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

Term life insurance cost averages $47 per month for 40-year-old women and $59 for men in 2026, based on a 20-year term at $500,000 in coverage.

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Updated: March 26, 2026

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Key Takeaways
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The national average monthly rate for a 40-year-old nonsmoker on a 20-year, $500,000 policy is $47 per month for women and $59 per month for men.

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Banner Life has the cheapest term life insurance at $37 per month for women and $46 per month for men.

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Smoking adds $101 to $135 per month to a 40-year-old's 20-year term life premium, the single largest cost driver in our analysis.

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Policies with longer terms cost more than shorter term policies. For example, a 30-year term costs $48 to $63 more per month than a 10-year term for the same 40-year-old applicant at $500,000 coverage.

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.

Average Term Life Insurance Cost by Term Length

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.

10$34$406$41$495
15$40$484$50$603
20$47$559$59$705
25$53$638$69$823
30$82$984$104$1,248

Term Life Insurance Cost by Age

Premiums for a 20-year, $500,000 policy run $30 per month for a 25-year-old woman and $39 per month for a man the same age. After 45, costs climb fast, with rates nearly doubling by the mid-50s. Buy in your 30s rather than your 40s and you'll pay $16 to $22 less per month for the same coverage.

25$30$366$39$463
30$31$368$38$451
35$37$448$47$560
40$47$559$59$705
45$69$831$90$1,081
50$102$1,229$137$1,644
55$168$2,020$231$2,767
60$286$3,437$395$4,738

Term Life Insurance Cost by Coverage Amount

Monthly rates for a 40-year-old nonsmoking woman on a 20-year term run $16 per month at $100,000 in coverage and $243 per month at $3,000,000, a $228 monthly gap. The per-$1,000 cost also drops as coverage rises; a $1,000,000 policy costs less than twice what a $500,000 policy does. For a closer look at set amounts, see our full $500,000 term life insurance cost and million dollar life insurance cost pages.

$100,000$16$189$19$224
$250,000$28$338$35$416
$500,000$47$559$59$705
$1,000,000$86$1,035$109$1,312
$1,500,000$127$1,529$163$1,953
$2,000,000$168$2,013$216$2,587
$3,000,000$243$2,921$315$3,784

Term Life Insurance Cost by Company

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.

Banner Life$37$444$46$551
Transamerica$37$444$46$551
Penn Mutual$38$456$47$562
Pacific Life$38$457$54$653
Cincinnati Life$40$482$49$593
Protective$42$505$54$653
Fidelity$44$522$58$699
Columbus$44$530$53$632
Nationwide$45$541$56$677
Prudential$46$551$59$704
Lincoln Financial$46$555$60$721
New York Life$47$559$58$701
Guardian Life$47$567$59$705
Mutual of Omaha$49$591$60$720
John Hancock$50$604$61$737
State Farm$53$641$66$790
MassMutual$54$642$67$809
North American$54$644$66$787
Midland National$54$644$66$787
Ethos$54$649$72$861
Gerber Life$59$705$75$905

Term Life Insurance Cost for Smokers

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.

10$34$41$102$133$69$92
15$40$50$131$171$90$120
20$47$59$148$194$101$135
25$53$69$180$238$127$170
30$82$104$246$325$164$221

Term Life Insurance Cost With Poor Health

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.

10$34$41$38$46$4$5
15$40$50$45$57$5$6
20$47$59$52$66$5$7
25$53$69$57$74$4$5
30$82$104$90$118$8$14

What Affects Term Life Insurance Rates?

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    Age

    Age is the most predictable rate factor. A 25-year-old woman pays $30 per month vs. $168 per month for a 55-year-old for the same 20-year, $500K policy, a difference of over $137 per month. Rates increase every year you wait to apply.

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    Health

    Insurers classify applicants into health tiers that affect your premium. Poor health adds $5 to $7 per month vs. average health for a 40-year-old on a 20-year, $500K policy. Conditions like diabetes or heart disease history can push you into a substandard class.

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    Smoking Status

    Smoking is the single largest controllable rate factor, adding $101 to $135 per month for a 40-year-old on a 20-year, $500K policy. Rates apply to any tobacco or nicotine use within 12 months.

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    Coverage Amount

    Higher coverage amounts cost more, but the per-$1,000 rate decreases as coverage increases. A $1,000,000 policy costs $40 more per month for a woman than a $500K policy, but the cost per $1,000 of coverage drops, so higher coverage levels are relatively more efficient for your dollar.

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    Term Length

    Longer terms lock in level premiums longer but cost more per month. A 30-year term costs $48 to $63 more per month than a 10-year term for the same 40-year-old at $500K coverage. Still, a single 30-year term policy is often cheaper than getting three separate 10-year term policies, where your rates will increase substantially each time you renew.

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    Policy Type

    Term life is the most affordable life insurance type. The same $500K coverage on a whole life policy costs far more per month due to the cash value accumulation component. Term life is built purely for death benefit protection at the lowest possible cost.

How to Get the Lowest Term Life Insurance Rate

There are several factors that influence your term life insurance rates, and a few of them come down to timing and personal choices. Try these simple ways to keep your premiums low:

  1. 1
    Compare Rates Across Multiple Providers Now

    Pricing can vary more than you might expect. For the same profile, Banner Life comes in $22 to $29 cheaper per month than Gerber Life depending on gender, even with identical coverage. Each insurer uses its own underwriting approach, so rates won’t look the same across the board. Check quotes from at least three companies before you move forward with an application.

  2. 2
    Apply Before Your Next Birthday

    Your age at the time of application locks in your premium for the entire term. Waiting even a few years makes a difference. Someone applying at 40 pays about $10 to $12 more per month than someone at 35. Getting coverage in your 30s instead of your 40s keeps costs lower over time.

    Learn more: When Should You Get Life Insurance?

  3. 3
    Choose Only the Term Length You Need

    Longer terms come with higher monthly costs. A 10-year term runs about $48 to $63 less per month than a 30-year term for the same $500,000 coverage. Pick a term that lines up with your financial timeline, such as when your mortgage ends, when your youngest child finishes school or when you plan to retire.

  4. 4
    Improve Your Health Before Applying

    Your health rating has a direct impact on your premium. Lowering your weight, keeping blood pressure under control or quitting smoking can help you qualify for better rates. After 12 months without tobacco, most insurers classify you as a nonsmoker, which lowers your monthly cost.

  5. 5
    Right-Size Your Coverage Amount

    Higher coverage means higher premiums, so it helps to choose an amount that fits your needs. A $1,000,000 policy costs about $40 to $51 more per month than a $500,000 policy on average. Use the MoneyGeek life insurance calculator to figure out a coverage level that makes sense before requesting quotes.

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Frequently Asked Questions

How much does term life insurance cost per month?

How does age affect term life insurance rates?

What is the cheapest term life insurance company?

How much does smoking raise term life insurance rates?

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MoneyGeek collected thousands of quotes from term life insurance providers to build the rate data on this page. Our baseline profile is a 40-year-old nonsmoker with an average BMI for their sex and an average health rating. We quoted coverage across 10, 15, 20, 25 and 30-year terms at a $500,000 baseline coverage amount.

To show how rates shift with different needs, we also quoted seven coverage levels: $100,000, $250,000, $500,000, $1 million, $1.5 million, $2 million and $3 million. Beyond the baseline, we adjusted for age, smoking status, health status and BMI to show how each variable affects what you'll pay.

All monthly rates reflect annual premiums divided by 12, rounded to the nearest whole dollar.

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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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