insurance companies are constantly adjusting the rates.
Miller said the rate changes vary from year to year, but they’re still going up for policies that have been in use for more than 10 years.TREEXI Insurance is also offering a whole new type of policy called a life-long policy.
It’s called a “life-cycle” policy.
You buy a policy that lasts 10 years, and the insurer will automatically renew the policy every 10 years for a total of 25 years.
This means if the policyholder’s age is 70 in 2020, they’ll be charged $25,000 a year for their whole policy.
If they’re 70 in 2057, they will be charged a $30,000 premium.
If you’re 90 in 2067, you’re charged $45,000 annually.
But that’s only if the life-cycle policy lasts for at least 25 years, Miller added.
For people who sell their policies, the life is short.
If the policy is sold, the insurer pays a fixed premium for each policyholder, but there’s no guarantee they’ll keep their policy for the rest of their lives.
That’s a problem for the younger generations of policyholders because younger policyholders have more money and more assets than older policyholders.
And they’re going into debt.
The problem with younger policy holders is that their assets are often smaller than their age.
A 20-year-old policyholder has $20,000 more in assets than a 30-year old policyholder.
Miller says younger policyholder policies can be quite expensive.
If your life is at least 10 years old, you can expect to pay a premium of $4 million.
And if you retire after 10 years?
You’ll be paying $10 million per year, Miller told CBS News.
The cost of a whole lifeline is much more affordable than a whole whole person plan.
If a policy is 10 years long, the maximum premium you’ll get is $1.25 million.
If it’s 10 years and you retire in 2025, your policy is only