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

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.

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Updated: August 24, 2026

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Key Takeaways
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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.

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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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Smokers pay 130% to 230% more than nonsmokers for the same coverage, the single largest cost factor in our analysis.

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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.

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Buying a policy when you're young can lower your rates. A 25-year-old woman pays 37% less than a 40-year-old for the same term life policy, while a 25-year-old man pays 46% less than a 40-year-old.

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Average Monthly Rate—

Average Term Life Insurance Rates by Age

Term life insurance costs an average of $47 for women and $59 for men at 40 years old with a 20-year, $500,000 policy. Age is one of the biggest factors affecting term life insurance costs. For a $500,000 policy, women's average monthly rates rise from $30 at age 25 to $415 at age 65, while men's rates increase from $32 to $591.

Your premium locks in when you buy a policy and stays level for your full term length. Buying coverage when you're younger can help you secure a lower rate for the life of your policy.

Female Term Life Rates by Age

25
$12
$22
$30
$43
$54
30
$13
$23
$32
$48
$60
35
$14
$24
$37
$52
$68
40
$16
$28
$47
$67
$86
45
$21
$35
$69
$85
$130
50
$30
$59
$102
$150
$194
55
$45
$75
$168
$194
$317
60
$74
$157
$286
$421
$545
65
$103
$178
$415
$481
$806

Male Term Life Rates by Age

25
$14
$23
$32
$53
$67
30
$15
$26
$38
$59
$74
35
$16
$28
$47
$65
$85
40
$19
$35
$59
$85
$109
45
$26
$44
$90
$108
$170
50
$38
$77
$137
$201
$262
55
$60
$100
$231
$263
$440
60
$100
$215
$395
$589
$771
65
$141
$245
$591
$681
$1,195

* Rates shown are for nonsmokers in average health with a 20-year term policy.

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HOW MUCH TERM LIFE COVERAGE DO I NEED?

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 quickly estimate your coverage needs before comparing quotes.

Average Term Life Insurance Cost by Term Length

Term life insurance costs increase with the length of your policy. For a 40-year-old with $500,000 in coverage, average monthly rates range from $34 for a 10-year term to $82 for a 30-year term for women and from $41 with a 10-year term to $104 with a 30-year term for men.

A 20-year term gives the best balance of cost and coverage length for most people, especially if you're covering a mortgage or raising children. A 10- or 15-year term works well for shorter financial obligations, while 25- or 30-year terms are a better fit for younger families, long mortgages or dependents who will need support for decades.

Female Term Life Rates by Term Length

10
$13
$22
$34
$48
$60
15
$14
$25
$40
$58
$73
20
$16
$28
$47
$67
$86
25
$18
$33
$53
$76
$97
30
$26
$48
$82
$120
$154

Male Term Life Rates by Term Length

10
$15
$26
$41
$59
$74
15
$17
$31
$50
$72
$92
20
$19
$35
$59
$85
$109
25
$22
$41
$69
$99
$128
30
$32
$61
$104
$153
$198

* Rates shown are based on quotes for a nonsmoking 40-year-old in average health.

Average Term Life Insurance Rates for Smokers

In our analysis, smoking increases term life insurance rates by 2.3 to 3.3 times nonsmoker rates, depending on age and gender. At 40 years old, a smoker pays an average of $148 per month for a 20-year, $500,000 policy for women and $194 for men, compared with $47 and $59 for nonsmokers.

If you quit smoking after buying a policy, your premium won't automatically decrease. After being tobacco-free for at least 12 months, you can reapply for a policy or ask your insurer to reconsider your rate. Requirements vary by insurer, so compare new rates with your existing policy before making a change.

Female Term Life Rates for Smokers

25
$24
$49
$79
$110
$151
30
$25
$54
$84
$123
$158
35
$31
$59
$111
$150
$209
40
$40
$82
$148
$217
$281
45
$57
$104
$222
$274
$425
50
$83
$179
$331
$492
$643
55
$122
$227
$504
$625
$994
60
$191
$420
$776
$1,150
$1,496
65
$237
$471
$1,087
$1,322
$2,112

Male Term Life Rates for Smokers

25
$31
$63
$107
$160
$205
30
$32
$68
$119
$174
$235
35
$39
$76
$145
$195
$276
40
$50
$107
$194
$289
$376
45
$73
$135
$297
$365
$580
50
$110
$243
$454
$680
$892
55
$165
$312
$704
$872
$1,404
60
$265
$584
$1,085
$1,639
$2,159
65
$330
$664
$1,539
$1,878
$3,058

* Rates shown are for smokers in otherwise average health with a 20-year term policy.

Term Life Insurance Rates for People with Poor Health

Poor health increases term life insurance rates by 11% to 22% for a $500,000 policy compared with average health across the ages we analyzed. At age 40, average monthly rates increase from $47 for women in average health to $52 for women in poor health and from $59 to $66 for men.

Health conditions such as diabetes, heart disease, obesity or poorly controlled high blood pressure can lead to lower health classifications or table-rated premiums. More serious, uncontrolled or recently diagnosed conditions may result in higher rates, postponed coverage or disqualification. Insurers weigh each condition differently based on factors such as severity, treatment and overall health. Be sure to request quotes from multiple providers to find your best rate.

Term Life Rates for Women with Poor Health

25
$13
$21
$34
$47
$60
30
$14
$24
$36
$52
$68
35
$15
$26
$42
$58
$76
40
$17
$31
$52
$75
$97
45
$23
$39
$77
$95
$146
50
$32
$65
$114
$168
$219
55
$50
$83
$190
$218
$364
60
$81
$172
$318
$475
$620
65
$112
$194
$486
$704
$922

Term Life Rates for Men with Poor Health

25
$15
$26
$42
$59
$75
30
$16
$29
$47
$65
$83
35
$17
$31
$52
$72
$94
40
$20
$38
$66
$95
$121
45
$28
$48
$99
$121
$188
50
$42
$84
$150
$222
$289
55
$66
$109
$260
$291
$504
60
$112
$240
$447
$677
$894
65
$158
$275
$718
$1,068
$1,417

* Rates shown are for nonsmokers in poor health with a 20-year term policy.

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 $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.

Banner Life

$37
$444
$46
$552

Transamerica

$37
$444
$46
$552

Penn Mutual

$38
$456
$47
$564

Pacific Life

$38
$456
$54
$648

Cincinnati Life

$40
$480
$49
$588

Protective Life

$42
$504
$54
$648

Fidelity

$44
$528
$58
$696

Columbus Life

$44
$528
$53
$636

Nationwide

$45
$540
$56
$672

Prudential

$46
$552
$59
$708

Lincoln Financial

$46
$552
$60
$720

New York Life

$47
$564
$58
$696

Guardian Life

$47
$564
$59
$708

Mutual of Omaha

$49
$588
$60
$720

John Hancock

$50
$600
$61
$732

State Farm

$53
$636
$66
$792

MassMutual

$54
$648
$67
$804

North American

$54
$648
$66
$792

Midland National

$54
$648
$66
$792

Ethos

$54
$648
$72
$864

Gerber Life

$59
$708
$75
$900

* Rates shown are for nonsmoking 40-year-olds in average health with a 20-year, $500,000 policy.

What Factors Affect 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 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.

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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 the past 12 months, including smoking cigarettes, vaping, chewing tobacco and nicotine patches.

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    Coverage Amount

    Higher coverage amounts cost more, but the per-$1,000 rate decreases as coverage increases. A $1 million policy costs $39 more per month for a woman than a $500K policy, but the cost per $1,000 of coverage drops, so higher coverage levels are more cost-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. 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.

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 million policy costs $39 to $50 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.

Frequently Asked Questions

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.

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About Patrick Bryant

Patrick Bryant, Vertical Lead, Life & Health Insurance, MoneyGeek

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.

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