Average Life Insurance Cost in 2026

The average cost of life insurance is $47 per month for women and $59 per month for men with a 20-year, $500,000 policy, based on our analysis of thousands of quotes from 30 major insurers. Most people pay between $30 and $100 per month. Your actual rate depends on your age, health, tobacco use, coverage level and policy type.

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Updated: September 14, 2026

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Key Takeaways
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The average life insurance cost for a healthy 40-year-old nonsmoker is $53 per month for a 20-year, $500,000 term life policy. Whole life insurance averages $557 per month, while universal life insurance costs about $336 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 cost less.

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Smokers pay two to four times more than nonsmokers on term life insurance. A 40-year-old male smoker pays $194 per month versus $59 for a nonsmoker on a $500,000, 20-year policy.

Compare Life Insurance Rates

Get the best rate for your life insurance. Compare quotes from the top insurance companies.

How Much Does Life Insurance Cost?

Based on our analysis of thousands of quotes, most people pay between $30 and $100 per month for life insurance. Your actual rate depends on your age, health, tobacco use, coverage amount and policy type. 

Term life coverage is for a set period of 10 to 40 years, which is why it costs the least. Permanent policies, including whole and universal life, cost more, since they come with lifelong coverage and the ability to build cash value. Premiums also climb with age, so locking in coverage earlier keeps costs lower. 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 45-year-old nonsmoking woman pays $69 per month for a 20-year, $500,000 policy. A 50-year-old woman pays $102. That $33 monthly jump in five years is larger than the entire rate increase between ages 25 and 40. If you're in your mid-40s, the rate clock is moving faster than most buyers expect.

Coverage amount and age drive the biggest rate differences in our data, but their relationship isn't linear. Waiting five years past 45 costs more than waiting the previous 20 combined.

Estimate Your Term Life Insurance Cost

Estimates are based on average health for nonsmokers.

Select Age
Select Gender
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 typically decreases with larger policies. At age 40, a $500,000 policy averages $47 per month for women and $59 for men, while a $1 million policy averages $86 for women and $109 for men. These rates are for nonsmokers in average health purchasing a 20-year term policy.

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

A longer rate lock comes at a higher cost with longer term lengths. Coverage through retirement comes with a 30-year term; short-term needs, like paying off a car loan, fit better with a 10-year term. How long dependents will need financial support determines the right term length.

A 40-year-old wokman nonsmoker pays $35 a month more choosing a 30-year term over a 20-year term. Over 30 years, that comes to $12,600 in additional premiums.

Coverage in return extends to age 70, avoiding the potentially much higher cost of buying a new policy later in life. For buyers under 45 with dependents or a mortgage, the added cost of a 30-year term may be worthwhile for the longer stretch of coverage that comes with it.

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.

People in better health qualify for higher ratings and lower rates, while people with health concerns pay more for the same coverage. These are premiums for a 20-year, $500,000 policy at different health ratings:

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 greatly increases the cost of life insurance, with smokers paying two to four times as much as nonsmokers for the same coverage. For example, a 40-year-old woman with a 20-year, $500,000 term policy pays an average of $148 per month as a smoker, compared with $47 as a nonsmoker. A 40-year-old man pays $194 per month as a smoker, compared with $59 as a nonsmoker.

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 skip the medical exam. Coverage is sometimes issued the same day you apply. In our rate analysis, a healthy 40-year-old nonsmoking man pays $63 per month for a no-exam policy versus $59 for a standard exam-based policy, a $48 annual premium for skipping the exam. For healthy buyers, the math doesn't justify it. For buyers with health conditions or those who need coverage immediately, no-exam coverage can be the only realistic path.

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
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MEDICAL EXAM VS. NO-EXAM: WHICH IS RIGHT FOR YOU?

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:

  • No chronic conditions and good overall health describe you
  • Quitting smoking 2+ years ago, or never smoking, applies to you
  • Coverage above $500,000 is what you're after
  • A 4-to-6-week wait for approval isn't a problem
  • The lowest possible premium is the priority

Skip the exam if:

  • Coverage is needed within 48 hours
  • Health issues might raise the rate
  • The application is for $250,000 or less
  • Age is over 50 and simplified underwriting appeals
  • Needles and medical paperwork are best avoided

Average Whole Life Insurance Cost

Whole life insurance costs more than term because it offers lifetime coverage, cash value that grows over time and a guaranteed death benefit with fixed premiums. But the cost difference is substantial. A 40-year-old nonsmoker pays $574 per month for a $500,000 whole life policy versus $59 for a 20-year term with the same coverage. That's $515 more per month, or $6,180 per year. Over 30 years, that premium gap represents $185,400 in additional cost compared to a term policy, before accounting for the cash value the whole life policy builds.

Put that $515 monthly gap into a tax-advantaged investment account instead, and the math rarely favors whole life for buyers whose primary goal is income replacement. Whole life is worth the premium for buyers 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.

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
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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 sits between term and whole life in cost and coverage. Like whole life, it provides lifetime coverage and builds cash value, but it also lets you adjust your premiums and death benefit over time. In our analysis, a 40-year-old nonsmoker pays $362 per month for a $500,000 universal life policy, $212 less than whole life for the same coverage.

That flexibility comes with added risk. If you underfund a universal life policy, its cash value can run out, causing the policy to lapse without a payout. Buyers with variable income who want permanent coverage should compare universal and whole life insurance carefully. While universal life may cost less initially, it can become more expensive if premium payments fall short.

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

At age 25, a $500,000 universal life policy costs $182 a month for women and $210 a month for men, roughly half what whole life costs at the same age. Age drives rates higher over time, reaching $765 a month for women and $930 a month for men by age 60 at the same coverage level.

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, based on MoneyGeek's analysis. 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, and policies cost more per dollar of coverage. Guaranteed issue life insurance is best for people with serious health conditions who can't qualify for traditional coverage and want enough insurance to cover funeral and other final expenses.

Estimate Your Guaranteed Life Insurance Cost

Get a personalized estimate in seconds.

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

Guaranteed Life Insurance Rates by Age

Guaranteed issue life insurance premiums rise steadily with age, and men pay more than women at every age. A 45-year-old woman pays an average of $50 per month for a $15,000 policy, compared with $61 for a man. By age 80, average premiums increase to $227 for women and $290 for men.

Because guaranteed issue policies lock in your premium when you enroll, buying earlier can greatly reduce your lifetime cost, regardless of future health changes.

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?

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

  • girlThinking icon

    Age

    Age is the largest pricing variable in our data. A 25-year-old nonsmoking woman pays $30 per month for a 20-year, $500,000 term policy. A 60-year-old pays $286, nearly 10 times more for the same coverage. Apply as early as possible. Locking in your rate before 45 produces the largest long-term savings in our data.

  • heartWithPlus icon

    Health

    Underwriting factors, such as BMI, blood pressure and cholesterol, determine your health classification. Moving from Standard to Preferred Plus can cut your premium by 20% to 30% on the same policy. Carriers review your medical history, prescription records and in some cases require a physical exam. The better your lab results, the lower your rate.

  • cigarette icon

    Lifestyle

    Smokers pay two to three times more than nonsmokers on term life insurance. A 40-year-old male smoker pays $194 per month versus $59 for a nonsmoker on a $500,000, 20-year policy, a $1,620 annual difference. Most carriers classify anyone who used tobacco in the past two years as a smoker. Quitting and waiting until the two-year mark before applying can save more than $400 per month for a 50-year-old buyer.

  • coverage icon

    Coverage Amount

    Higher coverage costs more, but larger policies cost less per $1,000 of coverage. A $100,000 policy for a 40-year-old nonsmoking man costs $0.19 per $1,000 of coverage. At $1,000,000, that drops to $0.11.

  • clock icon

    Term Length

    A 30-year term costs a 40-year-old male nonsmoker $104 per month versus $59 for a 20-year term. That $45 monthly difference extends coverage to age 70, when buying a new policy would cost far more. For buyers under 45 with dependents or a mortgage, the 30-year term is usually the stronger financial choice.

  • vsDocuments icon

    Type of Policy

    A 40-year-old nonsmoking man pays $59 for a 20-year term policy, $362 for universal life and $574 for whole life, all at $500,000 in coverage. Term is temporary. Universal and whole life are permanent and build cash value. Start with term if your primary goal is income replacement. Add permanent coverage only after you've maxed out other tax-advantaged savings accounts.

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WHAT DOESN'T AFFECT YOUR LIFE INSURANCE RATES

Several factors people assume affect life insurance premiums actually don’t. Knowing what insurers can’t use to set your rate can help you shop with more confidence:

  • Your credit score. Life insurers don’t use your credit score to set premiums. They may conduct a soft credit inquiry to verify your identity, but a low credit score or bankruptcy won’t increase your rate. This differs from auto insurance, where credit-based insurance scores are commonly used in most states.
  • Your marital status. Unlike auto and homeowners insurance, life insurers don’t offer discounts for being married. A married 40-year-old and a single 40-year-old with the same health and risk profile generally pay the same rate.
  • Your ethnicity, race or sexual orientation. Life insurers can’t use these characteristics to set premiums. Instead, rates are based on actuarial factors such as age, health, tobacco use and coverage amount.
  • The number of beneficiaries you name. Whether you name one beneficiary or five, your premium stays the same. You can also update your beneficiaries without affecting your rate.
  • Owning multiple life insurance policies. Having multiple life insurance policies doesn’t automatically increase your rate, but insurers may consider your total coverage when reviewing an application. If you’re applying for a large policy, you may need to show that the amount is financially justified.
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Life Insurance Cost FAQs

Our Methodology

We gathered thousands of quotes from 30 major life insurance companies across multiple demographics to calculate average life insurance costs by policy type. Profiles varied by smoking status, height, weight and health level to produce average rates across demographic groups at different coverage levels and term lengths.

Coverage Types and Terms

We collected quotes for term life insurance at varying term lengths and coverage amounts, whole life and universal life at different coverage levels.

Data Analysis

We collected individual quotes and identified pricing patterns across the data. Where quote volume was thinner at the extremes of our age and coverage ranges, we applied actuarial rate curve models to project rates consistent with the underlying pricing patterns in our data. All projections were validated 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 maintains the scoring methodologies behind our provider comparisons. He analyzed more than 50 life insurance carriers across multiple policy types, collecting thousands of quotes nationwide to evaluate rates, coverage options and underwriting factors. His methodologies are reviewed quarterly to reflect current market conditions and carrier data.

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