---
title: "What Is Premium Rate? Definition | Epic Life Glossary"
description: "A premium rate is the price a carrier charges per unit of coverage, often per $1,000, based on the insured's age, sex, class, and plan. The total..."
url: https://epicline.preview.multisites.ai/glossary/premium-rate
publisher: Epic Life Group
apply: https://epicline.preview.multisites.ai/apply
quote: https://epicline.preview.multisites.ai/get-a-quote
---

Consumer pricing and coverage concepts

# Premium Rate

A premium rate is the price a carrier charges per unit of coverage, often per $1,000, based on the insured's age, sex, class, and plan. The total premium comes from this rate.

## Why it matters

Rates rise with age and risk. Two carriers can charge quite different rates for the same person. Final expense rates are higher per dollar than large term rates because of smaller policies and less underwriting. Always compare quotes with the same coverage and features. Ask your agent which factors drove the rate.

Source: [iii.org](https://www.iii.org/article/life-insurance-basics)

[Read next, for familiesHow much does life insurance cost, and what drives the price?](https://epicline.preview.multisites.ai/life-insurance/cost)

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