Understanding term life insurance rates
How affordable are term life insurance rates? We pulled some numbers to give you an idea.
Term life insurance is plain, old vanilla life insurance. It protects your family for a set period of time. If you die during that window (usually 10, 20 or 30 years), your beneficiary receives a payout (the ominous death benefit). If you don’t, the policy expires. Not fancy, we know, but that’s the point: Term life insurance is designed to by easy and affordable. How affordable exactly? The average term life insurance rate on a $500,000 policy for a 35 to 39 year old is $26.20 a month, according to Policygenius data.
The best term life insurance rates
The tables below show the average premium rates for term life insurance purchased by people between the ages of 25 and 59, sorted by the coverage amount. These rates comprise policies that can be purchased through Policygenius. While these term life insurance rate tables are a starting point for understanding how premiums change with age, you can get a more personalized life insurance quote here.
10-year term life insurance rates
| Age | $250,000 | $500,000 | $750,000 | $1 million | $2 million | |
|---|---|---|---|---|---|---|
| 20 | Male | $11.43 | $17.27 | $23.54 | $27.69 | $49.93 |
| Female | $10.25 | $14.18 | $18.70 | $22.36 | $40.07 | |
| 25 | Male | $11.43 | $17.27 | $23.54 | $27.52 | $49.93 |
| Female | $10.25 | $14.18 | $18.70 | $22.83 | $40.07 | |
| 30 | Male | $11.43 | $17.20 | $23.54 | $27.52 | $49.93 |
| Female | $10.38 | $14.18 | $18.70 | $22.36 | $40.07 | |
| 35 | Male | $11.63 | $17.68 | $24.16 | $28.38 | $50.40 |
| Female | $10.60 | $15.30 | $20.44 | $24.08 | $41.83 | |
| 40 | Male | $14.53 | $23.06 | $32.08 | $38.69 | $71.57 |
| Female | $13.08 | $20.16 | $27.73 | $32.09 | $59.19 | |
| 45 | Male | $20.96 | $35.17 | $50.25 | $61.50 | $118.00 |
| Female | $18.88 | $30.83 | $43.67 | $52.46 | $101.68 | |
| 50 | Male | $30.30 | $54.23 | $78.03 | $94.94 | $184.79 |
| Female | $25.24 | $43.93 | $62.73 | $78.16 | $151.32 | |
| 55 | Male | $45.81 | $82.56 | $120.30 | $145.65 | $286.30 |
| Female | $34.45 | $62.80 | $88.49 | $114.96 | $224.92 | |
| 60 | Male | $70.19 | $128.99 | $191.13 | $241.45 | $477.90 |
| Female | $50.23 | $93.88 | $136.87 | $172.00 | $338.99 |
Sample monthly premium rates based on Preferred health ratings for a 20-year term life insurance policy for a non-smoker; quotes based on policies offered by Policygenius in 2019.
20-year term life insurance rates
| Age | $250,000 | $500,000 | $750,000 | $1 million | $2 million | |
|---|---|---|---|---|---|---|
| 20 | Male | $18.33 | $28.52 | $40.02 | $47.23 | $86.79 |
| Female | $14.52 | $21.60 | $29.56 | $34.66 | $63.52 | |
| 25 | Male | $17.45 | $27.57 | $38.59 | $45.84 | $85.74 |
| Female | $14.56 | $21.69 | $29.69 | $35.19 | $64.76 | |
| 30 | Male | $17.94 | $28.58 | $40.11 | $47.48 | $89.30 |
| Female | $15.28 | $23.06 | $31.22 | $37.02 | $68.97 | |
| 35 | Male | $19.15 | $31.02 | $43.75 | $52.20 | $98.57 |
| Female | $16.86 | $26.08 | $36.36 | $42.67 | $79.42 | |
| 40 | Male | $24.83 | $41.00 | $58.52 | $72.41 | $139.08 |
| Female | $21.26 | $34.03 | $48.29 | $58.97 | $112.19 | |
| 45 | Male | $35.87 | $61.21 | $89.11 | $113.21 | $220.65 |
| Female | $28.80 | $47.85 | $69.20 | $86.01 | $166.49 | |
| 50 | Male | $54.07 | $95.07 | $139.23 | $177.31 | $348.71 |
| Female | $42.18 | $71.38 | $103.98 | $131.43 | $255.48 | |
| 55 | Male | $85.81 | $150.94 | $220.28 | $279.98 | $546.91 |
| Female | $60.88 | $107.71 | $157.48 | $204.52 | $403.50 | |
| 60 | Male | $147.80 | $260.05 | $380.00 | $486.53 | $967.52 |
| Female | $108.05 | $185.92 | $272.88 | $345.23 | $685.49 |
Sample monthly premium rates based on Preferred health ratings; quotes based on policies offered by Policygenius in 2019.
30-year term life insurance rates
| Age | $250,000 | $500,000 | $750,000 | $1 million | $2 million | |
|---|---|---|---|---|---|---|
| 20 | Male | $22.15 | $37.84 | $55.04 | $69.40 | $133.72 |
| Female | $17.54 | $27.52 | $39.99 | $49.45 | $93.74 | |
| 25 | Male | $22.35 | $37.84 | $55.04 | $69.40 | $133.72 |
| Female | $17.84 | $28.38 | $39.99 | $49.45 | $93.74 | |
| 30 | Male | $23.54 | $39.99 | $57.40 | $73.61 | $142.07 |
| Female | $19.56 | $32.68 | $46.44 | $58.46 | $111.80 | |
| 35 | Male | $25.28 | $43.56 | $62.76 | $78.99 | $152.53 |
| Female | $21.67 | $37.02 | $52.95 | $66.04 | $127.38 | |
| 40 | Male | $34.18 | $60.76 | $88.56 | $112.50 | $220.00 |
| Female | $28.54 | $49.75 | $72.05 | $91.25 | $177.50 | |
| 45 | Male | $54.16 | $99.24 | $146.28 | $189.00 | $372.99 |
| Female | $40.72 | $72.58 | $106.29 | $136.71 | $268.71 | |
| 50 | Male | $83.92 | $154.24 | $228.78 | $299.06 | $593.42 |
| Female | $60.41 | $109.82 | $162.15 | $210.25 | $415.49 | |
| 55 | Male | $147.06 | $284.53 | $424.22 | $560.56 | $1,115.97 |
| Female | $103.80 | $188.51 | $280.19 | $369.28 | $733.41 | |
| 60 | Male | N/A | N/A | N/A | N/A | N/A |
| Female | N/A | N/A | N/A | N/A | N/A |
Sample monthly premium rates based on Preferred health ratings; quotes based on policies offered by Policygenius in 2019.
N/A = Policies not available for this age/term/coverage amount
How term life insurance rates are set
As you can see from the charts, the earlier in life that you purchase coverage, the less you'll pay throughout the term. Your term life insurance premiums, however, are actually determined by more than just your age. Other major factors include:
- Health: Serious illness, like cancer or heart disease, can lead to denial, while conditions known to cause complications down the line, like sleep apnea, high cholesterol, and obesity lead to higher rates.
- Health history: Conditions or poor habits from the last, like smoking, plus a history of certain illness in your family, can also increase rates.
- Driving record: Moving violations and past car accidents are seen as a red flag.
- Lifestyle: Drug or alcohol use and risky hobbies, like skydiving, are considered problematic.
Insurers use a complex classification system to determine your personal premium rate, but, broadly, the best rates go to younger, healthier applicants since they pose less risk to the insurer — meaning they’re less likely to die — than their older, unhealthier counterparts.
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Finding affordable term life insurance rates
The price also goes up alongside the term and amount of coverage, which is why it’s important to pinpoint how much life insurance you truly need. You don’t want to unnecessarily overpay for a policy.
Having said that, here are some ways to find the most affordable life insurance rates for you:
- Comparison-shop across insurers. Some life insurance companies are more forgiving when it comes to certain health conditions
- Consider paying premiums annually. Many insurers give a discount to applicants who agree to pay in bulk.
- Get healthier. Insurers usually let you take the medical exam again 12 months after your policy goes into effect, so, if you’re unhappy with your rates, try kicking a bad habit (ahem, smoking) or getting in better shape.
- Opt for a shorter term or less coverage. Not ideal, we know, but some insurance is better than none. Term life insurance rates are up to six to 10 times cheaper than whole life insurance. That’s because whole life insurance lasts your whole life — as long as you’re paying premiums. Plus, it has a cash-value component that can prove useful as part of a highly customized estate planning strategy. You can learn about whole life insurance rates by age here.
Learn more about finding affordable life insurance.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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