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 monthly rates range from $37 (Banner Life) to $75 (Gerber Life) 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. Higher coverage costs more per month, but the rate per $1,000 of coverage drops as the amount rises. A $1,000,000 policy costs less than twice what a $500,000 policy does. 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. That said, a single 30-year term is often cheaper over its full duration than buying three consecutive 10-year terms, since your rates reset and are higher at each renewal.

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 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.

Learn more: Term Life Insurance Rates by Age Chart

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.

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.

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. Most insurers reclassify you as a nonsmoker after 12 consecutive months without tobacco or nicotine use.

Learn more: Cheapest Life Insurance for Smokers

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. That's a smaller penalty than most applicants expect. Poor health adds far less to your monthly bill than a longer term length or a tobacco habit.

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. If you have one of these conditions, shop multiple carriers. Underwriting standards vary greatly by insurer, and one company's substandard class may be another's standard.