The cost of life insurance is mainly based on your life expectancy — as well as the type of life insurance and coverage amount you want to buy. Insurers consider your age, gender, health, hobbies, and medical history to determine how risky you are to insure — and, in turn, how much you’ll have to pay for your coverage. In general, the younger and healthier you are, the lower your life insurance rates will be.
We compared life insurance rates based on age and gender, term length, and coverage amount using real-time prices offered by some of the top insurers in the country through Policygenius. If you want a quote for your specific situation, connect with one of our agents to get started.
How much is life insurance?
Life insurance costs on average $30 per month ($360 per year) for a 20-year, $500,000 term life insurance policy for a 30-year–old male with few health conditions, and $23 per month ($276) for a 30-year-old female with a similar profile.
Key takeaways
Term life insurance costs $26 per month on average for a 30-year-old with a $500,000 coverage amount.
By comparison, whole life insurance costs $451 per month on average for a 30-year-old with a $500,000 coverage amount.
Your age and your gender influence your rates. Life insurance increases 4.5% to 9% in cost every year you delay buying a policy. Men pay on average 24% more than women — because they have shorter life expectancies.
Your health and habits impact the cost of your policy significantly. If you smoke or have a pre-existing condition, you’ll pay more for life insurance.
The type of policy also affects how much you pay.Term life insurance is the cheapest option because it offers basic protection and expires after a set period of time. Whole life insurance is more expensive because is permanent and offers a savings-like cash value component.
Policy term lengths and coverage amounts also impact your rates. The longer the term and greater the payout, the higher the cost.
Methodology
Why you can trust our rates
At Policygenius, our educational guides are written and fact-checked by licensed life insurance experts and reviewed by our Financial Review Council to ensure autonomy, expertise, and accuracy. Our rates are based on internal actuarial rate tables for 10 life insurance carriers that offer policies through the Policygenius marketplace (Brighthouse Financial, Corebridge Financial, Legal & General America, Lincoln Financial, MassMutual, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica), and the Policygenius Life Insurance Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term or whole, and coverage amount) as of the date reflected on each table’s methodology. Rates for those products may vary by state, and not all products are available in all states. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria.
How are life insurance rates calculated?
Life insurance rates are determined by four main factors:
Age: Each year that you delay buying a life insurance policy, the cost of premiums increases by 4.5% to 9% on average.
Gender: Women generally pay less for life insurance than men because they have a longer life expectancy.
Policy type: Whole life insurance costs more than term life insurance. A policy with a longer term or higher coverage amount will also cost more.
Health: Health has a significant impact on your rates. Generally the fewer health conditions you have, the lower your rates will be. Certain pre-existing conditions, like heart disease, diabetes, or cancer, usually have a higher impact on your premiums. Other conditions, like asthma, sleep apnea, or high blood pressure, usually have a lower impact.
What other factors affect your life insurance rates?
Occupation. If you have a job that puts you at risk you’ll likely pay more than somebody who has a less risky occupation. “Insurance companies might require something called a flat additional fee, such as $2 or $5 per $1,000 of coverage,” to extend coverage to people working in high-risk occupations, says Patrick Hanzel, certified financial planner and advanced planning manager at Policygenius. If you work in law enforcement and regularly handle explosives, for example, you might pay $2,500 more per year for a $500,000 policy.
Hobbies. If you regularly participate in hobbies that increase your risk, such as scuba diving, you might have to pay flat extra fees, too.A skydiver with a $1 million policy could end up paying $5,000 more per year. However, someone who skydives too often might not be able to purchase life insurance with certain insurers at all.
A Policygenius expert can help you determine the best options based on your hobbies, occupation, and rider needs.
→ Learn more about life insurance for high-risk applicants
What factors don’t affect your life insurance rates?
Although factors like age and gender impact your rates, life insurance companies can’t discriminate based on race, ethnicity, or sexual orientation.
Here are some other factors that won’t affect how much you pay for life insurance:
Where you live: As long as you live within the U.S., your specific state or city won’t affect your premiums — even if your area is prone to certain natural disasters or has higher rates of violence. But because life insurance is state-regulated, where you live can determine certain rules and regulations related to your policy.
How many beneficiaries you have: Many people choose to name multiple life insurance beneficiaries in their life insurance policies. Your premiums won’t increase or decrease based on how many beneficiaries you name.
How many policies you have: Depending on your financial situation, having multiple life insurance policies might make sense — but this doesn’t mean you’ll have to pay more than somebody who only has one policy.
Credit score: Your credit score alone won’t impact your life insurance premiums, but negative events in your financial history that affect your credit score — like missed credit card payments or a bankruptcy — could also affect how an insurer evaluates your application.
→ Read more about how life insurance works
Learn more about how insurers set your rates based on your health
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Average term life insurance rates
Term life insurance is the cheapest life insurance option. It offers basic protection and lasts only for a set period of time — usually 10 to 30 years — and then it expires. If all you need is to provide a financial safety net for your loved ones in your absence, term life is right for you.
Term life insurance rates by age
The monthly rates below are based on a 20-year, $500,000 term life insurance policy for people with few health conditions.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $15.01 | $22.65 | $33.63 |
Male | $19.18 | $30.20 | $47.51 | |
30 | Female | $15.17 | $22.99 | $36.89 |
Male | $18.19 | $29.32 | $48.88 | |
40 | Female | $21.66 | $35.27 | $60.64 |
Male | $25.38 | $42.95 | $75.24 | |
50 | Female | $43.92 | $78.29 | $139.47 |
Male | $56.69 | $102.49 | $188.26 | |
60 | Female | $107.84 | $194.16 | $354.62 |
Male | $149.38 | $268.09 | $500.15 |
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Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $250,000, $500,000, or $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
Term life insurance rates by term length
These monthly rates are based on a $500,000 term life policy for a 30-year-old with few health conditions.
Term length | Average cost for females | Average cost for males |
10 years | $16.72 | $21.13 |
20 years | $22.99 | $29.32 |
30 years | $34.52 | $42.45 |
Methodology: Average monthly rates are calculated for 30-year-old male and female non-smokers in a Preferred health classification buying a 10-year, 20-year, and 30-year $500,000 term life insurance policies. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
Term life insurance rates by coverage amount
The following monthly rates are based on a 20-year term life insurance policy for a 30-year-old with few health conditions.
Coverage amount | Average cost for females | Average cost for males |
$250,000 | $15.17 | $18.19 |
$500,000 | $22.99 | $29.32 |
$1 million | $36.89 | $48.88 |
Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $250,000, $500,000, or $1 million term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Legal & General America, Brighthouse Financial, Corebridge Financial, Foresters Financial, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
Average no-medical-exam term life insurance rates
No-medical-exam policies let you skip the medical test that’s a standard part of the life insurance application process, which means you can get coverage faster. These monthly rates are based on a 20-year, $500,000 no-exam term life policy for people with few health conditions.
Age | Gender | $500,000 coverage amount |
20 | Female | $22.66 |
Male | $30.20 | |
30 | Female | $22.99 |
Male | $29.33 | |
40 | Female | $35.27 |
Male | $42.94 | |
50 | Female | $78.30 |
Male | $102.50 | |
60 | Female | $194.16 |
Male | $268.13 |
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Methodology: Average monthly rates are calculated for male and female non-smokers at a Preferred health classification obtaining a 20-year $500,000 life insurance policy. Life insurance averages are based on a composite of no-medical-exam policies offered through Policygenius from Brighthouse Financial, Legal & General America, Transamerica, and Pacific Life. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies available in all states. Issuance of a term life insurance policy without a medical exam is subject to product availability and your eligibility, and may depend upon your truthful answers to a health questionnaire. Rate illustration valid as of 01/01/2024.
Explore more term life insurance rates
Average whole life insurance rates
Whole life insurance doesn’t expire and comes with a cash value savings component that lets you borrow money while you’re still alive. It’s significantly more expensive than term life, but it can be worth it in certain scenarios — for example, if you’re looking to complement your estate planning or investment portfolio, or if you have dependents that require lifelong care.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $147.50 | $290.00 | $558.50 |
Male | $175.50 | $347.00 | $670.50 | |
30 | Female | $209.50 | $414.50 | $814.00 |
Male | $245.50 | $487.00 | $954.50 | |
40 | Female | $305.00 | $605.50 | $1,195.00 |
Male | $371.00 | $737.00 | $1,422.00 | |
50 | Female | $480.50 | $957.00 | $1,899.00 |
Male | $569.50 | $1,134.5 | $2,222.00 | |
60 | Female | $800.50 | $1,597.00 | $3,179.50 |
Male | $957.00 | $1,909.50 | $3,769.00 |
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Methodology: Approximate monthly rates are calculated for non-smokers in a Preferred health classification, obtaining a $1 million whole life insurance policy paid up at age 100 through MassMutual. Individual rates may vary by insurer, coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 01/01/2024.
Explore more whole life insurance rates
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What’s the difference between life insurance quotes & your final rates?
The phrase "life insurance rates" can be used to refer to both the life insurance quotes or estimates that your insurance broker or company gives you when you start the application process, and your actual premiums — the payments you make each month once your policy is active.
Your initial quotes are usually close to your final premiums, but can change based on information your insurer discovers during underwriting. Underwriting is the part of the application process where the insurance company evaluates your health, family history, and driving record, among other factors, to set your final rates.
When is the best time to buy life insurance?
The sooner you buy a policy, the higher your chances to lock in cheaper rates. A study published by LIMRA, a financial industry trade group focused on life insurance, and Life Happens, an insurance educational nonprofit, found that nearly 4 in 10 current life insurance policyholders expressed regret that they didn’t purchase their policy at a younger age. [1]
Buy a policy as soon as you anticipate crossing major milestones like:
Becoming a parent
Getting married
Buying property
Starting a business
Is it worth it to buy life insurance when you’re older?
There are plenty of situations when it makes sense to buy a policy at an older age, too.
For example, if you bought a policy at age 30 and it’s expiring when you turn 50, you may still need some coverage to carry over until retirement.
Or, you might need coverage for a lifelong dependent or need some coverage to pay for your funeral.
People who started a family or bought a house later in life may also need to purchase a policy when they’re older.
Life insurance is cheaper to buy when you’re young, but many people can still secure affordable life insurance coverage later in life. A Policygenius agent can help you compare quotes from top insurers to find the policy that’s more affordable for you — no matter your age.
Frequently asked questions
How much does life insurance cost on average per month?
Life insurance costs on average $26 per month for a 30-year-old buying a $500,000, 20-year term life insurance policy. A 30-year-old buying $500,000 of whole life insurance will pay on average $451 per month. Your rates will differ based on your age and health.
Is it worth it to buy life insurance?
Life insurance protects your loved ones from financial despair if you die prematurely and can no longer provide for them. Getting coverage is absolutely worth it — for peace of mind and financial security.
How can you pay for life insurance?
You can pay your premiums by electronic bank transfer or check. Few insurance companies accept credit cards past the initial payment. Payments can be made on an annual or monthly basis.
As an expert in life insurance, I bring a wealth of knowledge and experience to help you understand the intricacies of this financial product. My expertise is not only demonstrated by my familiarity with the key concepts mentioned in the provided article but also by my ability to provide additional insights and context.
The article discusses various factors that influence the cost of life insurance, emphasizing the role of life expectancy, age, gender, health, hobbies, and medical history. It also touches upon the distinction between term life insurance and whole life insurance, highlighting the impact of policy type, term length, and coverage amount on the premiums. The importance of getting quotes tailored to individual circ*mstances is emphasized, and real-time prices from top insurers through Policygenius are used for comparison.
Let's delve deeper into the concepts covered in the article:
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Factors Affecting Life Insurance Rates:
- Age and Gender: The younger and healthier you are, the lower your life insurance rates. Men typically pay more than women due to shorter life expectancies.
- Health and Habits: Pre-existing conditions and habits like smoking can significantly impact the cost of life insurance.
- Occupation and Hobbies: Risky occupations or hobbies can lead to higher premiums, with examples provided, such as a skydiver paying extra.
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Policy Types:
- Term Life Insurance: Cheaper option with basic protection for a specified period.
- Whole Life Insurance: More expensive, permanent coverage with a cash value component.
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Methodology for Rate Comparison:
- Rates are based on real-time prices from leading insurers through Policygenius.
- Internal actuarial rate tables and the Policygenius Life Insurance Price Index are used for calculations.
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How Life Insurance Rates are Calculated:
- Four main factors: age, gender, policy type, and health.
- Each year of delay increases premiums by 4.5% to 9%.
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Additional Factors Influencing Rates:
- Occupation: Risky jobs may result in higher premiums.
- Hobbies: Engaging in high-risk hobbies can lead to increased costs.
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Factors That Don’t Affect Rates:
- Life insurance companies cannot discriminate based on race, ethnicity, or sexual orientation.
- Where you live, the number of beneficiaries, and the number of policies do not impact rates.
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Average Term Life Insurance Rates:
- Rates vary by age, gender, and coverage amount.
- Rates are provided for different age groups and coverage amounts, with a breakdown by gender.
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Average Whole Life Insurance Rates:
- Whole life insurance rates are significantly higher than term life rates.
- Rates are provided for different age groups and coverage amounts.
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No-Medical-Exam Term Life Insurance Rates:
- Rates for policies that skip the medical exam, providing faster coverage.
- Rates are provided for different age groups and coverage amounts.
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Difference Between Quotes and Final Rates:
- Initial quotes may change based on information discovered during underwriting.
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Best Time to Buy Life Insurance:
- Buying at a younger age is recommended for locking in cheaper rates.
- Major life milestones like becoming a parent or buying property are mentioned.
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Buying Life Insurance When Older:
- Situations when it makes sense to buy at an older age are discussed.
- Coverage needs beyond the expiration of an existing policy are considered.
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Frequently Asked Questions:
- Answers to common questions, including average monthly costs, the worth of life insurance, and payment methods.
In conclusion, life insurance is a complex financial product with rates influenced by various factors. Understanding these factors and obtaining tailored quotes based on individual circ*mstances is crucial for making informed decisions about life insurance coverage.
