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By

Katherine MurbachEditor & Licensed Life Insurance AgentKatherine Murbach is an editor and a former licensed life insurance agent at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.&Antonio Ruiz-CamachoAssociate Content DirectorAntonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Edited by

Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
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Reviewed by

Maria FilindrasMaria FilindrasFinancial AdvisorMaria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

Updated

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

Policygenius content follows strict guidelines for editorial accuracy and integrity. Learn about our editorial standards and how we make money.

Why compare life insurance quotes?

Life insurance is the best way to provide a financial safety net for your loved ones in the event of your death. Since no insurance company can offer you a discount due to federal regulations, comparing life insurance quotes from multiple companies is the easiest way to find the most affordable policy.

Policygenius makes it easy to compare life insurance quotes from America’s top insurers — and find the lowest price. Once you receive free life insurance quotes, a Policygenius agent can help you find the right coverage at the best rate.

Life insurance terms you should know
  • Beneficiaries: The people you name on your life insurance policy to receive the lump sum of money — also known as the death benefit — when you die.

  • Cash value: The portion of a permanent life insurance policy’s monetary value that grows, tax-deferred, over the life of the policy.

  • Death benefit: The amount of money the life insurance company will pay your beneficiaries when you die.

  • Policy: The legal document that includes the terms and conditions of your life insurance contract.

  • Policyholder: The person who owns an insurance policy. Usually, this is the same person as the insured.

  • Premium: The amount you pay your insurance company to keep your coverage active. Premiums are typically paid monthly or annually.

  • Underwriting: The process where an insurance company evaluates the risk of insuring you and determines your final rate.

What is life insurance?

Life insurance is a contract in which you make regular payments — also known as premiums — to an insurance company. If you die while your policy is active, the insurance company pays a tax-free sum of money to your beneficiaries.

Ensuring your loved ones have enough money to cover their expenses when you die is the main reason why people buy life insurance. However, only 52% of American adults have a life insurance policy, [1] leaving the rest exposed to unnecessary financial risk.

Meanwhile, 54% of Americans who don’t have life insurance say they’ve avoided purchasing it because they don’t know what kind of policy to buy, or how much coverage they need [2] — but Policygenius can help you answer those questions below.

Why you can trust Policygenius

Since 2014, we’ve helped more than 30 million Americans find affordable insurance. We’re an independent broker, which means we aren't owned by an insurance company, nor do we own one. Instead, our technology lets you compare quotes from more than 10 of the best life insurance companies to help you find the most affordable option. Our independent agents are licensed in all 50 states, and our articles are thoroughly fact-checked by certified financial planners and licensed insurance experts. Learn more about our editorial standards and our Financial Review Council.

How to compare life insurance quotes with Policygenius

Choose the best type of life insurance for your needs

The two main types of life insurance you’re most likely to choose from are term and whole. Term life policies cover you for a set period of time — usually between 10 and 30 years. Whole life insurance covers you for your entire life, and usually comes with a cash value component. Whole life is significantly more expensive than a term life policy with the same death benefit.

“Term life is usually the best option for most people,” says certified financial planner Patrick Hanzel, advanced planning manager at Policygenius. “Whole life insurance is usually only suitable for people who have a large annual income or net worth, complex estate planning needs, or a special-needs dependent.”

Term life insurance

Term life insurance is the best type of life insurance for most people because it’s affordable and easy to manage. It can also provide financial protection during the period of your life when you have the biggest expenses — like when your children are younger, or while you have a mortgage to pay off.

Some term life policies let you skip the medical exam during the application process so you can get coverage more quickly. If you have no health issues or just minor health conditions, you may be eligible for an affordable no-exam life insurance policy.

Whole life insurance

Whole life insurance is a type of permanent life insurance, which means it lasts your entire life, and pays out no matter when you die. It comes with a cash value component in addition to the lump-sum payout. High-net-worth individuals can benefit from this cash value as an additional investment vehicle, or as a buffer against estate tax.

If you have trouble qualifying for traditional life insurance due to your age or a serious health condition, a limited type of whole life insurance called final expense insurance could be a good option. Final expense insurance, also known as burial insurance, pays a small death benefit to your family to help cover end-of-life expenses, like a funeral or medical bills.

Term vs. whole life at a glance

Features

Term life insurance

Whole life insurance

Length

10-40 years

Lifetime

Average cost

$26/month*

$451/month*

Builds cash value

No

Yes

Premiums

Fixed

Fixed

*Methodology: Average monthly term life insurance rate is for male and female non-smokers with a Preferred health rating obtaining a 20-year, $500,000 policy. Term life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Average monthly whole life insurance rate is calculated for non-smokers in a Preferred health classification, obtaining a whole life insurance policy paid up at age 100 from MassMutual. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 03/01/2024.

Find the right life insurance policy for you

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Calculate out how much life insurance coverage you need

One easy rule of thumb is that your life insurance plan should include coverage that’s 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. 

Our life insurance quote calculator can help you estimate how much money your family would need to replace the loss of your income and meet their future goals.

When shopping for life insurance quotes, consider all the expenses your family has now and will have in the future, such as: 

  • Everyday living expenses

  • Mortgage payments

  • Your children’s educational costs

  • The cost of your own funeral

Your life insurance policy amount should cover them all, so your loved ones won’t struggle financially in your absence.

Estimate how much your life insurance will cost 

In general, the younger and healthier you are, the cheaper your life insurance will be. Additionally, term life insurance is far less expensive than whole life insurance. 

  • A healthy 30-year-old who doesn’t smoke pays $26 per month on average for a 20-year term life policy with a $500,000 payout. 

  • The same person would pay around 17 times more — $451 per month — for a whole life policy with the same payout.

It’s also more affordable to apply sooner rather than later. “One of the reasons people are encouraged to consider life insurance earlier in their lives is due to the fact that premiums will be lower due to their age,” says Kenneth A. Carow, PhD, CFA, a professor of finance and Kelley Faculty Fellow at Indiana University. “They’re also less likely to have developed additional mortality factors that will increase their premium, or maybe even affect their ability to obtain life insurance.”

Learn more about how health classifications affect life insurance rates

Methodology

Why you can trust our rates

At Policygenius, our educational guides are written and fact-checked by licensed life insurance experts and reviewed by our Financial Review Council to ensure autonomy, expertise, and accuracy. Our rates are based on internal actuarial rate tables for 10 life insurance carriers that offer policies through the Policygenius marketplace (Brighthouse Financial, Corebridge Financial, Legal & General America, Lincoln Financial, MassMutual, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica), and the Policygenius Life Insurance Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term or whole, and coverage amount) as of the date reflected on each tables methodology. Rates for those products may vary by state, and not all products are available in all states. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria.

Average monthly rates for term life insurance in March 2024

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

$22.99

$36.89

Male

$18.19

$29.32

$48.88

40

Female

$21.66

$35.27

$60.64

Male

$25.38

$42.95

$75.24

50

Female

$43.92

$78.29

$139.47

Male

$56.69

$102.49

$188.26

60

Female

$107.84

$194.16

$354.62

Male

$149.38

$268.09

$500.15

Collapse table

Methodology: Average monthly rates are calculated for male and female non-smokers in a Preferred health classification obtaining a 20-year $250,000, $500,000, or $1,000,000 term life insurance policy. Life insurance averages are based on a composite of policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and the Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. Rates may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 03/01/2024.

How much does a 40-year term life insurance policy cost?

A 40-year term life insurance policy with a $500,000 death benefit costs, on average, less than $64 a month for a healthy, non-smoking 30-year-old male and less than $47 a month for a healthy, non-smoking 30-year-old female. A 40-year policy is longer than average, so be sure that you only pay for the length of coverage you need.

How much is $100,000 in life insurance a month?

The average monthly cost of a 20-year term life insurance policy with a $100,000 payout is $10.72 for a 30-year-old in good health. The average monthly cost of a 30-year term life policy with the same payout is $13.88 for a 30-year-old in good health.

Average monthly rates for whole life insurance in March 2024

Age

Gender

$250,000 coverage amount

$500,000 coverage amount

$1 million coverage amount

20

Female

$147.50

$290.00

$558.50

Male

$175.50

$347.00

$670.50

30

Female

$209.50

$414.50

$814.00

Male

$245.50

$487.00

$954.50

40

Female

$305.00

$605.50

$1,195.00

Male

$371.00

$737.00

$1,422.00

50

Female

$480.50

$957.00

$1,899.00

Male

$569.50

$1,134.5

$2,222.00

60

Female

$800.50

$1,597.00

$3,179.50

Male

$957.00

$1,909.50

$3,769.00

Collapse table

Methodology: Approximate monthly rates are calculated for male and female non-smokers in a Preferred health classification, obtaining a $250,000, $500,000 or $1 million whole life insurance policy paid up at age 100 through MassMutual. Individual rates may vary by insurer, coverage amount, health class, and state. Not all policies available in all states. Rate illustration valid as of 03/01/2024.

Gather the information you need & get free quotes

Comparing free life insurance quotes online is easy with Policygenius. Here’s everything you need to get your quotes.

  • Basic details like your age, gender, date of birth, and ZIP code

  • Individual and household income

  • Health and lifestyle information, like your height, weight, and basic medical details

  • All the same information for your spouse, if you’d like to get coverage for them too

Depending on your circumstances, you may need to answer a few more questions with a Policygenius agent about your lifestyle, health, and past medical conditions.

You could save 50% or more by shopping for life insurance with Policygenius

After providing us with a few details like your age and income, you can compare life insurance quotes from some of the top insurers, then connect with one of our agents to find the best policy for your needs.

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Choose the best life insurance company for you

The right life insurance company for you will depend on factors like your age, health, and financial needs. Our independent, unbiased ratings and reviews of the best life insurance companies will help you find a great life insurance policy with confidence, and our online quotes will show you which insurers can provide you with the most affordable coverage.

Compare the 5 best life insurance companies of 2024

Insurer

Policygenius rating

Best for

AM Best rating

Brighthouse Financial

5.0/5 ★

No-medical-exam, young adults

A

Legal & General America

4.9/5 ★

Affordability, term life, smokers

A+

MassMutual

4.9/5 ★

Whole life

A++

Lincoln Financial

4.8/5 ★

Pre-existing conditions

A

Pacific Life

4.8/5 ★

Customer satisfaction

A+

Explore our reviews of more than 30 life insurance companies

Shop the country’s top life insurance companies

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Apply for life insurance

Whether you’re applying online or with a Policygenius agent over the phone, you’ll need to provide some additional information about your health and lifestyle so insurers can make an offer.

Here are some of the details you’ll need to provide when you apply:

  • Identification and financial information like your driver’s license number, your citizenship status, and your income and net worth.

  • Health history and medical information like any conditions you’ve had in the last 10 years, any medications you’re currently taking, and details about your family history.

  • Habits and hobbies including any risky sports like scuba diving or skydiving, use of tobacco products, and drinking habits or drug use.

The online application or phone interview with an agent usually only takes 15 to 30 minutes. After applying, the process to make your policy active can take up to two months, so if you want to get coverage soon, apply as early as you can.

How to save money by comparing life insurance quotes

Many factors determine how much your life insurance policy will cost, including your age, gender, and health profile. Since every life insurance company weighs these factors differently, comparing quotes from multiple insurers is the best way to find the cheapest coverage.

At Policygenius, our agents can help you compare quotes from different insurance companies and apply for the right coverage at a price that works for you. 

What factors affect life insurance rates?

The best insurance company for you might not be the best for someone else — one insurer might offer you more affordable life insurance quotes than another for the same policy. Your age, health, and coverage needs are the primary factors to consider when shopping for life insurance.

  • Age: The younger you are, the lower your premium payments will be. Life insurance rates typically go up 4.5% to 9% every year you age, since we all become riskier to insure as we grow older.

  • Gender: Women pay an average of 24% less for life insurance than men. Since women often live longer than men, covering women presents less risk to an insurance company.

  • Health: Serious health conditions can lead to high rates or denied coverage. Mild conditions may have a small impact on the cost of your premiums.

  • Lifestyle: Insurance companies consider some hobbies — like skydiving or scuba diving past a certain depth — risky enough to increase the cost of your life insurance policy.

Quotes vs. rates

Life insurance quotes are estimates of how much your life insurance premiums will cost on a monthly or annual basis. You can get quotes online, for free, with just a few pieces of information. Life insurance rates are the final cost of your premiums, which an insurance company will only provide after they evaluate your application.

Get a life insurance quote today

Frequently asked questions

What is the average cost of life insurance?

The average life insurance rate is $26 per month or $312 per year for a 30-year-old buying a 20-year term life insurance policy with a $500,000 coverage amount. The cost of a life insurance policy will depend on your age, gender, overall health, and lifestyle habits, as well as the type of coverage and payout amount on your policy.

How much is a $10,000 term life insurance policy worth?

Term life insurance policies don’t have cash value. In this case, the $10,000 would be the amount of the death benefit your beneficiaries would receive as a tax-free sum of money if you die.

Where can you compare multiple life insurance quotes in one place?

At Policygenius, most people can compare life insurance quotes online and for free. As an independent broker, we work with more than 10 of the top life insurance companies on the market.

Can you buy a life insurance policy online?

Yes, you can get a life insurance policy online. Many insurers even offer instant life insurance policies. With this type of insurance, some people can get quotes and be approved for coverage almost immediately, without having to take the medical exam that’s usually part of the life insurance application process.

Do you need to take a medical exam to apply for life insurance?

No, you don’t always need to take a medical exam in order to buy a life insurance plan. Depending on your age and overall health profile, you may be eligible for a no-exam life insurance policy, which allows you to skip the standard life insurance medical examination. Instead of scheduling an in-person exam, you’ll simply have to answer a series of questions about your health online or over the phone instead. The process usually takes 10 to 20 minutes.

Is life insurance taxable?

In general, the payout from a life insurance policy is not subject to taxation. However, if the payout becomes part of a large estate, if you have a permanent life policy that comes with cash value, or if you opt to receive the insurance payout in installments, you may have to pay taxes.

Shopping for life insurance is easy with Policygenius

Policygenius makes it simple to compare life insurance quotes from America’s top insurers in just a few clicks to find your lowest price.

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References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. LIMRA

    . "

    2023 Insurance Barometer Study

    ." Accessed March 11, 2024.

  2. LIMRA

    . "

    Top Misconceptions About Life Insurance

    ." Accessed March 11, 2024.

Authors

Katherine Murbach is an editor and a former licensed life insurance agent at Policygenius. Previously, she wrote about life and disability insurance for 1752 Financial, and advised over 1,500 clients on their life insurance policies as a sales associate.

Antonio helps lead our life insurance and disability insurance editorial team at Policygenius. Previously, he was a senior director of content at Bankrate and CreditCards.com, as well as a principal writer covering personal finance at CNET.

Editor

Adam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.

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