I am looking for life insurance but I am not sure about the premium. Please guide me about life insurance premium.

An insurance premium is simply what you pay for the coverage. In the case of life insurance, it's a gamble. You are gambling that you will die and the insurer is gambling that you won't and will get to use the money you pay to invest and earn income for the company.

There are several different types of insurance from Term which is very simple, you pay and you have a benefit in case of death. To Whole Life which invests your premiums to build a cash value for the policy. An insurance agent can explain this to you in detail.

The cost (premium) will be determined by your age, your health, where you live, often, some activities you may do.

If you are over weight, with high blood pressure, and sky dive, you may not even be able to get life insurance.

There are also many types of plans, some gain cash values, others do not

Lots of coverages and choices. What are you obtaining life insurance for? Single? Married? Children? Cheapest solution, if younger, is term life.

I am retired, and it pays to have some of both. Most term policies end in a term period or at age 70 and then you are done. If you need insurance to cover debts or funeral costs etc. you need to plan based on need. When my children were home I had a much larger need for insurance than I do now. I purchased a lot of low cost term because I couldn't afford that much whole life. I did purchase some whole life to be able to carry into my retirement strictly for final expenses. If you are in good health and young, there are a lot of bargains out there for you, so shop around. Most salesmen will try to sell whole life because it benefits them more and often times provides additional benefits. My son sells insurance. He and I disagree a little on the philosophy, but both term and whole life have validity. He sold a large insurance policy to a business guy.(whole life) Later the business man ran into some kind of financial predicament and came to my son for advice. My son told him that he could borrow against his whole life policy without credit approval and at a guaranteed low rate, which in this guys case saved his business. You need to assess your needs and your pocket book and try to find someone who will show you what is best for you.

A long time ago, in a past life (or so it seems) I worked in insurance. Albeit auto insurance, but I did learn quite a bit about life insurance, especially when I got a policy.

I'm not dissing life insurance, but I feel that a better way to go is to invest in RRSP's. Most life insurance policies are not worth the premiums you pay, better to put that payment into the bank, or an RRSP.

Whole Life, as an investment vehicle, is way down on the list of ROI. Its more for people who have little or no investment savvy and who don't want to or can't manage their investments. That businessman your son sold a policy to, clearly didn't know that much if he mismanaged his business. Being able to borrow against the policy may have saved his business. But better management of his wealth probably would have meant not needing to borrow to save his business.

I think the issue had more to do with a partnership problem, but I agree with you. I don't think whole life is a worthy investment. My whole life is still in affect and will cover my final expenses and very little more. I am retired and term life doesn't do anything for me.