May 17, 2022

There are many organizations, term lengths, and coverage amounts to opt from if you’re seeking life insurance.

Price will be undoubtedly influencing your decision, and it may even influence the type of policy you select. We researched average life insurance rates for men and women of various ages and health levels across many coverage options to get a sense of those costs.

What is Life Insurance?

Life insurance is a contract in which an insurance company offers a person financial protection in exchange for a payment over a set period of time. If the policyholder dies within the term of the policy, the insurance company will pay a lump sum to his or her nominee. 


Each life insurance policy is the different, and each state’s laws regulating insurance policies are different.

How much is life insurance?

The premiums for your insurance are decided by your policy details, such as the type of policy and the quantity of coverage, as well as your personal circumstances, such as your health, age, family history, and lifestyle choices. The best method to receive the most reasonable premiums is to work with an independent broker.

Individual life insurance quotations are influenced by a variety of factors. As of April 2022, a healthy 35-year-old male can expect to spend around $30.42 in monthly premiums for a 20-year, $500,000 policy, while a 35-year-old female with the same term length and policy value could pay $25.60. 

Term life insurance is generally less expensive than whole life insurance because whole life lasts longer and includes a savings function.

Chart: whole life insurance average to cost by age

Expect whole life premiums to cost between $250 to $1,000 a month, If you are young and healthy, and that price increases significantly as you age. Since whole life policies offer lifelong coverage and build cash value, They are more expensive than term life insurance.

By age, the average cost of term life insurance:

AgeGender$250,000 coverage$500,000 coverage$1,000,000 coverage
18Man$16.74$26.90$41.83
18Woman$13.78$20.46$32.71
19Man$16.58$26.57        $40.95
19Woman$13.78$20.46$32.71
20Man        $16.28$26.24$39.57
20Woman$13.48$20.31$29.77
21Man$16.12$25.92$38.99
21Woman$13.49$20.33$29.77
22Man$15.79$25.56$38.99
22Woman$13.49$20.33$29.77
23Man$15.79$25.25$38.40
23Woman$13.49$20.33$29.48

Calculated using Quotacy

What factors influence the cost of life insurance?

Policy Type 

According to our review of life insurance rates, term life insurance costs six to ten times less than permanent policies like whole life because it provides protection for a short time.

Coverage Amount

This refers to the policy’s face value. A $1 million policy will cost more than a policy worth $250,000 or $500,000.

Length Term 

You’ll pay a greater premium for a longer-term, such as 30 years if you choose term life.

Riders

To add riders to your policy, such as a premium waiver or an accelerated death benefit, most insurers charge a fee.

Your Age

Because life expectancy decreases as you get older, insurers reserve their best rates for young candidates.

Men or Women?

The CDC’s life expectancy figures reveal that women live longer than men. Insurers charge women reduced rates since the death benefit is less likely to be paid.

Smoker or Not? 

Because smoking is connected to health problems, smokers pay a higher premium for life insurance.

Your Health

When determining your premium, your insurer will take into account pre-existing health issues such as high cholesterol or blood pressure, as well as your weight and other health indicators.

Medical history in the family

Your insurance company may raise your rates if you have a family history of cancer, stroke, or heart disease.

How can I get a better deal on life insurance?

Premiums are the amounts you pay to keep your life insurance policy active. Your loved ones will receive a cash payout if you die while the insurance is still active. 

It’s an investment in your and your family’s future, and you want to make the best decision possible so you don’t overpay for coverage.

  • Purchase insurance when you are young.
  • Keep a healthy lifestyle.
  • Extra features can be turned off.
  • Consider term life insurance
  • Choose the most appropriate term length.
  • Make timely premium payments.
  • Choose the most convenient payment schedule.