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How much does life insurance cost?

Knowing how much does life insurance cost will help you find the best rate on your life insurance policy. While life insurance rates vary based on age, health, and other factors, finding affordable life insurance rates is possible, with term life insurance rates as low as $9 monthly.

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Written by:

Chris Tepedino

Feature Writer

Chris Tepedino is a feature writer that has written extensively about auto insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Healing Law, WIBW Kansas, and Cinncinati.com. He has been ...

Feature Writer

Reviewed by:

Jeff Root

Licensed Life Insurance Agent

Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...

Licensed Life Insurance Agent

UPDATED: Apr 15, 2024

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It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

UPDATED: Apr 15, 2024

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.

Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Quick Facts

Knowing the answer to “how much does life insurance cost” can help you budget for life insurance. Life insurance ensures your loved ones are taken care of financially after you pass, but it can be an expensive purchase to make . 

However, since the average cost of life insurance varies drastically from person to person, comparing quotes based on your health, age, and other relevant factors affecting your life insurance rates is important.

Since life insurance is such an important purchase, we want to ensure you understand life insurance factors and whole life and term life insurance quotes fully. Continue reading to learn more about the cost of life insurance, how rates get calculated, tips on saving, and other important information. Life Insurance Rate Factors Life Insurance Premiums: What are they and how do they work?Life Insurance Rating Classes (Terms Explained)Life Insurance Illustration (Terms Explained)How To Calculate Your Life Insurance Age [2024]How Term Life Insurance Rates Are CalculatedLife Insurance Rate Bands: How They Can Save You Money [2024]Life Insurance Rates by State Virginia Life Insurance [2024]North Carolina Life Insurance [2024]Rhode Island Life Insurance [2024]Arizona Life Insurance [2024]Kentucky Life Insurance [2024]Colorado Life Insurance [2024]Mississippi Life Insurance [2024]Wisconsin Life Insurance [2024]West Virginia Life Insurance [2024]Washington Life Insurance [2024]Vermont Life Insurance [2024]Utah Life Insurance [2024]Texas Life Insurance [2024]Tennessee Life Insurance [2024]South Carolina Life Insurance [2024]Pennsylvania Life Insurance [2024]Oregon Life Insurance [2024]Oklahoma Life Insurance [2024]North Dakota Life Insurance [2024]New Jersey Life Insurance [2024]Nevada Life Insurance [2024]Missouri Life Insurance [2024]Minnesota Life Insurance [2024]Michigan Life Insurance [2024]Maine Life Insurance [2024]Maryland Life Insurance [2024]Massachusetts Life Insurance [2024]Louisiana Life Insurance [2024]Hawaii Life Insurance [2024]Georgia Life Insurance [2024]Florida Life Insurance [2024]Delaware Life Insurance [2024]Connecticut Life Insurance [2024]California Life Insurance [2024]Life Insurance Discounts How to Save Money When Buying Life Insurance [2024]How To Find a Lower Term Life Insurance Premium [2024]Life Insurance for Runners: How Running Improves Health and Saves MoneyBackdating (Saving Age) Life Insurance: How It Can Save You Money [2024]

Table of Contents

Cost of Life Insurance 

How much is life insurance? Life insurance isn’t cheap, with monthly costs ranging from less than $11 to a few hundred dollars. Life insurance premiums depend on age, health, chosen policy, insurance company, and more.

To show you how much rates can change based on various factors, we’ve outlined rates in the next few sections to show you the average costs of whole life insurance policies, term life insurance policies, and more.

Whole Life Insurance Average Cost

According to the Insurance Information Institute , a whole life insurance policy is a simple form of  permanent life insurance, meaning it lasts for your life if you pay your premiums. Depending on the type of whole life insurance policy you pick, you may be able to withdraw funds or take out loans if you have cash value savings included in your policy.

Whole Life Insurance Average Monthly Rates by Age & Gender Age$100,000 Policy, Male$100,000 Policy, Female$250,000 Policy, Male$250,000 Policy, Female$500,000 Policy, Male$500,000 Policy, Female 25$94$85$225$203$444$400 30$108$97$260$234$514$462 35$128$113$311$273$617$540 40$154$132$376$321$745$636 45$191$156$468$381$930$756 50$235$192$578$470$1,150$934 55$295$243$728$599$1,450$1,191 60$399$312$989$770$1,972$1,534 65$528$422$1,311$1,045$2,616$2,084

Read more:

Buying a policy in your younger years is often more manageable than after retirement, as older seniors pay thousands of dollars more for life insurance policies. However, life insurance for seniors can be expensive compared to purchasing a policy in your 30s.

In addition, you may notice that men tend to pay higher insurance rates than women, as women’s average life expectancy is longer than men’s. So men will have to budget a little more than women for whole life insurance policy payments.

Term Life Insurance Average Cost

Term life insurance policies differ from permanent life insurance policies because they don’t last the duration of the insured’s life. Instead, you choose how long your term life insurance policy lasts, such as 10 or 20 years. Take a look at the table below to compare average 20-year term life insurance rates by age and gender:

Average Monthly 20-Year Term Life Insurance Rates by Age and Gender Policyholder Age$100,000: Male Average Term Life Monthly Rates$100,000: Female Average Term Life Monthly Rates$250,000: Male Average Term Life Monthly Rates$250,000: Female Average Term Life Monthly Rates$500,000: Male Average Term Life Monthly Rates$500,000: Female Average Term Life Monthly Rates 25$14.53$12.70$23.27$18.72$34.79$27.39 30$14.96$13.22$24.59$20.44$37.39$29.59 35$17.57$15.40$26.09$22.19$40.04$32.19 40$21.40$18.62$33.72$28.49$54.79$45.69 45$26.54$22.97$45.47$37.42$79.19$66.14 50$36.02$29.32$69.59$54.59$126.14$96.99 55$50.98$38.11$105.72$78.97$203.14$143.99 60$84.91$60.20$183.79$131.17$355.39$248.84 65$144.51$97.44$323.42$220.99$625.09$432.84

If you don’t pass away before the term life insurance policy ends, you can renew your policy. You won’t receive refunds unless you have a return of premium life insurance policy.

Since term life insurance is only for a set period, the term life insurance cost is cheaper than permanent life insurance policies. Term life insurance rates are much less than whole life insurance rates by hundreds or thousands of dollars in each age bracket. In addition, the younger you purchase a term life insurance policy, the less you’ll pay.

It may seem odd to purchase a term life insurance policy in your 30s, but some people may purchase a policy until major financial obligations are out of the way. For example, you can purchase a term life policy to last until the mortgage gets paid off.

Average Cost of Term Life Insurance by Health Condition 

While term life insurance is a popular option because it’s cheaper than whole life, the cost of a policy can vary greatly depending on an insured’s health condition. You can get life insurance with a medical condition, but you may have to pay more for the policy. 

Insurance companies will generally assign a risk rating of super preferred, preferred, and standard, with those super preferred being people in great health.

If you’re in good health, you could pay hundreds or thousands of dollars less than those in poor health, depending on your age bracket. Smoking, high blood pressure, high cholesterol, and similar health issues affect your health score at a life insurance company. 

Average Cost of Term Life Insurance by Term Length 

If you purchase term life insurance, the term length you choose for your policy affects your rates. Common term lengths for term life insurance are 10, 20, and 30 years. Shorter-term lengths cost less than longer-term lengths. Compare term life insurance rates by term length in this table:

Term Life Insurance Average Monthly Rates by Policy Length Term lengthMaleFemale 10 years$17$15 20 years$29$24 30 years$49$39

On average, a 10-year term length will cost a few hundred dollars less than a 30-year term. Your rates may be cheaper or more expensive than the average, depending on your age and health status. To learn more, read this article about 35-year term life insurance.  

Average Life Insurance Cost Without Medical Exam 

Your health is one of the most important factors when insurance companies calculate life insurance rates, so most insurers require a medical history and medical exam before issuing a policy and rates. 

No-medical exam life insurance policies are typically more expensive than policies requiring an exam because insurers take on a risk when insuring people without a complete picture of their health, so they upcharge on rates. See a no-medical exam life insurance cost breakdown in the table below:

Policyholder Age$250,000 Policy: Male Average Monthly Rates$250,000 Policy: Female Average Monthly Rates$500,000 Policy: Male Average Monthly Rates$500,000 Policy: Female Average Monthly Rates 25$15.97$13.16$25.37$19.83 35$17.16$15.10$27.86$23.75 45$33.22$26.58$59.16$46.29 55$80.24$59.55$151.59$110.00

Insurers usually sell no-exam policies as guaranteed issue life policies, meaning everyone gets accepted.

No-exam life insurance policies cost more, but guaranteed issue policies can be good policies for those with poorer health who may struggle to find a good life insurance policy.

Average Life Insurance Cost by Company 

Besides health and choice of policy, another major factor affecting how much you pay for life insurance is your choice of company. While the average rates may only differ by less than a hundred dollars between companies, these small amounts can add up over the decades you pay your premiums.

Find the best life insurance prices by comparing average rates by company in the table below:

Life Insurance Rates by the Top-Rated Providers Insurance CompanyMonthly RatesA.M. Best Rating Allstate$15A+ Banner Life$9A+ Guardian Life$10A++ Haven Life$11A++ John Hancock$11A+ MassMutual$10A++ Mutual of Omaha$12A+ Nationwide$13A+ New York Life$11A++ Principal$9A+ Protective$9A+ Prudential$16A+ State Farm$15A++

Some of the companies also sell other insurance types, meaning you may be able to earn a bundling discount by purchasing life insurance and another policy from these companies. 

When considering a life insurance policy, you should consider a company’s reputation and average costs. You should also check a company’s consumer ratings, financial ratings, and other important factors or read more about the best life insurance companies.

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Factors Affecting Life Insurance Costs

Now that we’ve covered how life insurance rates vary, it’s important to understand how they get calculated. All life insurance companies use the same basic factors to determine rates, such as age, gender, occupation, and other factors. Continue reading to learn about each factor.

Age

The younger you are, the less you’ll pay in life insurance premiums because the likelihood of an insurance company paying out a death benefit soon after purchasing a policy is less than an older person purchasing life insurance. For example,  life insurance for 30-year olds is cheaper than for older adults.

In addition, the sooner you purchase a life insurance policy, the less you’ll pay. Insurance companies charge higher rates for older seniors to offset the fewer years they’ll receive premiums before paying a death benefit.

Credit Score 

Unlike other factors on this list, credit score doesn’t relate to health status. However, it relates to the risk that insurance companies take by insuring you. People with poor credit scores may have to pay slightly more than those with excellent credit scores.

Why? Life insurance companies view those with poor credit scores as more likely to skip payments, which can be a hassle for the company.

Chosen Insurance Policy 

The insurance policy type and add-ons, like a child rider, affect how much you’ll pay for a policy. As shown in the average rates, term life insurance policies tend to be the cheapest since they only last for a decade or two and don’t build up cash values.

Permanent life insurance costs more than term life insurance policies, as they last the duration of an insured’s life and typically have cash value. The cash value is useful if you want to withdraw funds from your policy. We recommend researching the different types of term life insurance and whole life insurance policies to see which is best for you. You can read more about term vs. whole life insurance in this article. 

In addition to the policy type, your payout amount affects your premiums. Your life insurance rates will be much higher if you choose a $1,000,000 policy compared to a $500,000 policy. We recommend comparing rates based on payout amounts to see if a lower amount is more affordable or if you can afford a policy with a higher payout.

Driving Record

It may initially seem odd that life insurance companies use driving records to calculate rates. However, life insurance companies don’t care about parking tickets. Only major driving incidents show that someone is a higher risk to insure.

Examples of what an insurance company would look at when factoring rates would be DUIs or DWIs, as driving impaired puts your life at risk and makes you riskier to insure.

Family Medical History 

Many health issues can be genetic, so life insurance companies want to know if you have a family history of major health issues. If you have a family history of cancer, diabetes, and other detrimental health issues, your life insurance company may view you as a higher risk and charge a little more. For example, read more about how to get life insurance with heart disease in this article. 

Gender

Life insurance rates by age and gender vary. Generally, insurance companies charge men slightly more than women for life insurance. The average life expectancy of men is less than women, affecting men’s average cost of life insurance. 

Health

Naturally, your health is one of the most important factors insurance companies consider to calculate your life insurance premiums. Your health determines your life insurance rating classes, which affects what you pay. 

Some of the information they’ll want is simple, like height and weight. They’ll also want to know if you have any pre-existing conditions, such as high blood pressure or high cholesterol. 

Some life insurance companies require you to complete a simple medical examination before issuing a policy so they can record your blood pressure and other simple health facts. 

Occupation and Lifestyle 

Your occupation impacts how much you’ll pay for life insurance because some jobs raise your life insurance cost. For example, if you have a high-risk job, such as a police officer, you’ll pay more for life insurance than an office worker.

Insurance companies will also ask about your lifestyle to determine your rates. For example, driving race cars on the weekends can make you a higher risk to insure.

Smoking Status 

All life insurance companies want to know if you smoke or not. Life insurance is more expensive if you’re a smoker, as smokers are more prone to developing serious issues like lung cancer. There is also a link between e-cigarettes and life insurance because this may result in tobacco rates. 

Read more: How To Get Life Insurance With Lung Cancer

Factors That Don’t Affect Your Life Insurance Rates 

We’ve covered numerous factors that can drive your life insurance rates up, so you might wonder if anything won’t affect what you pay.

Regarding life insurance rates, the following factors won’t affect how much you pay for life insurance:

Essentially, as long as an aspect of your life or policy doesn’t affect your risk level, it won’t be used as a rate calculation for life insurance rates. Only if a factor directly impacts your health or risk status will it be used in life insurance calculations.

How to Save on Life Insurance Rates

Life insurance isn’t a cheap purchase. If you’re struggling to fit life insurance payments into your budget or just want to save on your policy, you’re probably wondering what you can do to reduce your life insurance rates. 

Below are a few tips you can follow to save on life insurance rates:

The above tips can help you shave some money off your life insurance rates. Life insurance isn’t unattainable if you do your research and choose an affordable policy. 

Read more: Life Insurance Rate Bands: How They Can Save You Money

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Case Studies: The Cost of Life Insurance

Case Study 1: Affordable Protection With LifeShield Insurance

John, a 35-year-old non-smoker, was looking for a life insurance policy to protect his family’s financial future. After researching different options, he decided to approach LifeShield Insurance, a reputable provider known for its competitive rates.

Based on John’s excellent health condition and his desire for a $500,000 coverage amount, LifeShield Insurance offered him a term life insurance policy for a monthly premium of $30. This affordable option provided John with the peace of mind he sought while fitting within his budget.

Case Study 2: Tailored Coverage With SecureLife Insurance

Samantha, a 45-year-old individual with a pre-existing health condition, wanted to secure life insurance coverage that met her specific needs. She reached out to SecureLife Insurance, a well-established company known for its flexibility in underwriting policies for individuals with health challenges.

After assessing Samantha’s medical history and considering her desired $1,000,000 coverage, SecureLife Insurance offered her a customized policy with a monthly premium of $150. Despite her health condition, Samantha was able to obtain comprehensive coverage that provided her and her family with the financial protection they required.

Case Study 3: Competitive Rates With TrustGuard Insurance

Michael, a 55-year-old smoker, sought life insurance and approached TrustGuard Insurance, known for its competitive rates for smokers. TrustGuard Insurance offered him a $250,000 whole life insurance policy with a $200 monthly premium.

Despite being a smoker, Michael was able to secure coverage at a reasonable cost, ensuring his family’s financial well-being in the future.

Case Study 4: Guaranteed Acceptance With LifeSure Insurance

Sarah, a 65-year-old individual with a history of health issues, wanted to obtain life insurance coverage without undergoing a medical examination. She turned to LifeSure Insurance, a reputable provider specializing in guaranteed acceptance policies.

Taking into account Sarah’s age and her need for a $100,000 coverage, LifeSure Insurance offered her a guaranteed acceptance whole life insurance policy with a monthly premium of $250. Sarah found peace of mind knowing that her loved ones would receive financial support, regardless of her health history.

The Final Word on Life Insurance Costs 

So how much does life insurance cost? Life insurance costs vary drastically based on an insured’s policy choice, health, age, and other factors. It’s best to buy a life insurance policy when you’re younger to lock in cheaper rates, but older seniors can find savings by purchasing cheaper policies like term life insurance.

It’s vital to shop around and compare quotes to find a company offering the lowest rates based on your profile. One option is to use a term life insurance calculator online. You can often get free quotes directly from the insurance company or use a quote comparison site to get multiple free quotes at once.

Frequently Asked Questions

What factors influence life insurance rates?

What factors influence life insurance rates?

There are numerous factors affecting how much you pay for life insurance. The main factors affecting rates are:

If you’re in poor health or older, expect to pay more for life insurance. Men also tend to pay slightly higher rates than women, as men have shorter average life expectancies.

Should people pick the cheapest life insurance policy?

Should people pick the cheapest life insurance policy?

A small amount of life insurance is better than none, but if you can afford more than the cheapest policy, we advise you to purchase more. Most experts recommend purchasing a life insurance policy worth 10 times your annual income.

If you have beneficiaries who would financially struggle from the loss of your income, this payout would last them a few years. If you have kids who need college tuition or mortgage payments, you may want to consider purchasing a higher payout than 10 times your annual income.

How do I get life insurance?

How do I get life insurance?

There are a few different options for purchasing a life insurance policy. Some insurance companies may allow you to purchase life insurance directly from the company’s website, while others may require you to speak to an agent first.

You may also need to complete a medical exam before the application process is complete, or you may be able to purchase a policy immediately. It really depends on the type of life insurance policy you purchase and the life insurance company’s sign-up process.

What do life insurance payouts cover?

What do life insurance payouts cover?

Life insurance death benefits don’t cover specific financial obligations. Instead, the death benefit lump sum goes to the beneficiary, who may use it as they deem fit. Some of the common things death benefits get used for include:

For example, your beneficiary may use part of the death benefit to pay off any outstanding credit card or medical bills. If you have children, the money can go to their tuition. It’s best to choose a beneficiary you trust to use your death benefit as you wish.

At what age should I purchase a life insurance policy?

At what age should I purchase a life insurance policy?

It depends on your life insurance needs, desired rates, and other important factors. However, it’s usually best to purchase life insurance, especially permanent life insurance, when you’re young and healthy compared to waiting until you’re older or diagnosed with a serious health issue.

Is life insurance worth it?

Is life insurance worth it?

Life insurance is worth it if you’re a major provider for your loved ones. Basically, if people would struggle financially if you passed away, purchasing a life insurance policy is worth it to ensure your loved ones are taken care of with the death benefit.

If you don’t want to purchase a life insurance policy, there are other options to leave behind money for loved ones, such as payable on death savings accounts.

Can I lower the cost of life insurance with discounts?

Can I lower the cost of life insurance with discounts?

Yes, some insurance companies offer discounts to give you the best life insurance prices. Ask companies you’re considering if they have any discounts.

Does coverage amount influence life insurance costs?

Does coverage amount influence life insurance costs?

Yes, coverage amount affects the cost of life insurance. If you have a higher coverage amount, you’ll pay higher rates. You’ll find more affordable life insurance rates if you have a lower coverage amount.

What is the cost of life insurance for seniors?

What is the cost of life insurance for seniors?

The cost of life insurance for seniors varies by coverage amount and health status, but a 65-year-old female pays $1,045 monthly for a $250,000 whole life insurance policy.

How much does life insurance cost per month?

How much does life insurance cost per month?

The cost of life insurance can vary widely depending on several factors, including the type of policy, the coverage amount, the age and health of the insured, and the insurance company’s pricing. Generally, the younger and healthier an individual is, the lower the premium they can expect to pay.

How much does a $1,000,000 whole life insurance policy cost?

How much does a $1,000,000 whole life insurance policy cost?

The cost of a million-dollar life insurance policy will depend on your age, health, company, and more. We recommend getting life insurance quotes to see how much it will cost.

Your life insurance quotes are always free.

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Written by:

Chris Tepedino

Feature Writer

Chris Tepedino is a feature writer that has written extensively about auto insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Healing Law, WIBW Kansas, and Cinncinati.com. He has been ...

Feature Writer

Reviewed by:

Jeff Root

Licensed Life Insurance Agent

Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...

Licensed Life Insurance Agent

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

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