A life insurance policy can help ensure your loved ones don’t have to worry about financial costs like mortgage payments, college tuition and funeral expenses. But how much your policy will cost each month depends on factors like your age, health and the type of coverage you’re looking for.

The how much is life insurance monthly you are when you buy a policy, the less it will typically cost per month. Premiums typically increase as you grow older, though they may not rise so quickly after a certain age depending on your insurer and the specific policy you choose.

Budgeting for Protection: Exploring the Ins and Outs of Monthly Life Insurance Expense

Your health is another major factor that impacts your monthly life insurance cost, as is your family’s medical history and your own lifestyle. For example, if you regularly consume alcohol or take part in dangerous activities like skydiving or mountain climbing, it’s likely your premium will be higher than those of someone who doesn’t. Your occupation and any additional coverage add-ons or riders can also impact your premium, with those whose work puts them in danger of death paying more than those who don’t (such as miners or roof contractors).

Term life insurance is the most affordable option, as it offers only a death benefit and lasts for a specified period of time, but whole or universal life policies that offer lifetime protection and cash value are significantly more expensive. The cost of your premium can also increase if you smoke, and some companies may not offer a life insurance policy at all for smokers.