What does that mean in real dollars? A healthy non-smoking 40-year-old with a standard risk classification might pay $50 per month for $500,000 in 20-year term life insurance. The same truck driver — same age, same health, same coverage — typically pays $100 to $200 per month. A driver with additional risk factors (tobacco use, obesity, diabetes, poor driving record) may pay more or face underwriting difficulty with standard carriers.
Life insurance experts universally recommend securing coverage worth 10 to 15 times your annual income. For a truck driver earning the industry average of $43,464 per year (Glassdoor data), that translates to a recommended coverage range of $435,000 to $650,000 — enough to cover a mortgage, replace income for 10 to 15 years, fund children’s education, and cover outstanding business debts for owner-operators.