Average online term life insurance rates

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A term life insurance plan covers you for a predetermined length of time, usually between 10 and 30 years. The rate you will pay will vary for a variety of reasons. When you’re buying term life insurance online there is no medical exam, but your health history, along with your age, gender and other factors, will impact what you pay.

On average, a 35-year-old female will pay $21 a month for an online term policy with a 20-year term and a $500,000 death benefit. A male will pay $27 a month for the same policy.

That said, there is no standard for life insurance rates so, as you compare term life insurance rates online, you’ll find the cost varies. Each company sets its own rates and weighs each factor differently, so shopping around is the best way to get a policy you can afford.

Below, we’ll take a look at some average online term life insurance rates to get an idea of what you can expect.

Key Takeaways

Online life insurance uses a simplified application with no medical exam, which can sometimes mean higher rates.
On average, the older you are the more you will pay for term life insurance, and men will pay more than women.
Your lifestyle will affect your rates no matter your age, including factors like smoking and dangerous hobbies.

What is the average cost of online term life insurance?

The average rates for term life insurance vary. A big difference in rates is seen with longer term lengths. For example, 10-year term life rates will be much lower than 30-year term life rates because the person is insured for a shorter time period, reducing the risk of death during the term. The amount of the death benefit will also impact what you pay.

Age and gender also both affect average term life rates. Here’s a look at average rates at a variety of ages and genders for a 20-year-term policy with a $500,000 death benefit.

Age and gender	Average monthly rate
Male, 25	$24
Female, 25	$17
Male, 35	$27
Female, 35	$21
Male, 45	$62
Female, 45	$48
Male, 55	$148
Female, 55	$124

Average monthly costs for term life insurance

What you pay monthly varies a lot by company. Below we’ve gathered average rates by company for $500,000 and $1 million in life insurance coverage by age and gender.

Average online term life insurance rates, 20-year-term, $500,000 death benefit

Company	Female, age 25	Female, age 45	Male, age 25	Male, age 45
Bestow	$18	$60	$37	$88
Ethos	$16	$44	$21	$57
Fabric	$19	$57	$23	$71
Haven Life	$15	$36	$19	$42
Ladder	$18	$46	$21	$58
Sofi	$21	$53	$24	$67
Lemonade	$18	$44	$29	$58
Sproutt	$20	$50	$24	$67
Wyshbox	$12	$40	$21	$54

Average term life insurance rates, 20-year-term, $1 million death benefit

Company	Female, age 25	Female, age 45	Male, age 25	Male, age 45
Bestow	$29	$115	$66	$169
Ethos	$24	$83	$37	$106
Fabric	$32	$97	$39	$126
Haven Life	$23	$67	$31	$80
Ladder	$29	$80	$35	$104
Sofi	$34	$92	$41	$119
Lemonade	$29	$83	$51	$109
Sproutt	$36	$97	$44	$130
Wyshbox	$20	$78	$38	$101

Is an online term life insurance policy right for you?

That depends on your needs and budget. You can easily find a wide variety of term life insurance quotes online which makes comparison shopping easy. While both traditional and simplified issue quotes are available online, traditional policies can’t be purchased right away while online term life often can be.

Because buying life insurance online means the insurance companies know less about your health, the rates might be higher than if you went through a medical exam. So, if you’re young and healthy, you will probably pay less if you go the medical exam route.

That doesn’t mean online term life isn’t right for you; for many people, the convenience of buying online outweighs the savings of going through a traditional application. And online term life insurance rates aren’t always more expensive; it depends on the company, your health and many other factors. It’s possible to get low-cost term life insurance online.

The bottom line? Compare your options before you buy. Getting free term life insurance quotes online is easy and convenient, so take the time to shop around.

Factors affecting the cost of term life insurance

A lot goes into determining the cost of a term life policy. The younger you are, the lower your rates will be. However, your lifestyle will play a factor regardless of age. Someone who is 40 and very healthy could pay less than someone who is 30 and in poor health. As you age, medical issues and concerns play a part in how willing an insurance company is to insure you.

Kristen Gryglik, a life insurance agent for Comparion Insurance Agency in Boston, says that as you age and enter new life stages, your insurance will typically become more expensive to buy.

“Generally, if you’re a retiree, you’ll be older and thus life insurance rates will typically be higher than if you purchase the rate while younger,” Gryglik said. “Also you might have developed more health issues as an older retiree, and thus that can also impact the rate or even possibly prevent you from being able to purchase life insurance.”

In addition to age, things like smoking and alcohol use, and even hobbies that are considered dangerous, like rock climbing, can affect what you pay for life insurance. And, of course, the company you choose makes a difference.

Shopping around is the best way to save on online term life insurance. Compare as many companies as you can before you buy to make sure you have the best deal.

What is the average cost of traditional term life insurance?

Traditional term life insurance involves an application process that includes a medical exam. The exam will check everything from your height and weight to your blood pressure; it includes a blood test to check for illnesses as well as drugs and alcohol. The result of this process is that the insurance company knows a lot more about your risk level.

Life online term life, traditional term life insurance rates vary based on all of the same factors: age, gender, lifestyle and health. However, on average, a 35-year-old female will pay $37 a month for a 20-year-term policy with $500,000 in coverage, and a male will pay $43 a month for the same coverage.

Because rates vary so much by company, it’s vital to compare both online and traditional term quotes to see which option is better for you.

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