Life Insurance Cost: 2026 Average Rates by Age & Policy

Explore 2026 life insurance costs by age, health, and policy type. Compare average term, whole and universal life insurance rates to find your best price.

Find out if you're overpaying for life insurance below.

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Updated: February 6, 2026

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Key Takeaways
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The average life insurance cost for a healthy 40-year-old nonsmoker is $55 per month for a 20-year, $500,000 term life policy. Whole life insurance averages $667 per month, while universal life insurance costs about $294 per month.

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Permanent life insurance costs more than term life because it provides lifelong coverage, cash value growth and guaranteed death benefits. Term policies are temporary and usually more affordable.

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Health and lifestyle can also affect life insurance premiums. Smokers and people with medical conditions pay higher rates than nonsmokers and those in good health.

Compare Life Insurance Rates

Ensure you are getting the best rate for your life insurance. Compare quotes from the top insurance companies.

How Much is Life Insurance?

Most people pay between $30 and $100 monthly for life insurance, though your actual rate depends on your age, health, coverage amount and policy type. Term life insurance costs the least while permanent policies like whole life can run several hundred dollars monthly.

The gap widens significantly as you age. A 20-year-old pays around $27 to $34 monthly for term coverage but $65 to $72 for whole life. By age 40, term life costs $34 to $55 monthly while whole life jumps to $607 to $679, more than 10 times higher for permanent coverage with cash value.

Term
$27 (F), $34 (M)
$34 (F), $55 (M)
Universal
$34 (F), $35 (M)
$255 (F), $299 (M)
Whole
$65 (F), $72 (M)
$607 (F), $679 (M)

*The rates above are averages for nonsmokers with average weight and health levels on a $500,000 policy. For term life insurance, we used 20-year term length quotes.

Average Cost of Term Life Insurance

Term life insurance rates depend on four key factors: coverage amount, age, gender and policy term length. Age and coverage amount can have the largest impacts to your rate, with rates growing as you get older and seek greater coverage. Your health status and smoking habits can also affect your rates. Consider buying life insurance at a younger age when prices are more affordable to lock in lower rates.

Term Life Insurance Rates By Age

The monthly rates shown here are for 20-year term life insurance policies at $500,000 coverage for different ages of people at average health, height, and weight.

25
$28 (F), $34 (M)
$88 (F), $107 (M)
30
$29 (F), $36 (M)
$92 (F), $111 (M)
35
$34 (F), $40 (M)
$106 (F), $122 (M)
40
$46 (F), $55 (M)
$143 (F), $170 (M)
45
$66 (F), $84 (M)
$209 (F), $264 (M)
50
$95 (F), $128 (M)
$303 (F), $407 (M)
55
$143 (F), $201 (M)
$457 (F), $645 (M)
60
$250 (F), $254 (M)
$815 (F), $1,146 (M)

Term Life Insurance Rates By Coverage Level

The monthly rates shown here are for 20-year term life insurance policies for 40-year-olds of average health, height, and weight.

$100,000
$16 (F), $19 (M)
$51 (F), $60 (M)
$250,000
$27 (F), $32 (M)
$84 (F), $100 (M)
$500,000
$46 (F), $55 (M)
$143 (F), $170 (M)
$1,000,000
$84 (F), $99 (M)
$273 (F), $322 (M)
$1,500,000
$124 (F), $147 (M)
$403 (F), $475 (M)
$2,000,000
$156 (F), $190 (M)
$498 (F), $604 (M)
$3,000,000
$226 (F), $280 (M)
$721 (F), $892 (M)
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COMPARE RATES BY COVERAGE LEVEL

Life Insurance Rates by Term Length

Longer term lengths cost more but lock in your rate for a greater period. A 30-year term protects you until retirement while a 10-year term works well for short-term needs like paying off a car loan. Your choice should match how long your dependents need financial protection. Compare average life insurance rates by term length for a $500,000 policy below:

10 Years
$31 (F), $37 (M)
$99 (F), $119 (M)
15 Years
$38 (F), $46 (M)
$119 (F), $144 (M)
20 Years
$46 (F), $55 (M)
$143 (F), $170 (M)
25 Years
$69 (F), $85 (M)
$241 (F), $297 (M)
30 Years
$79 (F), $94 (M)
$250 (F), $298 (M)

Average No-Exam Life Insurance Costs

No-exam life insurance policies let you skip medical exams when getting coverage. They work well if you need fast approval or have health issues. You'll pay higher premiums than you would for standard policies since insurers accept greater risk without examining your health.

No-Exam Life Insurance Rates By Age

These are monthly rates for 20-year term no-exam policies at $500,000 coverage for different ages. We organized rates by preferred and standard risk classes.

25
$22 (F), $28 (M)
$28 (F), $36 (M)
30
$23 (F), $29 (M)
$29 (F), $37 (M)
35
$28 (F), $32 (M)
$35 (F), $40 (M)
40
$40 (F), $45 (M)
$50 (F), $54 (M)
45
$55 (F), $68 (M)
$69 (F), $86 (M)
50
$80 (F), $105 (M)
$100 (F), $132 (M)
55
$125 (F), $176 (M)
$157 (F), $223 (M)
60
$231 (F), $324 (M)
$291 (F), $408 (M)

No-Exam Life Insurance Rates By Coverage Level

These are monthly rates for 20-year term no-exam policies at $500,000 coverage for 40-year-olds at different coverage levels. We organized rates by preferred and standard risk classes.

$100,000
$14 (F), $16 (M)
$18 (F), $20 (M)
$250,000
$24 (F), $27 (M)
$30 (F), $33 (M)
$500,000
$40 (F), $45 (M)
$50 (F), $54 (M)
$1,000,000
$67 (F), $83 (M)
$85 (F), $105 (M)
$1,500,000
$106 (F), $134 (M)
$137 (F), $173 (M)
$2,000,000
$143 (F), $183 (M)
$188 (F), $241 (M)
$3,000,000
$212 (F), $271 (M)
$280 (F), $359 (M)
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SHOULD YOU GET A MEDICAL EXAM FOR LOWER RATES?

A medical exam cuts life insurance premiums by 20% to 40% if you're healthy, but no-exam policies get you covered in days instead of weeks. Your best choice depends on your health, urgency and coverage amount.

Get a medical exam if:

  • You're in good health with no chronic conditions
  • You don't smoke or have quit for 2+ years
  • You need coverage above $500,000
  • You can wait 4 to 6 weeks for approval
  • You want the lowest possible premium

Skip the exam if:

  • You need coverage immediately (within 48 hours)
  • You have health issues that might increase your rate
  • You're applying for $250,000 or less
  • You're over 50 and want simplified underwriting
  • You'd rather avoid needles and medical paperwork

Average Whole Life Insurance Costs

Whole life insurance provides lifetime coverage with a cash value component that grows over time, unlike term life which only covers a specific period with no investment element. Whole life policies cost more than term life due to permanent coverage, cash value accumulation, guaranteed benefits with fixed premiums and potential dividends.

Whole Life Insurance Rates By Age

Here are average monthly rates for $500,000 whole life insurance policies for people of average health, height and weight at different ages.

25
$310 (F), $364 (M)
$568 (F), $664 (M)
30
$399 (F), $444 (M)
$733 (F), $811 (M)
35
$490 (F), $545 (M)
$896 (F), $992 (M)
40
$605 (F), $667 (M)
$1,103 (F), $1,216 (M)
45
$767 (F), $856 (M)
$1,396 (F), $1,557 (M)
50
$1,025 (F), $1,146 (M)
$1,863 (F), $2,085 (M)
55
$1,322 (F), $1,505 (M)
$2,404 (F), $2,736 (M)
60
$1,738 (F), $2,052 (M)
$3,157 (F), $3,728 (M)

Whole Life Insurance Rates By Coverage Level

Here are average monthly rates for whole life insurance policies at different coverage levels for 40-year-olds of average health, height and weight.

$100,000
$121 (F), $133 (M)
$221 (F), $243 (M)
$250,000
$302 (F), $334 (M)
$551 (F), $608 (M)
$500,000
$605 (F), $667 (M)
$1,103 (F), $1,216 (M)
$1,000,000
$1,209 (F), $1,335 (M)
$2,205 (F), $2,432 (M)
$1,500,000
$1,814 (F), $2,002 (M)
$3,308 (F), $3,649 (M)
$2,500,000
$3,024 (F), $3,337 (M)
$5,513 (F), $6,081 (M)

Average Universal Life Insurance Costs

Universal life insurance offers flexible premiums and an adjustable death benefit, making it more adaptable than traditional whole life. It also includes a cash value component that grows tax-deferred.

Universal Life Insurance Rates By Age

Here are average monthly rates for $500,000 universal life insurance policies for people of average health, height and weight at different ages.

25
$151 (F), $171 (M)
$277 (F), $312 (M)
30
$184 (F), $203 (M)
$338 (F), $370 (M)
35
$216 (F), $241 (M)
$395 (F), $439 (M)
40
$254 (F), $294 (M)
$463 (F), $536 (M)
45
$312 (F), $355 (M)
$567 (F), $646 (M)
50
$393 (F), $448 (M)
$714 (F), $815 (M)
55
$493 (F), $566 (M)
$897 (F), $1,028 (M)
60
$627 (F), $736 (M)
$1,140 (F), $1,336 (M)

Universal Life Insurance Rates By Coverage Level

Here are average monthly rates for universal life insurance policies at different coverage levels for 40-year-olds of average health, height and weight.

$100,000
$51 (F), $59 (M)
$93 (F), $107 (M)
$250,000
$127 (F), $147 (M)
$232 (F), $268 (M)
$500,000
$254 (F), $294 (M)
$463 (F), $536 (M)
$1,000,000
$508 (F), $588 (M)
$927 (F), $1,072 (M)
$1,500,000
$762 (F), $882 (M)
$1,390 (F), $1,607 (M)
$2,500,000
$1,270 (F), $1,470 (M)
$2,317 (F), $2,679 (M)

Life Insurance Cost Factors

Insurance providers evaluate a range of factors to determine premiums on life insurance. Common factors they consider include:

    girlThinking icon
    Age

    Younger applicants usually receive lower rates due to a lower risk profile.

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    Health

    Those with good health records will have lower life insurance costs.  Factors like BMI, blood pressure and history of disease will impact your cost.

    cigarette icon
    Lifestyle

    Choices such as smoking or engaging in high-risk hobbies can lead to increased life insurance costs.

    coverage icon
    Coverage Amount

    Higher life insurance policy amounts tend to come with higher premiums.

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    Term Length

    Longer terms can increase costs by extending the period during which the insurer is at risk.

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    Type of Policy

    Whether term or permanent, the type of life insurance policy influences the pricing.

While gender may also impact life insurance rates, some states restrict or prohibit the use of gender in life insurance pricing. Rates in your state may vary based on local regulations.

Given each person's situation, reviewing personal needs and comparing multiple life insurance quotes is important to secure the best possible rates.

How to Lower Life Insurance Costs

Life insurance premiums reflect controllable and uncontrollable factors. You can lower your life insurance costs by following these strategies before applying for coverage:

  1. 1
    Evaluate Policy Types

    Term policies are the lowest-cost and most flexible option.  Whole life is an investment account with death benefits, but it's much more expensive.

  2. 2
    Buy Early

    Get a policy when you're younger to lock in lower rates before health conditions develop or age increases premiums by 8% to 10% annually.

  3. 3
    Right-Size Your Coverage

    Calculate only what you need based on income replacement, debts and future expenses to avoid paying for unnecessary protection.

  4. 4
    Improve Health Metrics

    To qualify for better rate classifications, quit smoking, maintain a healthy weight and lower cholesterol/blood pressure.

  5. 5
    Compare Multiple Quotes

    Get quotes from at least three to five insurance companies using independent agents or online comparison tools to find the cheapest providers.

Compare Life Insurance Rates

Ensure you are getting the best rate for your life insurance. Compare quotes from the top insurance companies.

Life Insurance Cost: FAQ

We have answered some frequently asked questions about the average life insurance cost to give you an idea of how much your life insurance would cost and how insurers calculate premiums.

How much is life insurance per year?

Do life insurance premiums increase with age?

How can I get the best life insurance rates?

How much life insurance do I need?

How do risk classes affect life insurance premiums?

Our Methodology

We gathered thousands of quotes across multiple demographics to calculate average life insurance costs for different types of policies. When requesting quotes, we varied the profile by smoking status, height, weight, and health level to get average rates across demographic groups at varying coverage levels and term lengths.

Coverage Types and Terms

We collected quotes for the most popular life insurance options:

  • Term life insurance with varying term lengths and coverage amounts
  • Whole life insurance quotes for different coverage levels
  • Universal life insurance quotes for different coverage levels

This approach shows you the real cost differences between temporary coverage (term) and permanent policies that build cash value.

Data Analysis

We collected individual quotes and spotted pricing patterns across our data. These patterns helped us calculate projections and expand our analysis past the original quotes, showing you how rates shift for different people and coverage amounts.

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About Mark Fitzpatrick

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Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. He has analyzed the insurance market for over five years, conducting original research for insurance shoppers. His insights have been featured in CNBC, NBC News and Mashable.

Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!

He writes about economics and insurance, breaking down complex topics so people know what they're buying.

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