Average Cost of Life Insurance

Eric Van Haaften Feb 10, 2026 Best Life Insurance Rates by Age

Life insurance can feel confusing at first, especially when you’re trying to figure out what it actually costs.

Our detailed guide provides a clear breakdown of the average cost of life insurance across policy types, enabling you to confidently compare your options.

You’ll see how pricing works for term, universal, and whole life insurance, and how each type fits different needs and budgets.

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What is the average cost of life insurance?
How much is life insurance?
How much does term life insurance cost?
What does universal life insurance cost?
What is the average cost of whole life insurance?
Are no-exam life insurance policies more expensive?
FAQ: How much does life insurance cost?

What is the Average Cost of Life Insurance?

Most people expect a single number when they search for the “average cost” of life insurance — but the truth is, there isn’t one.

Life insurance pricing isn’t built on a universal average; it’s based on risk categories. Every company evaluates your age, health, lifestyle, and policy type to place you into a specific underwriting class.

Instead of thinking in terms of “average cost”, it’s more accurate to view life insurance as a pricing spectrum.

Where you fall on that spectrum depends entirely on the risk you present and the type and amount of coverage you choose.

Once you understand the factors that drive your rate, the process becomes far more straightforward — and you’ll immediately see where you can save money.

Life Insurance Cost Factors

Age: Younger applicants pay less because they present a lower mortality risk. Rates rise steadily as you get older.
Gender: Women typically receive lower premiums due to longer life expectancy.
Medical History: Conditions like diabetes, heart issues, or past surgeries can increase your rate.
Lifestyle Choices: Smoking, heavy drinking, or poor health habits raise your risk profile — and your premium.
Risky Hobbies: Activities such as skydiving, aviation, or scuba diving often incur additional charges.
Policy Type: Term life is the most affordable. Whole life and universal life cost more because they provide lifelong coverage and build cash value.
Coverage Amount: Higher death benefits come with higher premiums.

You can’t change your age or gender, but you can improve other factors that impact your life insurance premiums.

For instance, quitting smoking, reducing alcohol intake, losing excess weight, and managing blood pressure and cholesterol can help you qualify for better rates.

Our insurance agents have seen firsthand how even small improvements in health or lifestyle can meaningfully reduce long‑term costs for our clients.

How Much Is Life Insurance?

Life insurance is one of the few financial products where you have real control over the price. Your premium depends on how much coverage you choose, the type of coverage, and your age and health when you apply.

As you can imagine, your age and health are key factors in your costs. Younger, healthier individuals typically enjoy lower long-term rates before life introduces any medical surprises.

According to Business Insider, life insurance premiums consistently increase as you age. Middle-aged buyers will experience only modest cost increases, while term insurance for seniors can be three times more expensive than for younger applicants.

The type of life insurance you select is another factor that influences your cost. Whether you choose a short-term plan, a long-term policy, or permanent coverage will affect your premium expenses.

We will explain each option to help you make an informed decision about your life insurance coverage and its financial implications.

Average Cost of Term Life Insurance

The biggest decision you’ll make when buying term life insurance is choosing how long you want your coverage to last — your policy’s “term.”

As agents, we often recommend level-term coverage because your payments remain consistent for a specified period, typically ranging from 10 to 40 years.

The cost of your term life policy greatly depends on the length of the term you choose. Longer terms typically come with higher premiums because the risk of a claim increases over time as we age.

We’ll walk through the most common term lengths, share the average costs, and show how each option fits into the different stages of life.

How Term Length Impacts Your Premium

10-Year Term Life Insurance

If you are looking for cheap coverage for a decade, consider buying a 10-year term life policy with a death benefit that aligns with your financial situation.

A 10-year term life insurance policy is ideal for couples who need coverage until their children are financially independent or their retirement savings are fully established.

We recently sold a small $100,000 term plan to a 50-year-old male client for only $21 a month to ensure that his teenage son could attend college in the event of his passing.

You’ll be pleased to know that this type of coverage is commonly offered by numerous companies for applicants up to age 80, making it one of the easiest policy options to find!

10-Year Term Life Quotes for Men

	$250k	$500k	$1mm
45	18	28	44
50	24	41	69
55	38	67	120
60	58	108	190
65	97	181	348

10-Year Term Life Quotes for Women

	$250k	$500k	$1mm
45	16	24	38
50	22	33	57
55	36	51	89
60	51	73	143
65	88	120	220

15-Year Term Life Insurance

A 15-year term gives you a bit more breathing room, offering guaranteed death benefits and level premiums for fifteen years.

Plus, the average cost of a 15-year life insurance policy is not significantly different from that of a 10-year policy.

According to our research, the average cost of a $500,000 10-year term life insurance policy for a 50-year-old man is approximately $41 per month. Similarly, men aged 50 typically pay about $54 per month for a 15-year policy.

This term plan is a perfect option for middle-aged parents who need coverage until their children are financially independent or their retirement savings are fully established

It is good to know that most insurance companies offer fifteen-year coverage options until you reach 75.

15-Year Term Life Insurance Costs for Men

	$250k	$500k	$1mm
45	22	35	63
50	37	54	160
55	45	86	182
60	67	127	243
65	114	256	471

15-Year Term Life Insurance Costs for Women

	$250k	$500k	$1mm
45	19	29	49
50	24	41	73
55	35	60	109
60	51	93	178
65	87	165	304

20-Year Term Life Insurance

A 20-year life insurance policy is popular if you want affordable coverage that locks in your rate for the next two decades, even if your health changes.

Despite having higher costs than shorter term lengths, more than 40% of term insurance buyers still opt for a 20-year term.

We find that people often choose 20-year term insurance to replace lost income upon death. The proceeds help families cover lost income and manage expenses without financial strain.

You can buy coverage that lasts for 20 years until age 70 from several insurance companies.

20-Year Term Insurance Rates for Men

	$250k	$500k	$1mm
45	27	46	85
50	39	70	128
55	60	112	213
60	103	197	373
65	188	375	739

20-Year Term Insurance Rates for Women

	$250k	$500k	$1mm
45	22	37	66
50	32	55	96
55	45	84	157
60	75	139	262
65	131	255	475

30-Year Term Life Insurance

A 30-year term life plan is one of our most popular choices for younger and middle-aged clients needing predictable rates that won’t change for three decades.

This term life insurance plan is a popular choice for homeowners seeking mortgage protection to pay off their mortgage balance.

We just sold a $250,000 term insurance policy to a 50-year-old male client for only $69 a month to protect his mortgage, ensuring his family wouldn’t have to worry about losing their home.

If you’re in your fifties and need a 30-year term, submit your application before turning 56 to ensure your eligibility.

30-Year Term Insurance Costs for Men

	$250k	$500k	$1mm
35	24	36	64
40	29	51	143
45	43	77	151
50	69	124	226
55	118	226	443

30-Year Term Insurance Costs for Women

	$250k	$500k	$1mm
35	20	30	52
40	25	40	73
45	35	59	113
50	58	96	177
55	82	54	298

40-year Term Life Insurance

With premiums guaranteed for four decades, 40-year term life insurance provides a lasting layer of protection, no matter what happens in the years ahead.

Forty-year policies are ideal for young individuals with long-term mortgages or those who need coverage well into retirement.

It’s important to recognize that a 40-year term life insurance policy typically carries the highest cost among all term options.

This is why we recommend matching your coverage length to your actual needs. You can still protect your family while keeping your premiums more manageable.

For illustration, a 40-year-old woman can expect to pay about $174 per month for a $1,000,000 term life policy. with a 40‑year term. If this premium is too expensive, she could always choose a shorter duration to lower her costs.

For those researching insurance options, it’s worth noting that only Banner and Protective Life offer 40-year term policies.

Due to the extended duration, these policies are available only to non-smokers aged 45 or younger and to smokers aged 40 or younger.

40-Year Term Insurance Rates for Males

	$250k	$500k	$1mm
25	25	43	73
30	30	54	102
35	37	70	134
40	61	113	219
45	96	186	365

40-Year Term Insurance Rates for Females

	$250k	$500k	$1mm
25	21	34	58
30	23	39	72
35	29	52	92
40	49	90	174
45	77	46	285

How Much Does Term Life Insurance Cost?

If you’re wondering what term life coverage might cost for your family, a quick quote is the easiest way to find out.

Our life insurance calculator allows you to input a few basic details and view personalized rates instantly—no appointments, no pressure, and typically no medical exam.

Our calculator offers a simple way to compare life insurance plans from hundreds of insurers to get a clear idea of what you can expect to pay.

What Does Universal Life Insurance Cost?

Universal life insurance is a strong fit for people who want lifelong protection without the complexity or high cost of traditional whole life.

It’s why we often recommend guaranteed universal life (GUL) for clients who want permanent coverage focused purely on protection.

With GUL, you choose the age you want your coverage guaranteed to—90, 95, 100, or even 121—and that choice directly affects your premium.

For instance, a shorter guarantee that lasts until age 90 is generally much more affordable than one that extends to age 121.

Many clients use universal life for final expenses or legacy planning because it provides lifetime coverage without paying for cash‑value growth.

For comparison, let’s take a look at average universal life rates for coverage amounts of $100,000 and $250,000.

Average Universal Life Rates for Men

	$100k	250k
40	$58	$132
50	$85	$199
60	$137	$325
70	$249	$589
80	$560	$1,312

Average Universal Life Rates for Women

	$100k	250k
40	$49	$116
50	$73	$173
60	$115	$286
70	$209	$503
80	$480	$1,112

Average Cost of Whole Life Insurance

Whole life insurance provides guaranteed premiums, death benefits, cash values, and fluctuating dividends.

Whole life is significantly more expensive than universal life because you’re paying for lifetime guarantees on premiums and cash value growth.

Most people purchase whole life insurance for its lifelong coverage and the ability to accumulate cash value and dividends over time.

Larger whole life insurance policies are typically used for advanced planning, particularly for wealth transfer or long-term cash value growth.

In contrast, smaller whole life policies, often around $25,000, are commonly used for final expenses; however, these smaller plans usually cost more per dollar of coverage.

Let’s explore the average costs of whole life insurance for amounts between $100,000 and $500,000.

Average Whole Life Rates for Men

	$100,000	$250,000	$500,000
30	$89	$222	$444
40	$133	$334	$667
50	$229	$573	$1,146
60	$410	$1,026	$2,052

Average Whole Life Rates for Women

	$100,000	$250,000	$500,000
30	$80	$200	$399
40	$121	$302	$605
50	$205	$513	$1,025
60	$348	$869	$1,738

What Does Life Insurance Cost?

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Average Cost of No‑Exam Life Insurance

Exciting news! Modern underwriting has transformed how buyers qualify for new life insurance coverage.

Many carriers now use prescription databases, medical records, and telephone interviews to assess underwriting risk without requiring a medical exam.

According to Forbes Advisor, these no‑exam policies are priced the same as traditional coverage for healthy applicants and are approved in just a few weeks.

However, we do not recommend these fully underwritten policies for clients with pre-existing conditions, as approvals are based on your medical records.

We typically explore pricier simplified-issue term or whole-life insurance policies that ask only a few health-related questions for those with medical conditions.

If you’re busy or want to skip a medical exam, our expert agents can help you find and compare rates from top insurers, ensuring you get the coverage you need without the hassle.

FAQs: How Much Does Life Insurance Cost?

Why do rates increase based on “insurance age” instead of your birthday? Carriers price you based on your nearest age, so you may be rated a year older even before your actual birthday.

How do height and weight affect your rate class? Carriers use build charts, and small differences can shift you to a higher cost class. Our agents know which companies have the most lenient build charts.

How much more do smokers pay? Smokers typically pay two to three times more because nicotine use is treated as a major long‑term health risk. However, we represent companies that specialize in insuring smokers at cheap rates.

Why do rates differ between insurers for those with anxiety or depression? Underwriting guidelines can vary widely, but we prefer Banner Life because it tends to be the best for those with well-managed conditions.

Why does your driving record impact your premium? Frequent speeding violations or DUIs signal higher mortality risk, even if you’re otherwise healthy. We can help you find the carrier that is most flexible with your driving history.

Who pays more for life insurance, males or females? When all other factors are the same, males typically have to pay higher premiums for life insurance compared to females because they have a shorter life expectancy.

Do life insurance rates increase as you get older? As you grow older, life insurance prices tend to increase. This is because the likelihood of health problems and mortality increases with age, prompting insurers to adjust their premiums accordingly.