Life insurance can cost less than a family streaming subscription or more than a mortgage payment. The difference usually comes down to the applicant, the amount of coverage, and whether the policy lasts for a set term or the rest of your life.
How much does life insurance cost on average?
A healthy, nonsmoking 30-year-old woman paid an average of $23.10 per month for a $500,000, 20-year term policy in October 2025, according to the Policygenius Life Insurance Price Index. A man of the same age, health classification, and coverage paid an average of $29.56 per month.
Whole life coverage is substantially more expensive. Policygenius estimated the average cost of a $500,000 whole life policy at $408 per month for a 30-year-old woman — nearly 18 times more expensive than a 20-year term policy with the same death benefit.
Keep in mind that rates can differ significantly from person to person. Policy details, including the death benefit, term length, and any optional riders, can also drive up the price.
Average term life insurance rates by age
The following table shows average monthly premiums for a $500,000, 20-year term life insurance policy. Rates are for nonsmokers in a preferred health classification.
Source: Policygenius Life Insurance Price Index, U.S. monthly averages as of Oct. 1, 2025. Individual rates vary by insurer, state, and applicant.
Term life insurance provides coverage for a set number of years, such as 10, 20, or 30. If you pass away while the policy is active, the insurer pays the death benefit to named beneficiaries on the policy. If the insured outlives the term, the policy generally expires without a payout.
Age plays a major role in pricing because the odds of dying during the policy term increase over time. In the table above, the average monthly premium for a 60-year-old man was almost nine times more expensive than for a 30-year-old man, even though the policy term and death benefit were identical.
Average whole life insurance rates by age
The table below shows sample monthly rates for healthy nonsmokers purchasing $500,000 of whole life insurance.
Source: Policygenius. Rates are for policies offered through MassMutual and designed to be fully paid up at age 100.
Whole life is a type of permanent life insurance designed to remain active throughout your entire life as long as required premiums are paid.
Traditional policies generally include fixed premiums, a guaranteed death benefit, and a cash value component that grows according to the contract’s guarantees.
Whole life costs considerably more than term life coverage because the insurer prices the policy to cover someone’s entire life, often through age 100 or 121. Participating whole life policies may also pay dividends, but those aren’t guaranteed.
Read more: Types of life insurance: A complete guide
Term vs. whole life cost comparison
As you can see, term life coverage is much cheaper than whole life. At age 30, Policygenius data shows a healthy nonsmoking woman could pay about $23 per month for a $500,000, 20-year term policy or $408 for $500,000 of whole life coverage. The comparable rates for a man were about $30 and $472.
So why is term life coverage so much cheaper? In large part, that’s because term life coverage doesn’t last forever. Many policyholders outlive their terms, so the insurer never pays a death benefit.
Meanwhile, whole life is intended to remain active until death, so an eventual payout is much more likely. Part of each whole life premium is also directed to the policy’s cash value. The cash value grows tax-deferred, and you can usually tap into it through a withdrawal or a loan.
Term life is often the more practical choice for those with temporary needs, such as replacing income for your family during your working years, paying off a mortgage, or supporting children until they graduate college. Whole life can be appropriate for someone with a lifelong dependent, estate-planning needs, or business obligations.
Read more: Term vs. whole life insurance: Which should you choose?
Factors that impact your life insurance rate
Underwriting is the process insurance companies use to decide whether to offer you coverage and what premium to charge.
An insurer uses various sources of information to determine your risk and rate, including your application, a health questionnaire, prescription history, and medical records. Fully underwritten policies may also require a medical exam measuring your height, weight, and blood pressure, along with blood and urine samples.
Common pricing factors include:
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Age: Rates generally rise as you get older because the likelihood of the insurer paying a death claim increases.
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Sex or gender: Women often pay less because they tend to have longer life expectancies.
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Current health, medical history, and prescription use: Chronic conditions, serious diagnoses, abnormal test results, or certain medications can lead to higher premiums.
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Body mass index: Applicants whose weight falls outside an insurer’s preferred range may pay more because of associated health risks.
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Family medical history: A family history of cancer, heart disease, stroke, or early death can raise rates, especially when close relatives were diagnosed at younger ages.
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Tobacco, alcohol, and drug use: Tobacco and nicotine use can substantially increase premiums, while heavy alcohol use or a history of substance misuse can also affect eligibility and pricing.
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Occupation and job duties: Dangerous jobs, such as logging or commercial fishing, can result in higher premiums.
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Risky hobbies: Activities such as private aviation, auto racing, rock climbing, skydiving, or scuba diving can lead to higher rates or policy exclusions.
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Driving history: DUIs, reckless driving charges, or repeated serious violations can signal a higher mortality risk.
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Coverage amount, policy type, and term length: Larger death benefits, longer terms, and permanent policies generally cost more.
Applicants are often placed in rate classes such as preferred, standard, or a substandard table rating. Someone with several risk factors may receive a surcharge, a smaller approved death benefit, or a denial.
But don’t panic if you have a couple of elevated risk factors. Insurance companies consider your entire profile when determining rates, so a single manageable health condition might not have a major impact on your premiums if you otherwise have favorable medical results and a low-risk lifestyle.
Read more: How much life insurance do I need? A guide for every life stage.
No-medical-exam life insurance pricing
No-medical-exam life insurance lets you apply for coverage without completing a traditional medical exam. However, “no exam” doesn’t always mean the insurer completely skips the underwriting process.
No-exam life insurance is a catch-all term that can describe policies with two different types of underwriting:
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Simplified issue: These policies typically require you to answer a basic health questionnaire.
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Guaranteed issue: These policies usually don’t ask health questions, but they tend to offer smaller death benefits at a higher cost.
Policygenius reported the following average monthly rates for $20,000 of simplified-issue whole life insurance:
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At age 50, you’d pay an average of $45.41 per month if you’re a woman and $57.82 if you’re a man.
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At age 60, you’d pay an average of $62.17 per month if you’re a woman and $83.84 if you’re a man.
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At age 70, you’d pay an average of $102.72 per month if you’re a woman and $140.98 if you’re a man.
No-exam coverage can help you get approved faster, even if you’re older or in poor health. However, guaranteed-issue and simplified-issue policies cost more on a dollar-for-dollar basis of coverage, and death benefits are tiny compared to standard life insurance policies.
Some policies also include a graded death benefit, which limits the amount your beneficiaries can receive if you die during the first few years the policy is active.
No-exam life insurance is sometimes marketed as final expense insurance or burial insurance when it’s marketed to older people. Because the death benefit is small, the payout will likely only cover the cost of a funeral and maybe some medical bills.
8 ways to lower your life insurance premiums
Lowering your life insurance premiums isn’t always possible since several factors that influence rates are outside your control.
Your age is a prime example. Buying coverage earlier is one of the most effective ways to lower your life insurance premiums because rates increase with age, and waiting creates more time for a health condition to develop.
However, if you’re trying to save money, tweaking a few things might help reduce your monthly cost. Here are some tips:
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Go with a term life policy: Term life is usually much cheaper than permanent insurance. If you opt for a permanent policy, you might be stuck paying those pricier premiums for the rest of your life.
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Opt for a shorter term: A 30-year policy generally costs more than a comparable 10- or 20-year policy. Matching the term to a specific financial obligation, such as paying off your mortgage, can help reduce premiums while still ensuring your most pressing financial goals are covered.
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Go with a lower death benefit: The larger the potential payout, the more the insurer will charge. For example, a 40-year-old woman purchasing a 20-year term life policy pays an average of about $61 a month for $1 million in coverage but $35.58 for $500,000 in coverage, according to PolicyGenius data. But first, you’ll want to calculate how much income your family would actually need before reducing coverage.
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Quitting smoking can help — but not right away: If you’ve recently quit smoking, you may need to remain nicotine-free for a year or longer before an insurer will offer you nonsmoker rates. You might need to wait even longer to qualify for the insurer’s best rate classes.
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Consider laddering multiple term policies: Instead of keeping one large death benefit for 30 years, you could divide your coverage among smaller 10-, 20- and 30-year policies. You’ll have the most coverage in the early years when you need it most, then your coverage and premiums will decrease as the shorter policies expire.
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Skip optional riders: Riders offer additional benefits — such as accessing the death benefit early if you’re diagnosed with a terminal illness or refunding the premiums you paid into the policy if you outlive the term — but riders can also hike up your rate.
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Pay annually if you can: Some insurers offer a small discount when you pay the full annual premium up front. Policygenius estimates that paying annually can reduce the total cost by as much as 5%, though the discount varies by company.
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Ask for a new rate after your health improves: Losing weight and keeping it off, or controlling your blood pressure or cholesterol, might help you qualify for a better rate class. Some insurers will reconsider an existing policy, while others require you to apply for new coverage.
Life insurance rates can vary significantly from one company to another because insurers don’t always evaluate risk the same way. You might qualify for a preferred rate with one insurer but receive a standard rate from another, which is why it’s so important to compare quotes from multiple insurers if you’re trying to save money on premiums.
Life insurance rates FAQs
What is the average cost of life insurance per month?
A healthy 30-year-old nonsmoker paid about $23 to $30 per month for a $500,000, 20-year term policy in October 2025, according to PolicyGenius. Whole life coverage with a $500,000 death benefit averaged about $408 to $472 per month.
Does life insurance get more expensive as you age?
Yes. Rates for newly purchased coverage generally increase as you get older because mortality risk rises with age. However, level-term and traditional whole life premiums usually remain fixed after you buy the policy.
How much does smoking increase life insurance rates?
Smoking can more than triple term life insurance premiums. At age 40, the average monthly rate for a $500,000 20-year term policy for a nonsmoking woman was $35.58, compared with $115.85 for a smoker. Men paid $43.52 as nonsmokers and $147.27 as smokers for the same $500,000, 20-year policy.