- The average monthly cost for a term life insurance policy is $26 as of September 2024.
- The average monthly cost for a $500,000 whole life insurance policy for a 30-year-old is $451.
- Life insurance prices vary by the type of insurance, coverage amount, and personal factors.
Life insurance isn't one-size-fits-all. While an average monthly for life insurance can give you an idea of what you'll pay, many factors go into premium calculations, like the type of coverage, age, where you live, and other personal factors. These factors also heavily influence the best life insurance for your needs.
Explore average costs for various life insurance policies, like term and whole life insurance.
Average cost of life insurance
Premiums vary based on the specific type of life insurance. For example, Policygenius reports the average monthly cost for a 20-year term life insurance policy with a $500,000 payout is $30 for 30-year–old males and $23 for 30-year–old females. The same whole life insurance policy costs approximately $450 monthly.
Key factors affecting life insurance prices
More than just age, sex, and type of insurance can influence your rates. Your lifestyle and health history could also determine the price you pay. Here are a few things that could make your coverage more expensive than someone your age.
Age
The most noticeable difference is in the older ages of the sample premiums — after age 40, premiums go up significantly. The sooner you get your coverage, the less you could pay each month.
Gender
Gender plays a significant role in your life insurance rate. For the same insurance policy, a female and a male will pay different monthly coverage amounts. Males will generally pay more each year.
Amount of coverage
The more coverage you require, the higher your insurance will be. Policygenius data from September 2024 illustrates the average term life insurance costs based on age, gender, and coverage amount. These life insurance quotes are based on a 20-year term life insurance policy for people with few health conditions who don't smoke.
| Age | Gender | $250,000 coverage | $500,000 coverage | $1 million coverage |
| 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 |
Health
Life insurance companies can check your health history and medication history in two ways: a medical records database and your medical exam (although it's possible to get life insurance without a medical exam). Like health insurance, pre-existing conditions could also impact the rate you pay.
Type of insurance
There are two main types of life insurance: permanent life insurance (whole, universal, and variable life insurance) and term life insurance. Each type grows and pays death benefits differently, and each insurance cost has very different associated costs.
Take a look at the average cost for whole life insurance based on age, gender, and coverage amount, according to Policygenius data.
| Age | Gender | $250,000 coverage | $500,000 coverage | $1,000,000 coverage |
| 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 | $1,134.50 | $2,222.00 | |
| 60 | Female | $800.50 | $1,597.00 | $3,179.50 |
| Male | $957.00 | $1,909.50 | $3,769.00 |
Lifestyle
Avid skydivers, scuba divers, or travelers could find their insurance rates higher than others. It's not uncommon for insurers to ask about your history with these activities, travel history, and future plans. A bad driving record could also add to the cost of life insurance.
Life insurance for smokers is also more expensive. Insurance company Protective Life research shows that life insurance is 100 to 300 times more expensive for smokers.
See the table for the average monthly cost of life insurance for smokers based on age, gender, and coverage amount. Quotes are based on a 20-year term life insurance policy for smokers with no health conditions.
Term life insurance for smokers
| Age | Gender | $250,000 Coverage | $500,000 Coverage | $1 million Coverage |
| 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 |
Whole life insurance for smokers
| Age | Gender | $250,000 coverage | $500,000 coverage | $1,000,000 coverage |
| 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 |
Source: Policygenius
Getting an idea of your life insurance cost
Use an online life insurance cost calculators
Online calculators help you estimate how much coverage you need. Calculating this coverage includes your debt, income, mortgage, children's education expenses, and final expenses.
Work with an insurance broker
Like online calculators, insurance brokers help you determine your coverage needs and offer personalized advice. They can also assist with finding the right policy that fits your budget.
Compare quotes from multiple insurers
Insurance companies weigh risk factors differently, so you'll see different rates with different companies. Comparing quotes from various companies will help you find the best price for the coverage you need.
Average cost of life insurance FAQs
The average cost of life insurance for a $500,000, 20-year term life policy is $30 monthly for 30-year-old males and $23 monthly for 30-year-old females.
Health conditions don't always mean higher premiums. Some insurers offer lower rates than their competitors for specific conditions. Shopping around can ensure you get the best rates for your risk profile.
Whether your premiums increase over the course of a policy depends on your policy. Generally, premiums are fixed, so they won't go up throughout your policy's lifetime. As a result, buying life insurance while young and healthy can help you secure cheaper rates.
You can find the best life insurance rates using comparison websites. Many of these sites generate real live quotes and side-by-side comparisons in minutes — a quick and easy way to find the best rates and coverage. Speaking to brokers requires a bit more effort. You
Life insurance rates can change after approval due to multiple reasons. You may see a rate increase if there's a change in your policy (e.g., you convert your policy or include riders). Rates rarely decrease unless there is a significant change in your health and lifestyle (e.g., quitting smoking).
