Your Tax Refund: An Easy Way to Pay for Term Life Insurance

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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UPDATED: Aug 6, 2020

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So these numbers got us wondering just how much term life insurance a person could buy using the average tax refund check. By using the QuickQuote Term Life Insurance Coverage Amount Calculator, you can check the maximum coverage amount available from any of our partner life insurance companies. All you do is simply input the desired premium amount and the calculator will tell you how much term life insurance you can buy.

We used the average tax refund of $3,129.00 and here’s what we came up with:

 

 

Male, Age 45, Preferred, Premium = $3,129.00

Savings Bank Life Insurance Company of MA

      20-yr Term

        $2,790,000

 

Female, Age 45, Preferred, Premium = $3,129.00

Savings Bank Life Insurance Company of MA

      20-yr Term

        $3,745,000

 

You may not want to drop your entire tax refund check on a term life insurance policy. But the Term Life Insurance Coverage Amount Calculator can still be a very useful tool if you’d like to know how much different coverage amounts will cost you.

Are you getting a refund check this year? If so, let us know in the comments what you are going to do with it!

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