How much is life insurance?
Term life insurance costs on average $30 per month ($360 per year) for a 20-year term life policy with a $500,000 payout for a 30-year–old male with few health conditions, and $23 per month ($276 per year) for a 30-year-old female with a similar profile.
Permanent life insurance policies like whole life and universal life insurance cost significantly more than term life because they don’t expire and come with an investment-like component called cashe value, which allows you to use funds from your policy while you’re still alive.
A 30-year-old male in overall good health can expect to pay $487 per month ($5,844 per year) for a whole life insurance policy with a $500,000 payout. A 30-year-female with a similar profile can expect to pay $414.50 per month ($4,974 per year) for the same whole life policy.
Life insurance terms you should know
Beneficiaries: The people you name on your life insurance policy to receive the lump sum of money — also known as the death benefit — when you die.
Cash value: The portion of a permanent life insurance policy’s monetary value that grows tax-deferred over the life of the policy.
Death benefit: The amount of money the life insurance company will pay your beneficiaries when you die.
Face amount: The dollar amount, or death benefit, your beneficiaries receive if you die while your life insurance policy is active.
Insured: The person who is covered by the insurance policy.
Policy: The legal document that includes the terms and conditions of your life insurance contract.
Policyholder: The person who owns an insurance policy. Usually, this is the same person as the insured.
Permanent life insurance: A type of life insurance that lasts for the rest of your life and usually includes a cash value account.
Premium: The amount you pay your insurance company to keep your coverage active. Premiums are typically paid monthly or annually.
Riders: Add-ons to a life insurance policy that provide more robust coverage, sometimes for an extra cost.
Term life insurance: A life insurance policy that lasts for a set number of years before it expires. If you die before the term is up, your beneficiaries receive a death benefit.
Underwriting: The process where an insurance company evaluates the risk of insuring you and determines your final rate.
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.
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.
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 policy rates by age
The monthly rates below are based on a 20-year term life insurance policy with a $500,00 payout for people with few health conditions and who don’t smoke.
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 | $22.98 | $36.90 |
Male | $18.19 | $29.32 | $48.89 | |
40 | Female | $21.66 | $35.27 | $60.65 |
Male | $25.39 | $42.94 | $75.24 | |
50 | Female | $43.92 | $78.29 | $139.50 |
Male | $56.69 | $102.50 | $188.29 | |
60 | Female | $107.83 | $194.16 | $354.51 |
Male | $149.38 | $268.04 | $499.98 |
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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, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. 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 06/01/2024.
Term life insurance policy rates for smokers
Smokers usually pay two to three times more for coverage when compared to non-smokers, because smoking is considered a health risk. Below are monthly rates for a 20-year, $500,000 term life policy for people who smoke but have no additional health complications.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $35.71 | $60.59 | $101.32 |
Male | $44.50 | $76.43 | $132.24 | |
30 | Female | $38.52 | $65.75 | $117.20 |
Male | $46.90 | $80.95 | $143.89 | |
40 | Female | $62.74 | $113.40 | $207.38 |
Male | $78.26 | $145.39 | $266.49 | |
50 | Female | $137.94 | $257.05 | $465.89 |
Male | $188.09 | $351.50 | $660.83 | |
60 | Female | $320.17 | $617.51 | $1,123.64 |
Male | $461.29 | $887.93 | $1,642.70 |
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Methodology: Average monthly rates are calculated for male and female smokers in a Preferred Smoker 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, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. 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 06/01/2024.
Term life insurance policy rates by term length
These monthly rates are based on a 10-year, 20-year, or 30-year, $500,000 term life policy for a 30-year-old with few health conditions and who doesn’t smoke.
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, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. 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 06/01/2024.
Life insurance rates remain steady in June 2024
Life insurance rates remained steady in June according to the Policygenius Life Insurance Price Index (PLIPI). Rates haven’t changed since May 2023, when they went up by 1.4%.
The PLIPI uses real-time rate data from leading life insurance companies to reveal pricing trends and industry changes.
Read more about the Policygenius Life Insurance Price Index
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 and who don’t smoke.
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 | $22.98 | $36.90 |
Male | $18.19 | $29.32 | $48.89 | |
40 | Female | $21.66 | $35.27 | $60.65 |
Male | $25.39 | $42.94 | $75.24 | |
50 | Female | $43.92 | $78.29 | $139.50 |
Male | $56.69 | $102.50 | $188.29 | |
60 | Female | $107.83 | $194.16 | $354.41 |
Male | $149.29 | $268.04 | $499.98 |
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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, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. 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 06/01/2024.
Explore more life insurance term 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 offered by Policygenius 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 06/01/2024.
Whole life insurance rates for smokers
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $177.00 | $348.00 | $670.20 |
Male | $210.60 | $416.40 | $804.60 | |
30 | Female | $251.40 | $497.40 | $976.80 |
Male | $294.60 | $584.40 | $1,145.40 | |
40 | Female | $366.00 | $726.60 | $1,434.00 |
Male | $445.20 | $884.40 | $1,706.40 | |
50 | Female | $576.60 | $1,148.40 | $2,278.80 |
Male | $683.40 | $1,361.40 | $2,666.40 | |
60 | Female | $960.60 | $1,916.40 | $3,815.40 |
Male | $1,148.40 | $2,291.40 | $4,522.80 |
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Methodology: Approximate monthly rates are calculated in a Preferred Smoker health classification, based on a $1 million whole life insurance policy paid up at age 100 offered by Policygenius 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 06/01/2024.
Explore more whole life insurance rates
Quotes vs. rates
Life insurance quotes are estimates of how much your life insurance premiums will cost on a monthly or annual basis. You can get quotes online, for free, with just a few pieces of information — or you can call us at 1-800-608-2192 to connect with a Policygenius agent and get started. Life insurance rates are the final cost of your premiums, which an insurance company will only provide after they evaluate your application.
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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. Habits that affect your health, like smoking, also impact your rates.
Learn more about how insurers set your rates based on your health
