Term life insurance costs an average of $47 per month for women and $59 for men at age 40, based on a 20-year policy with $500,000 in coverage. Your actual rate will vary based on your age, health, tobacco use, coverage amount and term length.
Compare term life insurance quotes from top providers.
Updated: June 26, 2026
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The average monthly rate for a 20-year, $500,000 policy is $47 per month for women and $59 per month for men.
Banner Life has the cheapest term life insurance at $37 per month for women and $46 per month for men.
Smokers pay 200% to 246% more than nonsmokers for the same coverage, the single largest cost factor in our analysis.
A 30-year term more than doubles your monthly cost compared to a 10-year term but locks in your rate for a longer period.
Purchasing a policy when you're young pays off. A 25-year-old pays 37% less than a 40-year-old for the same term life policy.
Use our free term life insurance calculator to get a personalized estimate in seconds.
Estimates are based on average health for nonsmokers.
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.
Even though monthly rates are higher, purchasing a single 30-year term policy is often cheaper over its full duration than buying three consecutive 10-year terms, because your rates will increase at each renewal based on your age.
10 | $34 | $408 | $41 | $492 |
15 | $40 | $480 | $50 | $600 |
20 | $47 | $564 | $59 | $708 |
25 | $53 | $636 | $69 | $828 |
30 | $82 | $984 | $104 | $1,248 |
* Rates shown are based on quotes for a nonsmoking 40-year-old in average health with a $500,000 policy.
Although a 30-year term costs more each month than a 10-year term, locking in your rate for the longer period can save you money. Starting at age 40, a single 30-year policy costs $29,520, compared with $50,640 for three consecutive 10-year policies using age-based renewal rates. That's a savings of $21,120 before accounting for any future health changes that could push renewal rates even higher.
One 30-year term purchased at age 40:
Three consecutive 10-year terms:
Total savings with one 30-year policy: $21,120 (42%).
A 20-year, $500,000 term life policy costs an average $30 per month for a 25-year-old woman and $39 for a man the same age. After 45, costs climb fast, with rates nearly doubling by 50 compared to 40. Buy in your 30s rather than your 40s and you'll pay $16 to $22 less per month for the same coverage. That amounts to a savings of $3,840 to $5,280 over a 20-year term.
25 | $30 | $360 | $39 | $468 |
30 | $31 | $372 | $38 | $456 |
35 | $37 | $444 | $47 | $564 |
40 | $47 | $564 | $59 | $708 |
45 | $69 | $828 | $90 | $1,080 |
50 | $102 | $1,224 | $137 | $1,644 |
55 | $168 | $2,016 | $231 | $2,772 |
60 | $286 | $3,432 | $395 | $4,740 |
* Rates shown are based on quotes for nonsmokers in average health with a 20-year, $500,000 policy.
Learn more: Term Life Insurance Rates by Age Chart
Monthly premiums rise with coverage, but the cost per dollar of coverage falls as you buy larger policies. A 40-year-old nonsmoking woman pays $16 per month for $100,000 in coverage and $243 for $3 million. Increasing your coverage from $500,000 to $1 million raises your monthly premium from $47 to $86, only 83% more for twice the death benefit.
$100,000 | $16 | $192 | $19 | $228 |
$250,000 | $28 | $336 | $35 | $420 |
$500,000 | $47 | $564 | $59 | $708 |
$1 million | $86 | $1,032 | $109 | $1,308 |
$1.5 million | $127 | $1,524 | $163 | $1,956 |
$2 million | $168 | $2,016 | $216 | $2,592 |
$3 million | $243 | $2,916 | $315 | $3,780 |
* Rates shown are for 40-year-old nonsmokers in average health with a 20-year policy.
A common starting point is 10 to 12 times your annual income. If you earn $75,000, that's $750,000 to $900,000. Factor in your debts, dependents, income replacement years and future expenses like college. Use our life insurance calculator to estimate your coverage needs before comparing quotes.
For a nonsmoking 40-year-old on a 20-year, $500,000 policy, monthly rates range from $37 to $59 for women and $46 to $75 for men across the 21 companies we analyzed. 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.
$37 | $444 | $46 | $552 | |
$37 | $444 | $46 | $552 | |
$38 | $456 | $47 | $564 | |
$38 | $456 | $54 | $648 | |
$40 | $480 | $49 | $588 | |
$42 | $504 | $54 | $648 | |
$44 | $528 | $58 | $696 | |
$44 | $528 | $53 | $636 | |
$45 | $540 | $56 | $672 | |
$46 | $552 | $59 | $708 | |
$46 | $552 | $60 | $720 | |
$47 | $564 | $58 | $696 | |
$47 | $564 | $59 | $708 | |
$49 | $588 | $60 | $720 | |
$50 | $600 | $61 | $732 | |
$53 | $636 | $66 | $792 | |
$54 | $648 | $67 | $804 | |
$54 | $648 | $66 | $792 | |
$54 | $648 | $66 | $792 | |
$54 | $648 | $72 | $864 | |
$59 | $708 | $75 | $900 | |
* Rates shown are for nonsmoking 40-year-olds in average health with a 20-year, $500,000 policy.
Smoking is the biggest factor affecting term life insurance rates in our analysis. For a 40-year-old buying a 20-year, $500,000 policy, smokers pay $101 to $135 more per month than nonsmokers, an increase of more than 200%. The pricing difference between smokers and nonsmokers widens with longer terms, reaching $164 to $221 per month on a 30-year policy.
Most insurers will classify you as a nonsmoker after you've been tobacco- and nicotine-free for at least 12 consecutive months.
10 years | $34 | $102 | $92 | $41 | $133 | $92 |
15 years | $40 | $131 | $121 | $50 | $171 | $121 |
20 years | $47 | $148 | $135 | $59 | $194 | $135 |
25 years | $53 | $180 | $169 | $69 | $238 | $169 |
30 years | $82 | $246 | $221 | $104 | $325 | $221 |
* Rates shown are for 40-year-olds in average health with a $500,000 policy.
Learn more: Cheapest Life Insurance for Smokers
Poor health has a smaller impact on term life insurance rates than many buyers expect. For a 40-year-old nonsmoker purchasing a 20-year, $500,000 policy, moving from an average to a substandard health rating adds just $5 to $7 per month, far less than the increase from smoking or choosing a longer term. The surcharge rises to $8 for women and $14 for men on a 30-year policy.
Common conditions that can lead to a substandard rating include poorly controlled diabetes, heart disease, sleep apnea and obesity. Because underwriting standards vary widely, comparing quotes from multiple insurers can help you find a better rate.
10 years | $34 | $38 | $5 | $41 | $46 | $5 |
15 years | $40 | $45 | $7 | $50 | $57 | $7 |
20 years | $47 | $52 | $7 | $59 | $66 | $7 |
25 years | $53 | $57 | $5 | $69 | $74 | $5 |
30 years | $82 | $90 | $14 | $104 | $118 | $14 |
* Rates shown are for nonsmoking 40-year-olds with a $500,000 policy.
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.
Insurers classify applicants into health ratings 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.
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 the past 12 months, including smoking cigarettes, vaping, chewing tobacco and nicotine patches.
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.
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.
Term life is the most affordable life insurance type. Whole life premiums for the same $500K coverage can run three to 10 times higher per month than term, due to the permanent coverage and cash value accumulation component. Term life is built purely for death benefit protection at the lowest possible cost.
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:
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.
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?
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.
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.
Higher coverage means higher premiums, so it helps to choose an amount that fits your needs. A $1,000,000 policy costs about $39 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.
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. Age and health are the two biggest variables. A 60-year-old woman pays over nine times more per month than a 30-year-old for the same policy at $286 vs. $31.
A 25-year-old pays $30 to $39 per month for a 20-year, $500K policy vs. $286 to $395 per month (M) at age 60, which is an increase of over 800%. Rates rise gradually through your 30s, then accelerate sharply after age 45. Apply as early as possible to lock in lower premiums for your full term.
Banner Life is the cheapest life insurance provider for a 40-year-old nonsmoker on a 20-year, $500,000 policy at $37 per month for women and $46 per month for men. The cheapest company varies by applicant profile.
Smoking increases your term life insurance cost by an average of 215% to 229% above nonsmoker rates. You must be tobacco- and nicotine-free for at least 12 months to qualify for nonsmoker pricing.
MoneyGeek collected thousands of quotes from 21 major 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.
About Patrick Bryant
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.
