Siblings Life Insurance Rates (2021)
Although taking a life insurance policy out on a sibling isn't very common, it can be worth it in the long run. If you are dependent on your sibling for care or financial support or their death would cause you a financial loss, you may be able to prove insurable interest and buy siblings life insurance. Siblings life insurance rates aren't usually very expensive, but your rates will depend on factors like the age and sex of your sibling.
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UPDATED: Sep 3, 2021
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- You will need your sibling’s consent and be able to prove they have an insurable interest to buy siblings life insurance
- Siblings life insurance rates are dependent on the sex, age, and health status of your sibling
- Siblings life insurance may be worth considering if one of you is dependent on the other for financial assistance or care
Buying life insurance for your sibling is possible if you have their permission and can prove they have an insurable interest.
So what is the best type of siblings life insurance? And how much are siblings life insurance rates?
Read through our guide to find out everything you need to know about buying life insurance for siblings.
Looking for affordable siblings life insurance? Enter your ZIP code above to get free life insurance for siblings quotes from the best companies in your area.
Can I buy life insurance for my sibling?
While buying a life insurance policy for siblings is possible, you first need their consent. You also need to be able to prove to your insurance company that they have an insurable interest.
This means that you would suffer a financial loss if your sibling were to die.
It can sometimes be difficult to prove that your sibling has an insurable interest, but there are circumstances where sibling life insurance can be necessary in helping you to be able to sustain yourself financially.
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Why should I buy siblings life insurance?
While buying life insurance for your siblings isn’t very common, there are a number of situations where sibling life insurance can be beneficial.
Buying life insurance for your sibling can be particularly helpful if your sibling has a lower income and is struggling financially.
In the untimely event of their death, the insurance payout would help to cover the costs of their funeral and any other related expenses that would fall on you to cover.
Siblings life insurance can also be helpful if your sibling has kids.
If the responsibility to take care of their kids fell on you after your sibling died, taking out an insurance policy on your sibling could help financially with taking care of their children.
Similarly, if you are dependent on your sibling for financial assistance or care, buying siblings life insurance could help you to financially support yourself or be able to afford to hire someone to care for you in the event that your sibling passed away.
What type of siblings life insurance should I buy?
There are several types of life insurance policies for siblings, but the main two policy types available are term life insurance and whole life insurance.
Term life insurance is a simple policy that usually lasts a period of 10, 20, or 30 years before the term ends.
Buying term life insurance for your sibling may be a good idea if they are in good health or you only want coverage for a short period of time.
Whole life insurance is generally more expensive to buy, but it offers permanent coverage and a cash value on the policy.
Below you can see average rates for $30,000 whole life insurance for men:
|Company||Age 50 Average Monthly Rates||Age 60 Average Monthly Rates||Age 70 Average Monthly Rates||Age 80 Average Monthly Rates|
|Mutual of Omaha||$81.06||$121.86||$214.69||$391.56|
|Liberty Bankers Life||$82.27||$128.14||$210.67||$431.14|
|United Home Life||$84.35||$125.38||$215.19||$407.10|
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And below is average rates for $30,000 whole life insurance for women:
|Company||Age 50 Sample Monthly Rates||Age 60 Sample Monthly Rates||Age 70 Sample Monthly Rates||Age 80 Sample Monthly Rates|
|Mutual of Omaha||$67.60||$92.20||$153.31||$288.89|
|Liberty Bankers Life||$67.45||$94.76||$155.11||$318.23|
|United Home Life||$69.47||$97.55||$148.71||$305.13|
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Whole life insurance may be worth buying if your sibling isn’t in good health because you won’t have to worry about losing coverage or facing higher rates if their health declines.
What are siblings life insurance rates?
The average monthly life insurance rates are $26 a month.
However, siblings life insurance rates vary based on the sex of your sibling, their age, their lifestyle, and the policy’s coverage amount.
For example, purchasing a $100,000 30-year term policy for a 40-year-old female would cost $24.19 a month. However, buying the same policy for a male of the same age would cost $31.32 a month.
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