How Much Does Life Insurance Cost?
Real rates by age, coverage amount, and policy type. We shop 25+ carriers to find you the lowest price available.
The Short Answer
Life Insurance Costs Less Than You Think
Life insurance costs anywhere from $15 to $200+ per month, depending on your age, health, coverage amount, and policy type. A healthy 35-year-old can typically get $500,000 in term life coverage for $25 to $35 per month. Final expense insurance for seniors usually runs $30 to $70 per month for $10,000 to $20,000 in coverage.
The price you pay depends on a handful of factors that are largely within your control. Your age at the time you apply matters most: the younger you are, the less you pay. Your health, whether you use tobacco, the amount of coverage you need, and the type of policy you choose all play a role as well.
The most important thing to understand is that rates go up every year you wait. Locking in a policy today means you pay today's rate for the entire life of your coverage. That is why the best time to buy life insurance is always now.
Cost by Age
What Life Insurance Costs at Every Age
Your age is the single biggest factor in how much you pay for life insurance. The table below shows estimated monthly rates for healthy, non-tobacco applicants at common coverage levels. Select your age group below for a detailed breakdown.
Detailed Cost Guides by Age
Select your age group for a complete breakdown of rates, recommended coverage types, and tips to get the lowest price.
Life Insurance in Your 20s
$12 to $25/moLock in the lowest rates while you are young and healthy. Coverage is incredibly affordable at this age.
View full guide Age GuideLife Insurance in Your 30s
$17 to $40/moAffordable coverage for growing families and new homeowners. Rates are still very low in your 30s.
View full guide Age GuideLife Insurance in Your 40s
$30 to $80/moRates are climbing, but still very affordable for most coverage types. Now is the time to lock in.
View full guide Age GuideLife Insurance in Your 50s
$55 to $150/moA pivotal decade for locking in coverage before rates rise further. Multiple options still available.
View full guide Age GuideLife Insurance in Your 60s
$80 to $250/moNo-exam options and final expense coverage become your best tools for affordable protection.
View full guide Age GuideLife Insurance in Your 70s
$100 to $300/moFinal expense and guaranteed acceptance coverage are available. Rates depend on health and coverage amount.
View full guide Age GuideLife Insurance Over 80
$80 to $250/moCoverage is still available, including guaranteed acceptance with no health questions asked.
View full guideCost by Coverage Type
How Much Each Type of Life Insurance Costs
The type of policy you choose has a major impact on what you pay each month. Term life is the most affordable option, while permanent policies like whole life and IUL cost more because they last your entire life and can build cash value. Here is what to expect for each type.
Final Expense Insurance
$30 to $70/moWhole life coverage for funeral and burial costs. No medical exam on most plans. Coverage from $5,000 to $50,000.
View cost breakdown Product Cost GuideTerm Life Insurance
$15 to $100+/moThe most affordable way to get large coverage amounts for a set period of 10, 20, or 30 years.
View cost breakdown Product Cost GuideWhole Life Insurance
$100 to $500+/moPermanent coverage that builds cash value over time. Your rate is locked in and never increases.
View cost breakdown Product Cost GuideMortgage Protection Insurance
$30 to $100+/moProtect your family's home if something happens to you. Coverage matches your mortgage balance.
View cost breakdown Product Cost GuideIUL (Indexed Universal Life)
$200 to $1,000+/moLife insurance with tax-advantaged cash value growth tied to market indexes. A dual-purpose financial tool.
View cost breakdown Product Cost GuideGuaranteed Acceptance Life Insurance
$50 to $150+/moNo health questions, no medical exam. Coverage available for ages 50 to 85 regardless of health.
View cost breakdownWhat Affects Your Rate
6 Factors That Determine Your Life Insurance Cost
Life insurance companies consider several factors when calculating your premium. Understanding these factors helps you make smarter decisions about when and how to buy coverage.
1. Your Age
Age is the single biggest factor in life insurance pricing. Insurance companies base their rates on life expectancy, and younger applicants represent a lower risk. A 25-year-old will pay a fraction of what a 55-year-old pays for identical coverage. Every year you wait to apply, your rate increases. This is why the best financial advice is always the same: buy coverage as early as you can.
2. Your Health and Tobacco Use
Your overall health plays a significant role in your premium. Applicants with no major health conditions qualify for preferred or preferred-plus rates, which are the lowest available. Conditions like diabetes, high blood pressure, or heart disease can increase your rate, though coverage is still available. Tobacco use typically doubles your premium compared to a non-tobacco applicant of the same age and coverage amount.
3. Coverage Amount
The more coverage you buy, the higher your monthly premium. However, life insurance rates do not scale in a straight line. Doubling your coverage from $250,000 to $500,000 does not double your premium. Instead, the per-unit cost actually decreases at higher coverage levels. A common recommendation is to carry 10 to 12 times your annual income in coverage.
4. Policy Type (Term vs. Whole Life vs. IUL)
Term life insurance is the most affordable because it covers a specific period, usually 10, 20, or 30 years. Whole life insurance costs significantly more because it provides permanent coverage and builds cash value. Indexed Universal Life (IUL) policies are the most expensive because they combine a death benefit with market-linked growth potential. The right choice depends on your financial goals and how long you need coverage.
5. Gender
Women typically pay 15% to 30% less than men for the same life insurance coverage. This difference is based on actuarial data showing that women have a longer average life expectancy. A longer expected lifespan means the insurance company anticipates collecting premiums for more years before paying out a claim, which translates to lower monthly rates.
6. Term Length
For term life policies, the length of your coverage period affects your rate. A 10-year term is cheaper than a 20-year term, which is cheaper than a 30-year term. Longer terms cost more because the insurance company is guaranteeing your rate for a longer period, during which your risk of passing away increases. Choosing the right term length means matching it to your actual needs, such as how long until your mortgage is paid off or your children are financially independent.
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Get Your Free QuoteCommon Questions
Frequently Asked Questions About Life Insurance Costs
What is the average cost of life insurance per month?
The average cost of life insurance depends on the type of policy, your age, and your health. A healthy 35-year-old can get a $500,000 term life policy for about $25 to $35 per month. Final expense insurance for seniors typically costs $30 to $70 per month for $10,000 to $20,000 in coverage. Whole life insurance costs more because it lasts your entire life and builds cash value.
Does life insurance get more expensive as you age?
Yes. Age is the single biggest factor in life insurance pricing. Every year you wait, your premium goes up. A 45-year-old will pay roughly double what a 35-year-old pays for the same coverage. That is why locking in a rate sooner saves you the most money over time.
Is life insurance more expensive for men or women?
Yes, men typically pay 15% to 30% more than women for the same life insurance coverage. This is because women have a longer average life expectancy, which means the insurance company expects to collect premiums for more years before paying a claim.
Can I get life insurance with no medical exam?
Yes. Many policies, especially final expense and guaranteed acceptance plans, do not require a medical exam. Some term and whole life carriers also offer no-exam options with simplified underwriting. Coverage amounts are typically capped at lower levels for no-exam policies.
How can I get the cheapest life insurance rate?
The best way to get a low rate is to apply while you are young and healthy, choose term life insurance for the coverage period you need, avoid tobacco products, and compare quotes from multiple carriers. Asurgo shops 25+ carriers to find the lowest rate for your situation.
Does the type of policy affect the cost?
Yes, significantly. Term life insurance is the most affordable because it covers a set period (10, 20, or 30 years). Whole life costs more because it lasts your entire life and builds cash value. IUL (Indexed Universal Life) costs the most because it combines a death benefit with tax-advantaged investment growth.