Average Life Insurance Cost in 2026

The average cost of life insurance is $47 per month for a 40-year-old nonsmoking woman in average health and $59 for a man with a 20-year, $500,000 term life policy. 

Rates vary greatly by policy type. The same $500,000 in coverage averages $310 to $362 per month for universal life and $540 to $574 for whole life at age 40. Your rate also depends on your age, health, tobacco use, coverage amount and, for term life, the length of the policy.

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Updated: October 1, 2026

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Key Takeaways
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The average life insurance cost for a healthy 40-year-old nonsmoker in average health is $47 per month for women and $59 for men with a 20-year, $500,000 term life policy. Universal life insurance costs an average of $310 for women and $362 for men with the same profile, while whole life costs $540 for women and $574 for men.

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Age has a large effect on life insurance rates. For a 20-year, $500,000 term life policy, women's rates increase from $30 per month at age 25 to $286 at age 60, while men's rates rise from $39 to $395.

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Tobacco use more than triples term life rates for 40-year-olds. A woman pays $148 per month as a smoker versus $47 as a nonsmoker, while a man pays $194 versus $59.

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How Much Does Life Insurance Cost?

Life insurance costs vary greatly by policy type, even when your profile and coverage amount stay the same. At age 40, a nonsmoking woman in average health pays $47 per month for a 20-year, $500,000 term life policy, compared with $310 for universal life and $540 for whole life. For men, the same policies average $59, $362 and $574 per month.

Age widens those pricing differences further. At age 60, $500,000 in coverage averages $286 per month for women and $395 for men with a 20-year term policy, compared with $1,308 and $1,443 for whole life. Comparing quotes from multiple insurers ranks among the best ways to cut costs, since rates for the same applicant can vary widely between companies.

Term
$30 (F), $36 (M)
$47(F), $59 (M)
$286 (F), $395 (M)
Universal
$153 (F), $180 (M)
$310 (F), $362 (M)
$765 (F), $930 (M)
Whole
$303 (F), $337 (M)
$540 (F), $574 (M)
$1,308 (F), $1,443 (M)

* Rates are monthly averages for nonsmokers with average weight and health on a $500,000 policy. Multiply by 12 for annual cost: a $47 monthly term premium equals $564 per year. For term life, we used quotes for 20-year term lengths.

Average Cost of Term Life Insurance

Term life insurance rates rise gradually from age 25 to 45, then accelerate sharply. A nonsmoking woman in average health pays $30 per month at age 25, $69 at age 45 and $102 at age 50 for a 20-year, $500,000 policy. The $33 increase from age 45 to 50 is nearly as large as the $39 increase over the previous 20 years.

The same pattern appears for men. Monthly rates rise from $39 at age 25 to $90 at age 45, then increase another $47 to $137 by age 50. Buying at a younger age locks in the lower premium for the full term.

Estimate Your Term Life Insurance Cost

Estimates are based on average health for nonsmokers.

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Select Term
Select Coverage Level
Average Monthly Rate—

Term Life Insurance Rates By Coverage Level

Term life insurance costs increase with coverage, but the cost per dollar of coverage decreases with larger policies. At age 40, doubling coverage from $500,000 to $1 million raises the average monthly rate from $47 to $86 for women, an 83% increase, and from $59 to $109 for men, an 85% increase.

To avoid overpaying, compare the total premium and the amount of coverage your beneficiaries need rather than choosing a policy based only on its monthly price.

25
Female
$12
$22
$30
$48
$54
Male
$14
$26
$39
$59
$69
30
Female
$12
$20
$31
$43
$54
Male
$13
$23
$38
$53
$67
35
Female
$14
$24
$37
$52
$68
Male
$16
$28
$47
$65
$85
40
Female
$16
$28
$47
$67
$86
Male
$19
$35
$59
$85
$109
45
Female
$21
$35
$69
$85
$130
Male
$26
$44
$90
$108
$170
50
Female
$30
$59
$102
$150
$194
Male
$38
$77
$137
$201
$262
55
Female
$45
$75
$168
$194
$317
Male
$60
$100
$231
$263
$440
60
Female
$74
$157
$286
$421
$545
Male
$100
$215
$395
$589
$771

Life Insurance Rates by Term Length

Longer term lengths cost more because the insurer guarantees the rate for a longer period. For a 40-year-old nonsmoker with $500,000 in coverage, extending the term from 20 years to 30 years raises the monthly premium from $47 to $82 for women and from $59 to $104 for men, increases of 74% and 76%.

The longer 30-year policy also extends coverage from age 60 to age 70 for someone who buys at 40. Over the first 20 years, the additional $35 per month costs a woman $8,400 more, while the additional $45 costs a man $10,800 more. Whether that added cost is useful depends on how long you expect to need income replacement, mortgage protection or other financial support.

25
Female
$25
$28
$30
$35
$51
$61
Male
$31
$35
$39
$43
$63
$76
30
Female
$24
$28
$31
$34
$52
$58
Male
$29
$34
$38
$41
$64
$70
35
Female
$28
$33
$37
$42
$65
$70
Male
$34
$40
$47
$53
$80
$86
40
Female
$34
$40
$47
$53
$82
$89
Male
$41
$50
$59
$69
$104
$114
45
Female
$49
$59
$69
$80
$123
$123
Male
$61
$75
$90
$107
$159
$160
50
Female
$70
$85
$102
$121
$196
N/A
Male
$90
$112
$137
$167
$269
N/A
55
Female
$104
$133
$168
$226
$283
N/A
Male
$144
$186
$231
$304
$372
N/A
60
Female
$158
$208
$286
N/A
N/A
N/A
Male
$227
$296
$395
N/A
N/A
N/A

* Rates shown are for nonsmokers in average health with a $500,000 policy.

Term Life Insurance Rates By Health Rating

Life insurance companies assign health ratings based on your medical history, current health, height, weight and family health history. These ratings, classified as Preferred Plus, Preferred, Standard Plus and Standard, help insurers estimate your risk and determine your premium.

A 40-year-old woman pays $29 per month at Preferred Plus and $52 at Standard for a 20-year, $500,000 policy, a $23 monthly difference. For a 40-year-old man, rates rise from $35 at Preferred Plus to $66 at Standard, a $31 difference. If you have health conditions, compare quotes from multiple life insurance companies. Underwriting guidelines vary by insurer, so some may offer better rates for your health profile than others.

25
Female
$19
$24
$30
$36
Male
$24
$30
$39
$43
30
Female
$19
$23
$31
$34
Male
$23

$28

$38
$42
35
Female
$23
$29
$37
$42
Male
$28

$35

$47
$52
40
Female
$29
$36
$47
$52
Male
$35
$43
$59
$66
45
Female
$44
$52
$69
$77
Male
$53
$67
$90
$99
50
Female
$64
$76
$102
$114
Male
$82
$102
$137
$150
55
Female
$107
$125
$168
$190
Male
$140
$172
$231
$260
60
Female
$176
$206
$286
$318
Male
$241
$289
$395
$447

Term Life Insurance Rates for Smokers

Smoking or tobacco use more than triples term life rates in our data. At age 40, a woman pays $148 per month as a smoker versus $47 as a nonsmoker for a 20-year, $500,000 policy, a $101 monthly difference. A man pays $194 as a smoker versus $59 as a nonsmoker, a $135 difference.

The pricing gap between smokers and nonsmokers also increases with age. At age 50, smoking raises the same $500,000 premium from $102 to $331 for women and from $137 to $454 for men. Many insurers will consider you for lower nonsmoker rate classes after you've been tobacco-free for at least 12 months, though requirements vary by company.

25
Female
$24
$50
$79
$124
$151
Male
$31
$66
$107
$169
$205
30
Female
$25
$49
$84
$123
$158
Male
$32
$63
$111
$160
$207
35
Female
$31
$59
$111
$150
$209
Male
$39
$76
$145
$195
$276
40
Female
$40
$82
$148
$217
$281
Male
$50
$107
$194
$289
$376
45
Female
$57
$104
$222
$274
$425
Male
$73
$135
$297
$365
$580
50
Female
$83
$179
$331
$492
$643
Male
$110
$243
$454
$680
$892
55
Female
$122
$227
$504
$625
$994
Male
$165
$312
$704
$872
$1,404
60
Female
$191
$420
$776
$1,150
$1,496
Male
$265
$584
$1,085
$1,639
$2,159

Average Life Insurance Cost Without a Medical Exam

No-exam life insurance policies cost only modestly more than standard term life rates in our analysis. A 40-year-old nonsmoking woman pays $50 per month for a 20-year, $500,000 no-exam policy versus $47 for standard term coverage, a $3 difference. A 40-year-old man pays $63 versus $59, a $4 difference.

The pricing gap remains relatively small at older ages. At 60 years old, a $500,000 no-exam life insurance policy costs $296 per month for women and $408 for men, compared with $286 and $395 for standard term policies. Compare both underwriting options, because the convenience of skipping an exam doesn't necessarily result in a large premium increase.

Estimate Your No-Exam Life Insurance Cost

Estimates are based on average health for nonsmokers.

Select Age
Select Gender
Select Term
Select Coverage Level
Average Monthly Rate—

No-Exam Life Insurance Rates By Age

25
Female
$13
$24
$32
$54
$57
Male
$14
$28
$42
$64
$73
30
Female
$12
$21
$33
$46
$58
Male
$14
$24
$40
$56
$71
35
Female
$14
$25
$40
$56
$72
Male
$17
$30
$50
$68
$90
40
Female
$16
$30
$50
$71
$91
Male
$20
$37
$63
$91
$116
45
Female
$22
$37
$74
$89
$138
Male
$27
$46
$97
$114
$181
50
Female
$32
$63
$112
$163
$210
Male
$41
$83
$149
$217
$282
55
Female
$50
$80
$183
$208
$340
Male
$65
$106
$249
$281
$470
60
Female
$79
$165
$296
$438
$565
Male
$107
$226
$408
$613
$806

Average Whole Life Insurance Cost

Whole life insurance costs more than term life because the policy provides permanent coverage and builds cash value. At 40 years old, a nonsmoking woman pays $540 per month for $500,000 of whole life coverage compared with $47 for a 20-year term policy. A man pays $574 for whole life versus $59 for term. That's a monthly difference of $493 for women and $515 for men.

Put that $493 or $515 monthly pricing gap into a tax-advantaged investment account instead, and the math rarely favors whole life for people whose primary goal is income replacement. Whole life is worth the premium for people who've maxed out other tax-advantaged accounts, need permanent estate planning coverage or want a savings component that won't lose value in a market downturn.

Estimate Your Whole Life Insurance Cost

Estimates are based on average health.

Select Age
Select Gender
Select Coverage Level
Select Smoking Status
Average Monthly Rate—

Whole Life Insurance Rates By Age

Whole life insurance rates increase with age. Buying a policy when you're younger can lock in lower rates for the rest of your life. For a $500,000 policy, a 25-year-old woman pays $349 per month, compared with $379 for a man. At age 60, the same coverage costs $1,308 per month for a woman and $1,443 for a man, nearly four times the cost at age 25.

Whole life insurance rates increase with age, but the premium is fixed after your policy is issued. A woman buying a $500,000 whole life policy pays an average of $349 per month at age 25, $540 at 40 and $1,308 at 60. Men's rates rise from $379 at 25 to $574 at 40 and $1,443 at 60.

A 60-year-old pays nearly four times the age-25 rate for the same $500,000 whole life policy in our data. Locking in a lower rate when you're younger can save you thousands in premiums over the life of your policy.

25
Female
$86
$183
$349
$529
$675
Male
$93
$198
$379
$584
$721
30
Female
$98
$208
$405
$595
$783
Male
$103
$222
$428
$623
$815
35
Female
$111
$239
$467
$772
$913
Male
$116
$256
$495
$826
$952
40
Female
$127
$274
$540
$803
$1,065
Male
$130
$294
$574
$846
$1,115
45
Female
$135
$315
$629
$1,079
$1,263
Male
$155
$361
$703
$1,185
$1,362
50
Female
$146
$336
$658
$972
$1,283
Male
$186
$443
$862
$1,267
$1,665
55
Female
$204
$468
$918
$1,304
$1,754
Male
$239
$569
$1,115
$1,706
$2,129
60
Female
$288
$665
$1,308
$2,069
$2,729
Male
$308
$732
$1,443
$2,252
$2,974

Whole Life Insurance Rates for Smokers

Smokers pay much more for whole life insurance than nonsmokers. At age 25, a $500,000 policy costs $470 per month for a female smoker, compared with $349 for a nonsmoker, while a male smoker pays $508 versus $379. By age 60, female smokers pay $2,009 per month compared with $1,308 for nonsmokers, and male smokers pay $2,199 compared with $1,443.

25
Female
113
245
470
714
910
Male
122
264
508
782
969
30
Female
129
279
543
800
1,053
Male
136
297
573
837
1,096
35
Female
148
322
632
1,040
1,236
Male
154
345
670
1,107
1,292
40
Female
171
373
735
1,094
1,450
Male
175
401
784
1,157
1,525
45
Female
189
445
890
1,455
1,785
Male
217
509
994
1,587
1,931
50
Female
216
504
988
1,464
1,935
Male
268
646
1,261
1,858
2,447
55
Female
304
711
1,398
1,782
2,689
Male
353
847
1,664
2,284
3,220
60
Female
435
1,019
2,009
2,743
3,619
Male
465
1,113
2,199
2,934
3,876
dollarBadge icon
WHY WHOLE LIFE INSURANCE COSTS MORE

Whole life premiums are higher than term life premiums for three main reasons. First, whole life provides lifelong coverage rather than protection for a set period, so the insurer expects to pay a death benefit eventually. Second, part of each premium builds tax-deferred cash value that you can borrow against. Third, your premium is locked in based on your age when you apply, so the insurer takes on the risk that your health may decline later.

Average Universal Life Insurance Cost

Universal life insurance costs less than whole life while still providing permanent coverage and cash value. At 40 years old, a $500,000 universal life policy averages $310 per month for women and $362 for men. That's $230 less per month for women compared to an equivalent whole life policy and $212 less for men.

Unlike whole life, universal life allows more flexibility in premium payments and death benefits. That flexibility comes with added risk. If you underfund a universal life policy, its cash value can run out, causing your policy to lapse without a payout.

Estimate Your Universal Life Insurance Cost

Estimates are based on an average health profile and a level death benefit.

Select Age
Select Gender
Select Coverage Level
Select Smoking Status
Average Monthly Rate—

Universal Life Insurance Rates By Age

Universal life premiums increase with age at purchase. A woman buying $500,000 in coverage pays an average of $182 per month at age 25, $310 at 40 and $765 at 60. Men's rates rise from $210 at 25 to $362 at 40 and $930 at 60.

25
Female
$49
$98
$182
$263
$342
Male
$54
$112
$210
$305
$395
30
Female
$56
$114
$216
$313
$406
Male
$62
$130
$246
$356
$463
35
Female
$65
$135
$259
$376
$491
Male
$73
$156
$298
$434
$566
40
Female
$75
$160
$310
$454
$594
Male
$85
$187
$362
$529
$692
45
Female
$88
$190
$372
$548
$718
Male
$102
$230
$447
$646
$857
50
Female
$104
$229
$450
$665
$875
Male
$122
$283
$551
$809
$1,062
55
Female
$127
$290
$566
$837
$1,101
Male
$156
$360
$715
$985
$1,382
60
Female
$168
$389
$765
$1,129
$1,487
Male
$199
$431
$930
$1,372
$1,808

Universal Life Insurance Rates for Smokers

A 40-year-old female smoker pays an average of $513 a month for $500,000 in coverage, compared with $310 a month for a nonsmoker, a 65% increase. Male smokers at the same age pay $621 a month for identical coverage, compared with $362 a month for nonsmokers, about 72% more.

25
Female
$73
$149
$282
$404
$537
Male
$84
$178
$338
$487
$639
30
Female
$85
$180
$345
$505
$661
Male
$99
$215
$413
$598
$777
35
Female
$98
$213
$411
$593
$791
Male
$115
$254
$493
$704
$936
40
Female
$120
$263
$513
$756
$995
Male
$141
$318
$621
$911
$1,195
45
Female
$136
$311
$611
$895
$1,197
Male
$168
$386
$751
$1,072
$1,443
50
Female
$167
$384
$749
$1,104
$1,454
Male
$210
$496
$962
$1,412
$1,853
55
Female
$212
$493
$933
$1,370
$1,805
Male
$261
$617
$1,172
$1,590
$2,262
60
Female
$286
$671
$1,295
$1,908
$2,509
Male
$344
$816
$1,573
$2,319
$3,054

Average Guaranteed Issue Life Insurance Cost

Guaranteed issue life insurance rates average $90 per month for a 65-year-old woman and $116 for a man purchasing a $15,000 policy. These policies don't require a medical exam or health questions, but coverage is limited to a maximum of $25,000 to $30,000 depending on the insurer. Guaranteed policies also cost more per dollar of coverage compared to other policy types in our analysis. 

Guaranteed issue policies are primarily designed for people seeking a small death benefit without health-based qualification rather than hundreds of thousands of dollars in income-replacement coverage.

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Select Age
Select Gender
Select Coverage Level
Select Smoking Status
Average Monthly Rate—

Guaranteed Life Insurance Rates by Age

Guaranteed issue rates rise steadily with age, and men pay more than women at every age in our data. For a $15,000 guaranteed life policy, women's premiums increase from $50 per month at age 45 to $90 at 65 and $227 at 80. Men's rates increase from $61 to $116 and $290 at the same ages.

Coverage amount also increases premiums. At age 65, increasing coverage from $10,000 to $20,000 doubles the women's premium from $60 to $120 and nearly doubles the men's premium from $80 to $156. To keep costs as low as possible, choose a death benefit based on the final expenses you actually want the policy to cover rather than automatically selecting the maximum available amount.

45
Female
$34
$50
$66
$82
Male
$42
$61
$85
$105
50
Female
$38
$54
$72
$89
Male
$48
$70
$94
$117
55
Female
$44
$65
$87
$108
Male
$55
$80
$108
$135
60
Female
$50
$75
$101
$125
Male
$64
$94
$125
$156
65
Female
$60
$90
$120
$149
Male
$80
$116
$156
$195
70
Female
$76
$113
$150
$186
Male
$99
$145
$194
$241
75
Female
$104
$156
$207
$257
Male
$133
$195
$262
$328
80
Female
$150
$227
$306
$380
Male
$198
$290
$391
$489

What Affects Life Insurance Rates?

Age, health, tobacco use, coverage amount, term length and policy type all create measurable differences in the rates in our analysis.

  • girlThinking icon

    Age

    Age has one of the largest impacts on life insurance rates in our data. A 25-year-old nonsmoking woman pays $30 per month for a 20-year, $500,000 policy, compared with $102 at age 50 and $286 at age 60. Men's rates rise from $39 at age 25 to $137 at 50 and $395 at 60.

    Rates are based on your age when the policy is issued, so delaying the purchase of otherwise identical coverage results in a higher starting premium that's fixed for the life of your policy.

  • heartWithPlus icon

    Health

    Health classification can change premiums greatly for the same applicant age and coverage level. At age 40, a woman with a Preferred Plus health rating pays $29 per month for a 20-year, $500,000 policy compared with $52 at Standard. A man pays $35 at Preferred Plus and $66 at Standard.

    Insurers use medical history and other underwriting information to assign these classes. Qualification standards vary by company, so it's worth shopping around.

  • cigarette icon

    Tobacco Use

    Tobacco use creates one of the largest pricing differences in our analysis. A 40-year-old man pays $194 per month as a smoker versus $59 as a nonsmoker for a 20-year, $500,000 policy, a $135 monthly or $1,620 annual difference. For women, smoking raises the monthly rate from $47 to $148.

    Insurers use different rules for when former tobacco users can qualify for nonsmoker classifications, so be sure to carefully review underwriting guidelines when comparing companies.

  • coverage icon

    Coverage Amount

    Higher death benefits increase the total premium but can reduce the cost per $1,000 of coverage. A 40-year-old nonsmoking man pays $19 per month for $100,000 of 20-year term coverage, or $0.19 per $1,000. A $1 million policy costs $109, or about $0.11 per $1,000.

  • clock icon

    Term Length

    Longer terms cost more because the rate is guaranteed for more years. A 40-year-old nonsmoking man pays $59 per month for a 20-year, $500,000 policy and $104 for a 30-year policy. The additional $45 per month extends the scheduled coverage period from age 60 to age 70.

    Choose your term length based on how long your beneficiary's financial need is expected to last.

  • vsDocuments icon

    Policy Type

    Policy type creates a larger life insurance cost difference than many individual rating factors. For a 40-year-old nonsmoking man buying $500,000 in coverage, a 20-year term policy averages $59 per month, universal life averages $362 and whole life averages $574.

    Those premiums reflect different products rather than interchangeable coverage. Term provides financial coverage for a defined period, while universal and whole life are permanent policies that can build cash value.

Compare Life Insurance Rates

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Frequently Asked Questions

Our Methodology

We analyzed thousands of life insurance quotes from 30 major insurers to compare premiums across applicant profiles and policy types. Our analysis includes term, whole, universal, no-exam and guaranteed issue life insurance, with rates segmented by age, gender, tobacco use, health classification, coverage amount and term length.

Data Analysis

We calculated average premiums for comparable applicant and policy profiles to identify how individual rating factors change cost. Where quote volume was limited at the extremes of the age or coverage ranges, we used actuarial rate-curve models to project premiums consistent with the underlying pricing patterns and validated those projections against available market quotes.

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About Patrick Bryant

Patrick Bryant, Vertical Lead, Life & Health Insurance, MoneyGeek

Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and oversees provider scoring methodologies that are reviewed quarterly to reflect current market conditions and carrier data. He has analyzed more than 50 life insurance carriers across multiple policy types and collected thousands of quotes nationwide to compare pricing, coverage and underwriting requirements.

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