How Much Does Life Insurance Cost? Average Rates by Age in 2026

Life Insurance Costs Far Less Than You Think

If you have been putting off buying life insurance because you assume it is too expensive, you are not alone — and you are almost certainly wrong about the price. LIMRA's 2025 Insurance Barometer Study found that consumers overestimate the cost of life insurance by roughly three times. The average person guesses that a $250,000 term policy for a healthy 30-year-old costs about $50 per month. The real price? Closer to $15 to $20.

That misconception has real consequences. The same study found that 40 percent of American adults carry no life insurance at all, and underinsured households are short by an average of $200,000. Cost is consistently cited as the top reason people go without coverage — yet the actual price of a policy is often less than a monthly streaming subscription.

This guide breaks down exactly what life insurance costs in 2026, with average monthly rates organized by age, policy type, gender, and coverage amount. You will also learn the factors insurers use to set your price and the strategies that can save you hundreds or even thousands of dollars over the life of a policy.

Average Term Life Insurance Rates by Age

Term life insurance is the most popular and most affordable type of life insurance. You choose a coverage amount and a term length (typically 10, 20, or 30 years), pay a fixed monthly premium, and your beneficiaries receive the death benefit if you pass away during the term. There is no cash value, no investment component — just pure, straightforward protection. For a deeper comparison of your options, see our guide on term life vs. whole life insurance.

The rates below are approximate monthly premiums for a healthy, non-smoking individual in a Preferred rate class. Actual quotes may vary by insurer, state, and individual health profile.

$500,000 20-Year Term Life: Monthly Cost by Age

• Age 25: Male $20 to $28 per month / Female $17 to $24 per month
• Age 30: Male $25 to $35 per month / Female $21 to $30 per month
• Age 35: Male $30 to $42 per month / Female $26 to $36 per month
• Age 40: Male $48 to $68 per month / Female $40 to $56 per month
• Age 45: Male $72 to $105 per month / Female $58 to $85 per month
• Age 50: Male $115 to $165 per month / Female $90 to $130 per month
• Age 55: Male $185 to $260 per month / Female $140 to $200 per month
• Age 60: Male $330 to $475 per month / Female $240 to $350 per month

The pattern is unmistakable: premiums roughly double every decade after 30. A 30-year-old paying $30 per month spends $7,200 over the full 20-year term. A 50-year-old paying $140 per month for the same coverage amount spends $33,600 — more than four and a half times as much for the identical death benefit.

$250,000 20-Year Term Life: Monthly Cost by Age

If a half-million dollars of coverage exceeds your needs, a $250,000 policy is even more affordable. These rates illustrate just how inexpensive basic protection can be:

• Age 25: Male $13 to $18 per month / Female $11 to $15 per month
• Age 30: Male $15 to $22 per month / Female $13 to $18 per month
• Age 40: Male $28 to $40 per month / Female $23 to $33 per month
• Age 50: Male $62 to $90 per month / Female $48 to $70 per month
• Age 60: Male $175 to $255 per month / Female $130 to $190 per month

For many young, healthy individuals, a $250,000 policy costs less than a daily cup of coffee. If you are not sure how much coverage you actually need, our guide on how much life insurance you need walks you through a step-by-step calculation.

Average Whole Life Insurance Rates by Age

Whole life insurance is a permanent policy that covers you for your entire life, builds guaranteed cash value, and pays potential dividends. The trade-off is price — whole life costs five to fifteen times more than an equivalent term policy because the insurer is guaranteeing a payout no matter when you die, not just during a fixed term window.

$250,000 Whole Life Policy: Monthly Cost by Age

• Age 25: Male $165 to $220 per month / Female $145 to $195 per month
• Age 30: Male $195 to $265 per month / Female $170 to $230 per month
• Age 35: Male $240 to $325 per month / Female $210 to $280 per month
• Age 40: Male $305 to $415 per month / Female $265 to $360 per month
• Age 50: Male $485 to $660 per month / Female $415 to $565 per month
• Age 60: Male $780 to $1,060 per month / Female $660 to $900 per month

These numbers make the cost difference immediately clear. A 35-year-old male would pay roughly $35 per month for a $500,000 20-year term policy but $480 to $650 per month for a $500,000 whole life policy. Over 20 years, the term policy costs $8,400 total while the whole life policy costs $115,200 to $156,000. Whole life does build cash value over time, but for pure death benefit protection, term life delivers dramatically more coverage per dollar.

What Life Insurance Costs by Age Bracket

Your age at the time of application is the single biggest factor in what you will pay. Here is what to expect at each major life stage.

Life Insurance in Your 20s

Your 20s offer the absolute lowest premiums you will ever find. A healthy 25-year-old non-smoking male can get a $500,000 20-year term policy for around $20 to $28 per month. Women of the same age and health profile pay even less — roughly $17 to $24 per month. Even if you do not have significant financial obligations yet, locking in a policy now means your rate stays the same for the entire term, regardless of any health changes that develop later.

Many 20-somethings skip life insurance because they are single, renting, and have no dependents. That logic makes sense — but if you have co-signed student loans, plan to start a family in the next five to ten years, or simply want the cheapest possible rate, buying now can be a smart financial move.

Life Insurance in Your 30s

Your 30s are the sweet spot — premiums are still very low, and the need for coverage typically becomes real. Marriage, a first child, a mortgage, and rising income all create financial obligations that life insurance is designed to protect. A $500,000 20-year term policy runs about $25 to $35 per month for a healthy 30-year-old male and $21 to $30 for a female. For a detailed look at buying during this decade, read our guide on life insurance in your 30s.

Most financial planners consider the 30s the ideal time to buy because you get the best combination of affordable premiums, good health, and genuine need. Waiting until 40 can increase your cost by 40 to 70 percent for the exact same coverage.

Life Insurance in Your 40s

In your 40s, rates are still manageable but noticeably higher. A 40-year-old healthy non-smoking male pays about $48 to $68 per month for a $500,000 20-year term policy. By 45, that climbs to $72 to $105 per month. The increase reflects the steepening of the actuarial mortality curve — statistically, the probability of death begins to rise more steeply with each passing year.

Health conditions become more common in your 40s too. High blood pressure, elevated cholesterol, Type 2 diabetes, and weight gain can all push you out of Preferred rate classes and into Standard or even Substandard categories, adding 25 to 75 percent to your premium. If you are in your 40s and have not yet purchased a policy, the best day to buy is today — rates will only go up from here.

Life Insurance in Your 50s

At 50, a $500,000 20-year term policy costs roughly $115 to $165 per month for a healthy non-smoking male. That is three to five times what a 30-year-old would pay. However, many people in their 50s can reduce costs by choosing a shorter term (10 or 15 years) or a lower coverage amount, since their mortgage may be partly paid off and their children may be approaching financial independence. For more strategies, see our guide on life insurance after 50.

No-exam policies also become more attractive after 50 if you have health concerns that would complicate traditional underwriting. Simplified issue and accelerated underwriting products can provide coverage without blood draws or in-person exams, though they typically cost more than fully underwritten policies.

Life Insurance in Your 60s

By your 60s, term life insurance becomes expensive. A healthy 60-year-old non-smoking male can expect to pay $330 to $475 per month for a $500,000 20-year term policy. Many insurers cap term lengths at 10 or 15 years for applicants in their 60s, and some set maximum issue ages of 65 or 70. Coverage options narrow significantly at this stage.

For people in their 60s, the goal often shifts from income replacement to covering specific debts, funding estate planning needs, or leaving a legacy. A smaller policy — $100,000 to $250,000 — may be sufficient and far more affordable. Guaranteed issue and final expense policies are also options for those who cannot qualify for traditional underwriting, though they come with graded death benefits and higher per-dollar costs.

The 7 Factors That Determine Your Life Insurance Cost

Insurers do not pull your premium out of thin air. Every rate is based on a detailed assessment of how likely you are to file a claim during the policy term. Here are the seven primary factors that determine what you pay.

1. Age. This is the single biggest factor. The older you are, the closer you are statistically to the end of your life, and the more the insurer charges. Premiums increase by approximately 8 to 10 percent for every year you delay purchasing a policy.
2. Health and medical history. Insurers review your current health (blood pressure, cholesterol, BMI, blood sugar) and your medical history (surgeries, chronic conditions, family history of heart disease or cancer). Better health means lower premiums. Most fully underwritten policies require a paramedical exam, though some offer accelerated underwriting based on electronic health records.
3. Smoking and tobacco use. Smokers pay two to four times more than non-smokers. Most insurers classify any nicotine or tobacco use within the past 12 months — including cigarettes, cigars, chewing tobacco, and vaping — as smoking. Quitting for 12 consecutive months typically qualifies you for non-smoker rates.
4. Gender. Women live an average of five to six years longer than men, according to Social Security Administration actuarial data. This longevity advantage translates to 15 to 40 percent lower premiums for women at every age.
5. Coverage amount (death benefit). More coverage costs more, but not proportionally. Doubling your death benefit from $250,000 to $500,000 does not double your premium — it might increase it by 60 to 80 percent, because certain administrative costs are fixed per policy regardless of face amount.
6. Term length. A 30-year term costs more than a 20-year term, which costs more than a 10-year term. The longer the insurer is on the hook, the higher the premium. Choosing a term that matches your actual need — for example, the number of years until your youngest child reaches financial independence — avoids paying for coverage you do not need.
7. Policy type. Term life is the cheapest. Whole life, universal life, and variable life are all forms of permanent insurance that cost significantly more. Within term life, fully underwritten policies (with a medical exam) are cheaper than no-exam options. Guaranteed-issue policies — which accept everyone regardless of health — carry the highest premiums per dollar of coverage.

How Smoking Impacts Your Premium

Smoking deserves its own section because the cost impact is enormous and because quitting is the single most effective thing you can do to lower your premium. Here is what smoker rates look like compared to non-smoker rates for a $500,000 20-year term policy:

• Age 30 non-smoker male: $25 to $35 per month. Smoker: $80 to $120 per month
• Age 40 non-smoker male: $48 to $68 per month. Smoker: $150 to $220 per month
• Age 50 non-smoker male: $115 to $165 per month. Smoker: $350 to $500 per month

At every age, smokers pay roughly two to four times more. Over a 20-year term, a 40-year-old smoker paying $185 per month would spend $44,400, compared to $13,200 for a non-smoker of the same age — an extra $31,200 for the same coverage. If you currently smoke and want affordable life insurance, quitting for 12 months before applying is the single highest-value financial decision you can make.

Term Length and How It Affects Cost

The length of your term is one of the easiest levers to pull when managing your premium. Shorter terms cost less because the insurer is covering you for a shorter period. Here is how term length affects monthly cost for a healthy 35-year-old non-smoking male with $500,000 in coverage:

• 10-year term: approximately $22 to $30 per month
• 15-year term: approximately $26 to $36 per month
• 20-year term: approximately $30 to $42 per month
• 25-year term: approximately $38 to $52 per month
• 30-year term: approximately $48 to $65 per month

The jump from a 10-year to a 30-year term roughly doubles the monthly premium. However, a 30-year term locks in today's rate for three full decades, which can be enormously valuable if you are young. The key is matching your term length to your longest-lasting financial obligation. If your youngest child is a newborn and your mortgage has 25 years remaining, a 25- or 30-year term makes sense. If your kids are teenagers and your mortgage is half paid, a 10- or 15-year term may be all you need.

How to Get the Lowest Life Insurance Rates

You cannot change your age or gender, but there are several proven strategies to minimize what you pay for life insurance.

1. Buy as young as possible. Every year you wait adds roughly 8 to 10 percent to your premium. If you are healthy and have any dependents, debts, or financial obligations, buying now is almost always cheaper than buying later — even if your financial picture is not fully settled.
2. Choose term life over whole life. Unless you have a specific estate planning or lifelong-dependent need, term life provides the most protection for the least money. The difference is not marginal — it is five to fifteen times cheaper for the same death benefit.
3. Quit smoking and using nicotine products. This is the single largest controllable factor. Quitting for 12 months before applying can cut your premium by 50 to 75 percent. If you already have a smoker-rated policy, many insurers allow you to request a rate reclassification after 12 tobacco-free months.
4. Improve your health before applying. Losing weight, lowering your cholesterol, managing blood pressure, and controlling blood sugar can all help you qualify for a better rate class. Even small improvements — dropping your BMI from 32 to 29, for example — can move you from Standard to Preferred and save 20 to 30 percent on your premium.
5. Right-size your coverage amount and term. Do not buy more coverage or a longer term than you need. Use a needs-based calculation to determine the right death benefit amount, and match your term to your longest financial obligation. Overbuying wastes money; underbuying leaves your family exposed.
6. Opt for a fully underwritten policy. Policies that require a medical exam are cheaper than no-exam life insurance alternatives because the insurer has more data to assess your risk. If you are in good health, taking the exam saves money.
7. Compare quotes from multiple carriers. This is possibly the most underused strategy. Insurers weight risk factors differently, so the cheapest company for a 35-year-old with mild asthma may be completely different from the cheapest company for a 35-year-old with high cholesterol. Getting quotes from at least three to five carriers — or working with an independent agent or broker who represents multiple companies — can save 20 to 40 percent compared to going with the first quote you receive.
8. Pay annually instead of monthly. Many insurers offer a discount of 2 to 8 percent if you pay your premium once a year instead of monthly. Over a 20-year term, that savings adds up. If your budget allows the lump-sum payment, it is free money.

Why Most People Overestimate Life Insurance Costs

The three-times overestimate is not just a trivia fact — it has been one of the most consistent findings in insurance research for over a decade. There are several reasons for this persistent gap between perception and reality.

Confusion between term and whole life. When people think about life insurance, many default to whole life costs — which are indeed hundreds of dollars per month — without realizing that term life, which is what most families need, costs a fraction of that. The insurance industry's own marketing has often emphasized permanent products, further blurring the distinction.

Anchoring to other insurance costs. People anchor their expectations to health insurance premiums, which average $500 to $700 per month for individual marketplace plans. Life insurance is a fundamentally different product — the insurer only pays if you die during the term, which for a healthy 30-year-old is a very low probability event. That means the actual risk cost to the insurer is small, and premiums reflect that.

Lack of price transparency. Until recently, getting a life insurance quote required calling an agent or filling out lengthy forms. Many people never got that far, so they never corrected their assumptions. Online quote tools have improved access dramatically, but a significant portion of the population still has not looked at an actual number.

The takeaway is simple: if you have been assuming you cannot afford life insurance, get an actual quote before making that decision. There is a very good chance you have been overestimating the cost by two to three times.

Term Life vs. Whole Life: Which Is Worth the Cost?

The cost difference between term and whole life insurance is stark, but that does not automatically make term the right choice for everyone. Each type serves a different purpose. For a complete side-by-side comparison, see our guide on term life vs. whole life insurance.

When term life makes sense:

• You need coverage for a specific period (until your kids are grown, until your mortgage is paid off, until retirement)
• You want the maximum death benefit for the lowest cost
• You are on a tight budget but need substantial coverage
• You prefer to invest the difference between term and whole life premiums in a 401(k), IRA, or brokerage account

When whole life may be worth the higher cost:

• You have maxed out all tax-advantaged retirement accounts and want another tax-deferred savings vehicle
• You have a lifelong dependent, such as a child with special needs, who will always require financial support
• You have an estate large enough to trigger federal estate taxes and need a policy to fund the tax liability
• You want a guaranteed death benefit that never expires, regardless of how long you live

For the vast majority of families, term life insurance provides the right coverage at a price that fits comfortably within the budget. The general rule of thumb is to buy term and invest the difference — meaning you take the money you would have spent on a whole life premium and put it into low-cost index funds or retirement accounts, where it historically grows faster than whole life cash value.

Real-World Cost Examples

Numbers are most useful when you can see them in the context of real life. Here are three common scenarios to put life insurance costs into perspective.

Scenario 1: Young couple, first child on the way

Sarah is 32, healthy, non-smoker, earning $75,000 per year. She and her husband just bought a home with a $350,000 mortgage and are expecting their first child. She needs roughly $750,000 to $1 million in coverage to replace her income for 10 to 15 years, cover the mortgage, and fund the child's education.

• Policy: $750,000 20-year term life
• Estimated monthly cost: $32 to $45 per month
• Total 20-year cost: $7,680 to $10,800

That is less than $1.50 per day for three quarters of a million dollars in protection. By the time the term expires, her child will be 20 and likely approaching financial independence, and the mortgage will be substantially paid down.

Scenario 2: Mid-career professional with a family

David is 42, healthy, non-smoker, earning $110,000 per year. He has two children (ages 6 and 9), a $400,000 mortgage with 22 years remaining, and his wife works part-time earning $30,000 per year. He needs roughly $1 million to $1.25 million in coverage to replace 10 years of income, pay off the mortgage, and fund college.

• Policy: $1,000,000 20-year term life
• Estimated monthly cost: $95 to $135 per month
• Total 20-year cost: $22,800 to $32,400

More expensive than Sarah's policy because David is older, but still manageable for a household earning $140,000 per year. In 20 years, his children will be 26 and 29, the mortgage will be nearly paid off, and his retirement savings will have had two more decades to grow.

Scenario 3: Empty nester approaching retirement

Linda is 57, healthy, non-smoker. Her children are grown and financially independent. She has $180,000 remaining on her mortgage and wants to ensure it is paid off if she passes before retirement. She does not need income replacement — just debt coverage.

• Policy: $200,000 10-year term life
• Estimated monthly cost: $75 to $110 per month
• Total 10-year cost: $9,000 to $13,200

By choosing a shorter term and a smaller coverage amount tailored to her actual need, Linda keeps the cost reasonable even at 57. The policy covers her mortgage and provides peace of mind until she reaches retirement age, when her savings and Social Security will provide financial security.

Special Considerations for Specific Groups

People with pre-existing health conditions

Having a health condition does not mean you cannot get life insurance — it means you need to shop more carefully. Conditions like well-controlled Type 2 diabetes, high blood pressure managed with medication, or a history of depression are common and insurable. Different carriers rate these conditions very differently. One company might offer you Standard rates while another quotes Substandard with a 50 percent surcharge. Working with an independent agent who understands medical underwriting can save you hundreds per year.

If you have a condition that makes traditional underwriting difficult, no-exam life insurance products like simplified issue or guaranteed issue policies can provide coverage without a medical exam, though at higher premiums and with lower coverage limits.

High-risk occupations and hobbies

If your job or hobbies involve elevated risk — think commercial fishing, logging, skydiving, rock climbing, or private aviation — expect to pay more for life insurance. Some carriers add a flat extra charge per $1,000 of coverage for high-risk activities, while others simply decline the application. Again, shopping across multiple carriers is essential because risk assessment varies significantly. A company that loads heavily for rock climbing may be perfectly competitive for private pilots.

The Cost of Waiting: Why Delaying Costs You More

One of the most important things to understand about life insurance pricing is that every year you wait makes it more expensive — permanently. This is not a sales tactic. It is basic actuarial math.

Consider a $500,000 20-year term policy for a healthy non-smoking male. Here is the total cost over the full term at different purchase ages:

• Buy at 30: $30 per month x 240 months = $7,200 total
• Buy at 35: $36 per month x 240 months = $8,640 total
• Buy at 40: $58 per month x 240 months = $13,920 total
• Buy at 45: $88 per month x 240 months = $21,120 total
• Buy at 50: $140 per month x 240 months = $33,600 total

Waiting from 30 to 50 costs an extra $26,400 for the exact same coverage. And that assumes you remain in perfect health for those 20 years. If a health condition develops — diabetes, heart disease, cancer — rates could be even higher, or you might not qualify at all. The financial argument for buying sooner is overwhelming.

Next Steps: Getting Your Personalized Quote

The rates in this guide are averages — useful for understanding the landscape but not a substitute for a real quote based on your specific age, health, and coverage needs. Here is how to move from research to action:

1. Calculate how much coverage you need. Use the DIME method or a needs-based approach outlined in our guide on how much life insurance you need. Add up your debts, income replacement needs, education costs, and final expenses, then subtract existing savings and assets.
2. Choose the right term length. Match your term to your longest-lasting financial obligation. A 30-year-old with a newborn and a new 30-year mortgage might choose a 30-year term. A 45-year-old whose youngest child is 12 might choose a 10- or 15-year term.
3. Compare quotes from multiple carriers. Get at least three to five quotes. Use an independent agent or online comparison tool that shows rates from multiple insurers side by side. Do not just go with the first number you see.
4. Apply while you are healthy. Do not wait for the perfect time. Your health today is likely the best it will ever be for insurance purposes. A policy purchased now locks in today's rate for the entire term, protecting you against future health changes.

Life insurance is one of the most straightforward ways to protect the people who depend on you. It costs far less than most people imagine, and the price only goes up with time. Whether you are in your 20s locking in the lowest possible rate or in your 50s covering a specific financial obligation, there is a policy that fits your situation and your budget. The best time to buy was yesterday. The second best time is today.