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 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.
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; quotes based on policies offered by Policygenius in 2019.
Age | $250,000 | $500,000 | $750,000 | $1 million | $2 million | |
---|---|---|---|---|---|---|
20 | Male | $15.90 | $25.12 | $34.97 | $42.23 | $79.00 |
Female | $13.15 | $19.77 | $26.36 | $31.97 | $58.48 | |
25 | Male | $15.90 | $25.12 | $34.97 | $42.23 | $79.00 |
Female | $13.15 | $19.77 | $26.36 | $31.97 | $58.48 | |
30 | Male | $16.14 | $25.97 | $36.25 | $43.94 | $82.42 |
Female | $13.67 | $20.77 | $28.27 | $33.68 | $61.90 | |
35 | Male | $17.04 | $27.26 | $38.18 | $47.37 | $89.26 |
Female | $15.14 | $23.35 | $32.40 | $38.96 | $72.75 | |
40 | Male | $21.75 | $36.68 | $52.28 | $65.32 | $125.17 |
Female | $18.80 | $31.05 | $43.95 | $55.05 | $104.65 | |
45 | Male | $32.71 | $58.22 | $84.75 | $108.15 | $211.14 |
Female | $26.14 | $44.89 | $64.60 | $81.90 | $158.80 | |
50 | Male | $47.86 | $87.81 | $129.13 | $167.06 | $328.66 |
Female | $37.45 | $65.92 | $96.30 | $123.97 | $242.95 | |
55 | Male | $75.25 | $140.95 | $208.85 | $257.14 | $511.70 |
Female | $53.92 | $100.23 | $147.71 | $192.40 | $379.79 | |
60 | Male | $124.83 | $233.36 | $347.46 | $456.42 | $908.13 |
Female | $88.15 | $163.57 | $242.78 | $315.64 | $626.28 |
Sample monthly premium rates based on Preferred health ratings; quotes based on policies offered by Policygenius in 2019.
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
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:
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.
Takeaway
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 from Policygenius.
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:
Learn more about finding affordable life insurance.
How to buy life insurance
Shopping for life insurance shouldn't be confusing. Follow this step-by-step guide to get started.
Learn moreHow much life insurance do you need?
Learn the 5 financial factors to take into account when deciding how much life insurance you need.
Learn MoreLife insurance shopping for spouses
Spouses can buy separate policies or one joint policy. Learn which is the best option, even for stay-at-home spouses.
Learn morePolicygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
50 West 23rd Street, Floor 9
New York, NY 10010
Monday-Thursday | 9am-11pm ET
Friday | 9am-8pm ET
Saturday | 9am-9pm ET
Sunday | 10am-9pm ET
What kind of insurance are you looking for?
Get your free quote
Magazine
Want to receive weekly life hacks & personal finance advice?
Reviews
Security you can trust
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.
Copyright Policygenius © 2014-2018