Several factors determine the cost of term life insurance, including your age, gender, and health. A healthy 30-year-old can expect to pay about $26 per month — or $312 per year — or even less for a 20-year term life insurance policy with a $500,000 death benefit.
Average term life insurance rates by term length
Term length | Average monthly rate for females | Average monthly rate for males |
10 years | $16.71 | $21.13 |
20 years | $22.98 | $29.32 |
30 years | $34.52 | $42.45 |
Average 20-year term life insurance rates by age & gender
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $15.01 | $22.65 | $33.63 |
Male | $19.18 | $30.20 | $47.51 | |
30 | Female | $15.17 | $22.98 | $36.90 |
Male | $18.19 | $29.32 | $48.89 | |
40 | Female | $21.66 | $35.27 | $60.65 |
Male | $25.39 | $42.94 | $75.24 | |
50 | Female | $43.92 | $78.29 | $139.50 |
Male | $56.69 | $102.50 | $188.29 | |
60 | Female | $107.83 | $194.16 | $354.51 |
Male | $149.38 | $268.09 | $499.98 |
Average 30-year term life insurance rates by age & gender
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $19.43 | $30.97 | $49.32 |
Male | $24.42 | $40.53 | $66.57 | |
30 | Female | $21.06 | $34.52 | $57.04 |
Male | $25.29 | $42.45 | $71.88 | |
40 | Female | $31.99 | $54.87 | $97.32 |
Male | $39.62 | $68.28 | $122.41 | |
50 | Female | $70.40 | $129.12 | $232.24 |
Male | $94.32 | $174.15 | $315.50 |
Average term life insurance costs without a medical exam
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
20 | Female | $15.01 | $22.65 | $33.63 |
Male | $19.18 | $30.20 | $47.51 | |
30 | Female | $15.17 | $22.98 | $36.90 |
Male | $18.19 | $29.32 | $48.89 | |
40 | Female | $21.66 | $35.27 | $60.65 |
Male | $25.39 | $42.94 | $75.24 | |
50 | Female | $43.92 | $78.29 | $139.50 |
Male | $56.69 | $102.50 | $188.29 |
How are life insurance rates determined?
Life insurance companies use a combination of factors — including your age, gender, health, and family medical history — to determine the cost of life insurance for each person. Generally speaking, the younger and healthier you are, the lower the risk you present to the insurer, and the lower your rates will be.
Your age: The average cost of term life insurance goes up by 4.9% to 9% every year you age. Once your policy is active, your premiums will stay the same for the duration of your coverage.
Your gender: Because men have a shorter life expectancy than women, [1] they usually pay more for life insurance. Gender-nonconforming applicants won’t get higher rates based on gender identity, but must apply under one gender.
Your health: The healthier you are, the less likely you are to die while your policy is active. Many insurers will require a medical exam to get an accurate picture of your health. Serious health conditions like a recent history of cancer or heart disease might make you ineligible for certain policies.
Your family medical history: Life insurance companies use your family’s medical history as an indicator of your future health risks. Some life-threatening conditions — like heart disease or diabetes — can be caused by genetic diseases.
Your smoking status and/or marijuana use: If you smoke cigarettes, chew tobacco, or use e-cigarettes, you’ll pay two to three times more for life insurance. Using marijuana won’t disqualify you from getting life insurance, but your rates depend on the state you’re in, the type of products you use, and whether or not you have a medical prescription.
Your history of substance abuse: When you apply for life insurance, the insurer will ask about any current or past alcohol and drug use. People with a history of substance abuse will typically pay higher premiums.
Your driving record: During the application process, your insurer looks at your motor vehicle report (MVR). You’ll pay more for life insurance if you have multiple moving violations, license suspensions, or reckless driving violations, especially if they happened in the last five years.
Your lifestyle and hobbies: Insurance companies consider hobbies like scuba diving or skydiving risky, so they may result in higher premiums. Certain high-risk jobs, like being in the military or a private pilot, can also increase the cost of your policy.
Your criminal history: If you have a criminal record, you can still apply for a life insurance policy. Having misdemeanors or lesser infractions on your record usually won’t change your rates. If you have a felony conviction, getting life insurance will be more difficult and more expensive, especially in the first few years after your conviction.
Your credit history: Your credit report can affect your life insurance rates because insurance companies want to be sure you’ll be able to consistently pay the premiums for your policy. Insurers make a soft inquiry of your credit report as part of the application process, but this doesn’t impact your credit score.
Life insurance is federally regulated, so insurance companies can’t issue discounts. But since each insurer has different guidelines when it comes to pricing, you might get cheaper rates with one company than another depending on your profile
The best way to get a policy at the best price for you is to apply through an independent broker like Policygenius, who can help you compare life insurance quotes across multiple insurance companies at the same time.
Read more about the best term life insurance companies
What factors don’t affect life insurance rates?
Your credit score: While your credit history has an impact on your life insurance rates, your credit score doesn’t. Insurers consider the factors that contribute to your credit score, but not the specific number.
Your marital status: Life insurance companies don’t consider marital status when assigning your rates. You and your spouse won’t get a discount on your premiums if you buy a policy at the same time.
Where you live: The state where you live won’t usually affect the cost of your policy. However, it will affect the insurance rules and regulations that apply in your state.
The number of policies you have. The number of policies you have doesn’t influence your rates. It’s possible and legal to have multiple life insurance policies.
The number of beneficiaries you name. You can have multiple beneficiaries and this won’t affect your rates. You’ll be able to designate a portion of your death benefit to each beneficiary.
How can you get lower term life rates?
Different life insurance companies have different criteria for determining life insurance rates based on factors like your age and health. To find the cheapest rates, you can compare quotes from multiple companies.
Here are some other ways to lower the cost of term life insurance.
Apply early. Life insurance is cheapest when you’re young with few health conditions, so buying a policy in your 20s or 30s can save you money.
Consider paying annually. Many insurers give a small discount to applicants who agree to pay yearly instead of monthly. If you can afford to pay your life insurance premiums annually, you may get a discount up to 5%.
Opt for a shorter term or less coverage. Longer policies or policies with greater payouts are more expensive than shorter policies or policies with smaller death benefits. It’s best to have some kind of policy in place, even if it’s not technically the full amount you need.
Manage your health conditions. If you have a pre-existing condition, following a treatment plan prescribed by your physician can help you get lower rates. For example, this could look like taking prescribed medications or seeing a therapist if recommended.
Stop smoking. The cost of term life insurance is two to three times higher for smokers than it is for non-smokers. To pay non-smoker rates, you’d need to quit using nicotine products at least one year before applying for life insurance.
How much term life insurance do you need?
The amount of life insurance you get should be enough to cover all of your family’s current and future expenses, like mortgage payments and bills.
One easy rule of thumb is that your coverage should be roughly 10 to 15 times your annual income. For example, if you make $100,000 per year, you’ll likely need around $1 million to $1.5 million in life insurance coverage.
We can also do the math for you. You can use our coverage calculator to calculate how much life insurance coverage you need to protect your family.
How long should your term life insurance last?
Most people need term life coverage that lasts 20 to 30 years. Insurers also offer shorter and longer terms — from 10 years up to 40 years. How long your life insurance should last will depend on your financial needs.
How to choose your term length
The best term length for your policy will depend on the reason you’re seeking financial protection.
If you have a 20-year mortgage, for example, you’ll want at least a 20-year term life insurance policy to cover your mortgage payments.
If you have young children, you should factor in how many years you’ll have to support them until they’re financially independent.
If you’re 35 and hoping to retire by 65, a 30-year term life insurance policy could cover you until you retire.
The longer your term, the more expensive your life insurance rates will be. A 30-year life insurance quote is higher than a 20-year life insurance quote because you’re securing the same rate for a longer period of time.
A licensed agent at Policygenius can work with you through the application process so you can find coverage at the right price and term length for your needs.
Learn more about how to calculate your term length