Updated: June 19, 2025
Advertising & Editorial Disclosure
Average life insurance rates are lower when you’re younger, with a 30-year old man paying $14 monthly, while average costs for seniors are much higher, at $204 for a 70-year old man.
Lifestyle and health status strongly affect life insurance costs, with smokers paying $23 more monthly on average and those with poor health paying $2 more monthly than those in good health.
Whole life insurance costs more than term life insurance because of policy guarantees and permanent protection; costs will also go up depending on your coverage level.
Insurance companies charge men more for life insurance because of statistical life expectancy differences. Men typically have shorter lifespans than women, which insurers consider a higher risk factor. The table below shows the average monthly life insurance policy cost for female and male policyholders of different ages.
| Female | $12 | $15 |
| Male | $14 | $17 |
Age significantly influences rates for term life insurance cost. Older individuals are a higher risk to insurers, resulting in increased coverage costs. You should consider buying life insurance at a younger age, when life insurance prices are generally more affordable, and you can lock in the coverage at a lower rate. For a 10-year term policy with $250,000 in coverage, a 30-year-old man will pay about half of a 60-year-old man would pay.
| 30 | $14 | $17 |
| 40 | $18 | $26 |
| 50 | $37 | $58 |
| 60 | $76 | $150 |
| 70 | $204 | $752 |
Smoking significantly impacts term life insurance rates due to health risks associated with tobacco use. Insurers classify smokers as higher-risk applicants because smoking increases the likelihood of developing heart disease, lung cancer, and other serious illnesses. Use our table below to find average rates for smokers:
| 30 | $30 | $38 |
| 40 | $41 | $57 |
| 50 | $83 | $128 |
| 60 | $169 | $331 |
| 70 | $451 | $1666 |
Your health rating provides a snapshot of your overall well-being and potential risk to the insurer. Excellent health often translates to lower risk and reduced life insurance premiums. Conversely, poor health indicates higher risk, leading to increased rates. In the table below you can see how health impacts life insurance costs.
| 30 | $15 | $19 |
| 40 | $20 | $28 |
| 50 | $41 | $64 |
| 60 | $85 | $166 |
| 70 | $226 | $835 |
Typically, the more coverage you seek, the higher the life insurance price, for example a $250,000 life insurance coverage plan will cost less than a $500,000 life insurance coverage plan, and that would cost less than getting $1 million in life insurance coverage. Refer to the chart below to compare the average monthly cost of life insurance for different coverage amounts for various ages.
| $250K | $ 14 | $ 17 |
| $500K | $ 20 | $ 28 |
| $1 Million | $ 35 | $ 50 |
The term of the policy plays a significant role in the life insurance rates. For instance, for a 60-year-old man seeking a 10-year term life insurance policy with $250,000 in coverage, the average monthly life insurance cost would be $76. If he opts for a 20-year term life insurance policy with the same coverage amount, the monthly premium increases to $150.
Use the term insurance rates chart below to compare 10-year term life insurance rates and 20-year term life insurance rates by age.
| 10-Year Term | $ 14 | $ 20 | $ 35 |
| 20-Year Term | $ 17 | $ 28 | $ 50 |
We found that state regulations can impact what you pay for life insurance. While your health and age primarily determine your rates, each state has unique insurance rules that affect pricing. Below, we've compiled the average monthly term life insurance costs by state to help you understand how your location might affect what you pay.
| Alabama | $ 11 | $ 14 |
| Alaska | $ 13 | $ 15 |
| Arizona | $ 20 | $ 25 |
| Arkansas | $ 16 | $ 20 |
| California | $ 13 | $ 16 |
| Colorado | $ 13 | $ 16 |
| Connecticut | $ 10 | $ 11 |
| Delaware | $ 12 | $ 15 |
| Florida | $ 11 | $ 14 |
| Georgia | $ 18 | $ 23 |
| Hawaii | $ 11 | $ 15 |
| Idaho | $ 17 | $ 21 |
| Illinois | $ 12 | $ 14 |
| Indiana | $ 18 | $ 22 |
| Iowa | $ 18 | $ 22 |
| Kansas | $ 18 | $ 23 |
| Kentucky | $ 10 | $ 12 |
| Louisiana | $ 19 | $ 23 |
| Maine | $ 11 | $ 13 |
| Maryland | $ 9 | $ 10 |
| Massachusetts | $ 11 | $ 15 |
| Michigan | $ 11 | $ 14 |
| Minnesota | $ 12 | $ 14 |
| Mississippi | $ 18 | $ 21 |
| Missouri | $ 11 | $ 14 |
| Montana | $ 11 | $ 13 |
| Nebraska | $ 11 | $ 14 |
| Nevada | $ 12 | $ 14 |
| New Hampshire | $ 8 | $ 9 |
| New Jersey | $ 10 | $ 11 |
| New Mexico | $ 16 | $ 19 |
| New York | $ 7 | $ 8 |
| North Carolina | $ 11 | $ 14 |
| North Dakota | $ 18 | $ 24 |
| Ohio | $ 11 | $ 14 |
| Oklahoma | $ 17 | $ 21 |
| Oregon | $ 8 | $ 9 |
| Pennsylvania | $ 11 | $ 14 |
| Rhode Island | $ 8 | $ 9 |
| South Carolina | $ 11 | $ 14 |
| South Dakota | $ 16 | $ 21 |
| Tennessee | $ 12 | $ 14 |
| Texas | $ 20 | $ 24 |
| Utah | $ 11 | $ 13 |
| Vermont | $ 11 | $ 13 |
| Virginia | $ 13 | $ 15 |
| Washington | $ 14 | $ 17 |
| West Virginia | $ 10 | $ 13 |
| Wisconsin | $ 12 | $ 15 |
| Wyoming | $ 12 | $ 14 |
Depending on if you choose whole or term life insurance, your rates can vary widely because of policy guarantees and limited coverage. In the sections below you can compare the average costs for both types of life insurance.
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 5-15 times more than term life due to permanent coverage, cash value accumulation, guaranteed benefits with fixed premiums, and potential dividends, making them significantly more expensive than temporary term protection.
Term life insurance is the lowest cost life insurance plan, offering temporary coverage for specific periods without cash value accumulation, pure death benefit protection at lower costs since most policyholders outlive their terms, reducing insurer risk.
Term life insurance offers significant affordability with lower premiums than permanent policies, allowing substantial coverage during financially vulnerable years. Benefits include high coverage amounts, level premiums for predictable budgeting, and tax-free death benefits to beneficiaries, making it ideal for young families needing maximum protection.
Insurance providers evaluate a range of factors to determine premiums on life insurance. Common factors they consider include:
Younger applicants typically receive lower rates due to a lower risk profile.
Individuals with good health records will have lower life insurance costs. Factors like BMI, blood pressure, and history of disease will impact your cost.
Choices such as smoking or engaging in high-risk hobbies can lead to increased life insurance rates.
Higher life insurance policy amounts tend to come with higher premiums.
Longer terms can increase costs by extending the period during which the insurer is at risk.
Whether term or whole, the type of life insurance policy significantly influences the pricing.
Given each person's situation, reviewing personal needs and comparing multiple life insurance quotes is important to secure the best possible rates.
Using online tools, such as life insurance calculators, can make understanding your life insurance costs per month easier based on your profile. MoneyGeek’s free life insurance calculator offers an estimated life insurance cost, helping you plan and compare options before committing to a policy.
Determining the right amount of life insurance coverage depends on several financial factors specific to each individual or family. Here are essential considerations to help you decide:
While many personal characteristics influence the cost of life insurance, several factors typically do not impact premiums. Among these non-influential factors are:
Whether you are single, married, divorced or widowed usually has no bearing on the cost of your life insurance policy.
Your earnings or income bracket generally don't affect the premiums, as life insurance is more concerned with covering financial obligations rather than replacing income.
Insurers usually don't consider the number of children you have when determining your life insurance premiums.
Your educational background or degrees are not factors that insurers consider when calculating rates for life insurance.
Insurers in the United States are prohibited from using race or ethnicity to determine life insurance policy prices.
While state regulations can affect premiums for life insurance, your specific location within a state, such as your city or neighborhood, typically doesn't impact the cost.
Having multiple life insurance policies does not affect the rates of each policy.
The number of life insurance beneficiaries listed on your policy does not influence the rate you pay.
Understanding what does not affect life insurance premiums can allow you to focus on the factors that do matter, such as age, health, lifestyle, coverage amount and policy type.
It may seem like life insurance premiums are set by factors you can’t control, but there are ways you can lower your costs. Follow these tips before applying for life insurance to secure a more affordable policy.
Term policies are the lowest-cost and most flexible option. Whole life is an investment account with death benefits but is much more expensive.
Purchase when you're younger to lock in lower rates before health conditions develop or age increases premiums by 8-10% annually.
Calculate only what you need based on income replacement, debts, and future expenses to avoid paying for unnecessary protection. Estimate your life insurance need here.
Quit smoking, maintain healthy weight, and lower cholesterol/blood pressure to qualify for better rate classifications.
Get quotes from at least 3-5 insurance companies using independent agents or online comparison tools to find the best rates.
Life insurance costs average $18 monthly for a $250,000 policy, varying significantly based on age, health, smoking status, and policy type. Term life offers affordable temporary protection, while whole life costs 5-15 times more but provides permanent coverage with cash value. We recommend comparing quotes from multiple insurers helps secure optimal rates for your needs.
In the section below you will find answers to commonly asked questions about average costs for life insurance:
The average cost of term life insurance is $18 monthly for a 10-year, $250,000 policy for a healthy 40-year-old man. This cost could vary based on factors such as health condition, lifestyle choices like smoking, occupation, gender and the insurer's specific underwriting guidelines.
The annual cost of life insurance varies. The average price is approximately $216 per year, based on a $250,000 10-year term life insurance policy for a healthy 40-year-old.
There’s no set rule for how much life insurance should cost, as premiums vary widely based on factors like policy type and personal profile. Comparing average life insurance costs across different policy types and insurers can provide a clearer picture of what to expect and help you find a policy within your budget.
Your life insurance budget should reflect your financial capacity and coverage needs. Aim to balance an affordable premium and a coverage amount that supports your financial goals. While term policies generally have lower monthly costs than whole life, compare rates based on what you can comfortably afford and the level of protection you need. You can use an online life insurance calculator to get a life insurance cost estimate.
Rates for term insurance differ even between people of the same age due to factors like health, lifestyle and coverage amount. Health conditions or smoking status, for example, can raise the term insurance price for one applicant compared to another of the same age.
The initial rate for term life insurance is based on your age at the time of purchase, meaning older applicants generally face higher starting premiums due to increased risk. This life insurance premium remains the same throughout the policy's term.
However, term insurance costs are not fixed for life, unlike whole life insurance. Suppose you renew or buy a new term policy later in life. Your premium will reflect your current age, resulting in higher term life insurance pricing with each renewal. Locking in a term policy while younger can help avoid these future cost increases.
The cost of whole life insurance per month can vary widely but typically starts higher than term policies due to its lifetime coverage and cash value accumulation.
The initial premium for whole life insurance varies by age, with older applicants generally facing higher starting premiums than younger ones due to increased risk.
Once you have a whole life insurance policy, your premium stays fixed and does not increase as you age. This consistency offers the benefit of predictable costs throughout the policy's duration. Unlike term life insurance, which can have higher premiums upon renewal, whole life insurance secures your rate for life.
Not always, but health conditions generally lead to higher life insurance premiums. However, some minor conditions have minimal impact, and insurers consider each applicant's health profile individually. The average life insurance rates vary based on the condition's severity and how it affects longevity.
To find the best life insurance prices, compare quotes from multiple providers, considering cost and coverage. MoneyGeek’s tools can help you view and compare life insurance rates based on your needs and budget.
Generally, your life insurance monthly cost remains fixed once approved, particularly for term policies. However, rates may change based on specific conditions for some flexible or universal life insurance policies. Review your policy details to understand any factors that could impact your life insurance premiums over time and ensure the policy aligns with your financial expectations.
It depends on your financial situation, but generally, life insurance is a valuable investment. Life insurance helps protect loved ones from financial hardship by covering expenses like debt and income replacement. For many, the typical life insurance cost is well worth the security it provides, especially when it aligns with personal financial obligations and long-term goals.
MoneyGeek compared life insurance companies across cost metrics and ranked them based on their premiums. We chose to review these companies based on their broad national coverage and ability to provide an online quote.
Sample Customer Profile
MoneyGeek used a standard profile to obtain life insurance quotes:
Our pick for the cheapest overall life insurance company is based on a standard profile unless otherwise noted.
We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect various quotes and determine the cheapest life insurance company for several types of customers. We also collected quotes for term life insurance with varying term lengths and coverage amounts.
Additionally, we identified trends in the data set and used those patterns to calculate projections and extend the data beyond what was originally collected.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like 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!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
