Life Insurance in Philadelphia, PA

Experts break down life insurance costs, coverages, companies, and more in Philadelphia, PA.

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Whether you are planning for retirement or you are about to start school at Drexel University, it is never too early to start thinking about life insurance.

Buying a policy while you are young enables you to get your coverage at a great price, while purchasing coverage later in life can help you rest assured that your family will not face unmanageable financial hardships when you pass.

When you are shopping for a suitable policy, an independent agent can help. These agents can answer your insurance-related questions and can help you compare policies and quotes from some of the best life insurance companies in Philadelphia, PA. Contact an insurance agent near you to get started.

Why Is Life Insurance Important in Philadelphia, PA?

The average life expectancy in Philadelphia County is 75 years. However, different parts of Philadelphia can have wildly different rates of life expectancy. For instance, in the 19106 ZIP code, life expectancy is 88 years, whereas in the 19121 ZIP code, it is only 69 years.

It is worth noting that Philadelphia County is ranked among the least healthy in Pennsylvania. This is partially due to the fact that 24% of residents are in poor or fair health, 22% are smokers, and 21% are excessive drinkers.

In Philadelphia County, the leading causes of death among people aged 75 and younger include:

  1. Cancer, approximately 5,200 deaths per year
  2. Heart disease, approximately 5,000 deaths per year
  3. Accidents, approximately 3,700 deaths per year
  4. Assaults, approximately 1,000 deaths per year
  5. Cerebrovascular disease, approximately 700 deaths per year

Nobody likes to think about the possibility of a sudden, untimely death. However, if you have loved ones who are dependent on you, this is a possibility that you should really consider.

A good life insurance policy can ensure that your family will be able to cope financially if you are no longer there to provide a source of income or to contribute in other important ways such as by being a stay-at-home parent. Full-time daycare in Philadelphia can cost more than $10,000 a year per child.

Is Life Insurance Expensive in Philadelphia, PA?

The cost of your life insurance policy will depend on many factors. These can include:

  • The amount of coverage and the type of policy you are purchasing
  • Your age, gender, occupation, and health status
  • Your family’s health history
  • Whether you use tobacco products

In most cases, you will be required to answer a health questionnaire. Often, you may also need to complete a medical exam that includes blood work and a drug test before you can be approved for a policy or quoted an accurate cost.

What Are the Different Kinds of Life Insurance Philadelphia Residents Can Purchase?

When you are ready to buy a life insurance policy, you will have to select a policy type. There are two main types of life insurance policies to choose from:

Each of these coverage types will be explained in further detail below. In addition to term life and permanent life, you can often find hybrid policies, customized policies, and highly specific policies such as those that will provide coverage only in the event of an accidental death.

What Is Term Life Insurance?

Term life insurance enables you to buy a high amount of coverage at a relatively low cost. These polices are purchased for a given length of time (referred to as a “term”) that typically ranges between 5 and 30 years in duration.

If you should pass away while the term is in effect, funds in the amount of coverage that you purchased will be given to the people you have designated to receive them. These people are referred to as your “beneficiaries.”

  • Pros: Term life policies are the least expensive type of life insurance. These policies enable you to carry a high amount of coverage during the years when you need it most, such as while you are still paying off your mortgage or your children are still young and financially dependent.
  • Cons: Term life policies leave you without life insurance coverage once the term is up. At that time, depending on your age and health, it may be very expensive, or even impossible, to purchase a new policy. Additionally, these policies do not accrue a cash value, so you cannot cancel the policy early and collect any return on your investment.

If you would like to learn more about term life insurance and find out how affordable it can be to buy a large amount of coverage, an independent agent in Philadelphia can help.


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What Is Permanent Life Insurance?

Permanent life insurance, as the name suggests, will stay in effect for as long as you continue to pay your premiums. Under the permanent life umbrella, you will find whole life insurance, universal life insurance, variable life insurance, and some hybrid life insurance policies.

  • Pros: In addition to providing funds to your beneficiaries upon your death, these policies can serve as an investment vehicle because they carry a cash value. This means that you can close out your policy and collect its accrued value at any time. All insurance companies will even allow you to borrow against your policy’s accrued value if needed.
  • Cons: Whole life insurance is a lot more expensive than term life. However, because your premiums can remain at the same price for life, you are able to lock in a great rate by buying your policy while you are still young and healthy.

If you are interested in looking into a permanent life insurance policy, a local independent agent can help you review your options as well as some customized quotes so you can make the most informed decision about which type to purchase.

How Do I Decide Between a Term Life and a Permanent Life Insurance Policy?

The type of policy that is right for you depends on several factors such as your current financial situation, your current and expected family and life circumstances, and your personal preference.

You can turn to an estate planner, a financial advisor, or a local independent insurance agent for help weighing out the pros and cons of each type of policy. That way, you can make an informed decision when making your selection.

Ultimately, there are no right or wrong answers. The best policy for you is usually the one that you feel the most comfortable with.

Why Work with an Independent Insurance Agent in Philadelphia, PA?

When you are ready to begin your search for the right life insurance policy, a local independent insurance agent can help. These agents are available to answer your insurance-related questions and can explain your many policy options in detail.

Best of all, it doesn’t cost anything to work with an independent agent. Find an insurance agent near you to get more information and to start comparing customized quotes from some of the best life insurance companies in Philadelphia.

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