Individual life insurance policy rates depend on many factors, including your age, gender, health, and lifestyle choices, which influence your risk. In general, the younger and healthier you are, the lower the cost of life insurance will be for you. Show
How much is life insurance?A healthy 35-year-old male getting a term life insurance policy can expect to pay about $30.14 per month for a 20-year, $500,000 policy as of December 2022, while a 35-year-old female with the same term length and policy amount may pay $25.43 per month. Generally, term life insurance is more affordable than whole life insurance because whole life lasts longer and has an additional savings feature — whole life rates are, in fact, on average, five to 15 times higher than term. As of December of 2022, a healthy, non-smoking, 35-year-old male can expect to pay about $571 per month for a $500,000 whole life insurance policy with premiums paid up by age 99. The sample life insurance rates shown below will give you an idea of how much a policy may cost depending on your situation. The best way to get an accurate life rate, however, is to work with an independent broker. At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent, unbiased advice. Overview of average life insurance rates by policy type
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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 ten life insurance carriers that offer policies through the Policygenius marketplace (AIG, Banner Life, Brighthouse, Lincoln Financial, MassMutual, Mutual of
Omaha, Pacific Life, Protective, Prudential, and Transamerica), and the Policygenius 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. The average term life insurance rate for a 25-year-old is $287 a year, and if you want to purchase term life insurance until you are 65 years old, the average life insurance rate is $5,060 a year. Life insurance increases in cost 4.5% to 9% every year you age because the older you are, the higher a risk to insure you become according to life insurance companies. Buying insurance while young can help you lock in the most competitive rates.  Term life insurance rates for 20-year-oldsTerm life insurance rates for 30-year-oldsTerm life insurance rates for 40-year-oldsTerm life insurance rates for 50-year-oldsTerm life insurance rates for 60-year-oldsMethodology: Average sample monthly estimated rates are for male and female non-smokers with a Preferred health rating buying a 10-year, 20-year, or 30-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 AIG, Banner, Brighthouse, Lincoln, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica, and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 12/01/2022. Average whole life insurance rates by age and pay scheduleWhen you buy a whole life policy, insurers usually give you the option to pay your policy's lifetime premiums until you're age 65 or 99. The latter option is the most affordable and convenient for most people as it allows them to pay their premiums until they die. The average whole life insurance rate for a 25-year-old is $6,282 a year, and if you want to purchase whole life insurance until you are 55 years old, the average rate is $37,260 a year. Whole life insurance rates payable until age 65
Methodology: Rates are calculated for non-smokers in a Preferred health classification, obtaining a whole life insurance policy payable within 65 years from MassMutual. Individual rates will vary as specific circumstances will affect each customer's rate. Rate illustration valid as of 12/01/2022. Whole life insurance rates payable until age 99
Methodology: Monthly rates are calculated for non-smokers in a Preferred health classification, obtaining a whole life insurance policy payable within 99 years from MassMutual. Individual rates will vary as specific circumstances will affect each customer's rate. Rate illustration valid as of 12/01/2022. Average no-medical-exam term life insurance rates by age and coverage amountNo-medical-exam life insurance uses past health records instead of a physical exam to assess your health so you can get affordable life insurance faster. If you don't have any major health or lifestyle risks and want a speedy application process, a no-med policy might be a good fit for you. No-medical-exam term life insurance rates by age
Methodology: Rates are calculated for non-smokers in a Preferred health classification, buying a $250,000, $500,000, and $1,000,000 20-year, no-medical-exam term life insurance policy. This calculation is a composite of carriers that offer policies through Policygenius, including Brighthouse, Foresters Financial,Banner Life, Transamerica, and Lincoln Financial, and may vary by carrier, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 12/01/2022. No-medical-exam term life insurance rates by coverage amount
Methodology: Rates are calculated for 35-year-old non-smokers in a Preferred health classification, buying a 10-year, 20-year, and 30-year no-medical-exam term life insurance policy. This calculation is a composite of carriers that offer policies through Policygenius, including Brighthouse, Foresters Financial, Banner Life, Transamerica, and Lincoln Financial, and may vary by carrier, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 12/01/2022. To lock in cheaper rates, purchase a life insurance policy while you’re young and in good health. Premiums will remain the same throughout the entirety of your policy. Transgender applicants and life insuranceAt this time, there is no established protocol on gender for transgender applicants across the life insurance industry. Insurers typically offer policies based on your actual gender as opposed to the gender you were assigned at birth, but each insurance company has their own guidelines. Hormone therapy and gender affirming surgery won’t impact your rates. Insurers cannot discriminate against you because you are transgender and doing so is illegal. Companies on the Policygenius marketplace that generally underwrite applicants based on their gender identity include AIG, Prudential, and Transamerica. underwriting guidelines can change, so we recommend working with a Policygenius agent to find an insurer that will underwrite your life insurance policy using the correct gender. Average life insurance rates by coverage amount and lengthHow much life insurance you need is a two-part question: how much coverage you need (the death benefit), and how many years you need that coverage to last (the term). The longer your policy lasts and the greater your coverage, the higher its cost. A whole life insurance policy ensures your coverage will last the rest of your life. 10-year term life insurance rates
15-year term life insurance rates
20-year term life insurance rates
30-year term life insurance rates
40-year term life insurance rates
Methodology: Average sample monthly estimated rates are for male and female smokers and non-smokers with a Preferred health rating buying a 10-year, 15-year, 20-year, 30-year, or 40-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 AIG, Banner, Brighthouse, Lincoln, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica, and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 12/01/2022. How are life insurance rates calculated?Life insurance rates are determined by five main factors:
The added cost of life insurance ridersRiders are like mini contracts that allow you to customize your life insurance policy. They often come at an additional cost that adds to your monthly premium. Some riders, however, like the term conversion rider, are included in your policy at no additional charge. Common riders for both term and whole life insurance include:
How your hobbies impact your life insurance costsIf you have a job that puts you at risk, like if you’re active military, or have any dangerous hobbies, such as scuba diving, you can expect to see higher life insurance quotes. “In order to cover you while working in a high-risk occupation or while participating in hobbies that are considered higher risk, insurance companies might require something called a flat additional fee, such as $2 or $5 per $1,000 of coverage,” says Patrick Hanzel, certified financial planner and advanced planning manager at Policygenius. A skydiver with a $1,000,000 policy could end up paying a flat extra fee of $5,000 per year. However, someone who skydives too often might not be able to purchase life insurance with certain insurance companies at all. A Policygenius expert can help you determine the best options based on your hobbies and how frequently you participate in them. What does not impact your life insurance rates?Although the underwriting process accounts for factors like age and gender, life insurance companies cannot discriminate based on race, ethnicity, or sexual orientation during the underwriting process. Here are some other factors that will not affect how much you pay for life insurance:
→ Read more about how life insurance works When is life insurance worth the cost?If anyone depends on you for financial support, getting life insurance to cover them financially in case you die is worth buying at any point in life. If you want to lock in the cheapest rates, however, you should consider buying as early as possible, even if you don't have many financial obligations or dependents to cover yet. When is the best time to buy life insurance?It’s best to buy a policy when you’re young and healthy to save money over the long term. A study published by LIMRA, a financial industry trade group focused on life insurance, and Life Happens, 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 [1] Buy a policy as soon as you anticipate crossing major milestones like:
When to buy life insurance when you’re olderThere are times when it makes sense to buy a policy at an older age, even if it is at a higher cost. For example, 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, which is common among millennials, [2] will need a policy for longer. But ideally, you won’t need to buy a life insurance policy when you’re older. By retirement, the goal is to have fewer people who rely on you for financial security as your dependents become independents and long-term expenses, like your mortgage, are closer to being paid off. Why your rates might differ from your life insurance quotesThe phrase "life insurance rates" can be used refer to both your life insurance quotes (estimates that your insurance broker or company give you before and during the application process) and your life insurance 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. When you apply for life insurance, the first quotes you get are based on an initial series of questions about your health, family history, and driving record. Next, you’ll talk to a life insurance agent on the phone (life insurance is highly regulated, and this is a must). The agent will get a fuller picture of your health, and this additional information may change your quotes. Your medical exam and medical records could reveal information that change your rates again. Premiums are set by your insurance company once they offer you a policy and you add on any riders. Except in rare cases, your rates are set for the life of your policy. Life insurance costs $28 or less per month for a 35-year-old buying a $500,000, 20-year term life insurance policy as of November of 2022. A 35-year-old buying $500,000 of whole life insurance will pay $480 to $571 as of November of 2022. Your rates will differ based on your age and health. 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. You can pay your premiums by electronic bank transfer or check. Few insurance companies accept credit cards past the initial payment. How do you calculate the cost of life insurance?You take your annual income and multiply it by 10. That's it. So, if you're making $100,000 annually, you'd multiply that by 10. That's $1 million of suggested coverage.
What is the most expensive life insurance?The Guinness record holder: The most valuable life insurance policy ever sold, according to Guinness World Records, is valued at a total of $201 million, on the life of a well-known U.S. billionaire who resides in the Silicon Valley area of California and is actively known in the technology space.
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