Does Life Insurance Cost More for Monthly Premium Payments?

Yes, with most life insurance carriers you will pay a higher overall premium each year if you choose to pay your premiums monthly instead of annually.

Why does it cost more for monthly premium payments? Because the insurance company has to handle the processing of more payments each year so they add a service charge to cover the cost.

This additional cost can add up, especially if your life insurance policy will last for 10 years or more.

Make sure you compare life insurance pricing for monthly and annual premiums before you select a payment option for your life insurance policy to find out how much you can save each year on the cost of your insurance policy.