How Much Does Term Life Insurance Cost? (2026 Rates)

Term life insurance costs an average of $47 per month for a 40-year-old nonsmoker on a 20-year, $500,000 policy, though rates range from $37 to $59 per month depending on provider. Age is the most powerful rate driver, with a 25-year-old paying roughly 35% less per month than a 40-year-old for the same policy. For a full breakdown of all life insurance types and products, see our life insurance rates guide.

Term length and age together shape the majority of what you'll pay. A 10-year term is the most affordable option, while a 30-year term locks in financial protection the longest at a higher monthly cost. Smoking status can more than double your premium. Coverage levels also affect your premium, with higher coverage costing more than lower coverage. Use our life insurance calculator to estimate how much coverage you actually need before comparing quotes.

A 10-year term is the most affordable option, averaging $34 per month for women and $41 per month for men on a $500,000 policy, while a 30-year term is the most expensive at $82 for women and $104 for men. Choosing a 30-year term instead of a 10-year term more than doubles your monthly premium but locks in level rates for a longer period.

A 25-year-old woman pays $30 per month for a 20-year, $500,000 policy, while men pay $39 per month. Rates rise most steeply after age 45, where premiums nearly double within a decade. Locking in a policy in your 30s instead of your 40s saves an average of $16 to $22 per month for the same coverage.

Monthly rates for a 40-year-old nonsmoker on a 20-year term range from $16 per month for women at $100,000 coverage to $243 per month at $3,000,000, a spread of $228 per month. The per-$1,000 cost decreases as coverage rises, with a $1,000,000 policy costing less than twice the price of a $500,000 policy. For deeper dives into specific amounts, see our full $500,000 term life insurance cost and million dollar life insurance cost pages.

For a nonsmoking 40-year-old on a 20-year, $500,000 policy, monthly rates range from $37 to $75 depending on the company you choose and your gender. Banner Life is the cheapest term life insurance company at $37 per month for women and $46 per month for men. Provider choice matters in term life because each insurer applies its own underwriting guidelines, meaning your health profile is evaluated differently depending on where you apply.

On average, smoking adds $101 to $135 per month to a 40-year-old's 20-year, $500,000 term life premium, more than doubling the nonsmoker rate. This surcharge grows with your term length. On a 30-year term, smokers pay $164 to $221 per month more than nonsmokers.

Moving from average health to a substandard underwriting class adds $5 to $7 per month on a 20-year, $500,000 policy for a 40-year-old nonsmoker. The health surcharge grows with term length, reaching $8 per month for women and $14 per month for men on a 30-year term. Conditions most commonly resulting in substandard ratings include poorly controlled diabetes, heart disease history, sleep apnea and obesity.