Life Insurance Average term life insurance rates by age, gender and health Average annual rates for a $500,000 10-year term insurance policy are $389 for a 45-year-old non-smoking female in good health and $458 for a 45-year-old male. Rates jump to $1,935 and $3,010 respectively, as you reach age 65. Written by Mel Duvall Mel Duvall Mel Duvall is an award-winning senior business writer and communications professional. Mel also served a three-year term on the Mount Royal University Journalism Committee. Reviewed by Nupur Gambhir Nupur Gambhir Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service. Posted on: October 12, 2023 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. Term insurance protects the financial health of your family at premium rates that are cheaper than whole life insurance. As the name suggests, term insurance provides coverage for a set period of time – such as 10, 20 or 30-year periods and pays out a specified amount if you die during the term. It has no cash value and if you outlive your policy, your beneficiaries won’t be entitled to receive any money. Whole life insurance, on the other hand, lasts your entire life and can build cash value. It’s a more comprehensive form of insurance and as a result is typically more expensive. “The primary motivation for any type of life insurance is protection of your loved ones,” says Kevin Lynch, an assistant professor insurance at The American College of Financial Services. “Secondary reasons can be cash value creation, educational funding, debt retirement and protection for your children until adulthood is achieved.” Choosing which is right for you, comes down to a variety of factors including whether you can afford the higher premiums that come with whole life, or whether you just need coverage for a specified period of time – say until your children are old enough to join the workforce and support themselves. What factors influence premium rates? The cost of term life insurance, like most forms of insurance, goes up as you age. It also varies depending on your gender, health and whether you smoke. Females will almost always pay less than males and smokers can expect to pay more than double the rates of non-smokers even if they are otherwise in good health. At 45-years old, the average annual cost of a $500,000 policy for a non-smoking female in good health is about $389. The same policy for a 45-year-old male is $458. Meanwhile, a 45-year-old female who smokes and is in good health can expect to pay about $1,276 per year for the same policy and a similar male will pay $1,604. In both cases, smokers pay more than three times the amount a non-smoker will pay. The other key factor insurance companies evaluate is your general health. When applying for insurance, the insurer will assess what rating to assign you based on a variety of criteria. This is likely to include a physical exam and blood samples carried out by a nurse or doctor and is paid for by the insurance company. They will look at health factors such as your blood pressure, your weight, any history of mental illness, medical conditions such as diabetes, and whether you have a risky occupation or risky family history. For example, if one of your parents died early due to heart disease, the insurer may assess you as a higher risk, even if you show no signs of heart disease. The insurer will then assign you a health rating based on your evaluation. People in excellent health generally receive a Preferred Plus health classification — or the best possible health classification — and are offered the cheapest rates. Those with factors that deem them to be a greater risk, such as existing health conditions, will be assigned a lower category of Standard Plus or Standard. Here’s how health classifications work for non-smokers: Preferred plus: If you are rated in this class, it means your health is excellent and you live a low-risk lifestyle. This means the carrier deems you to pose the lowest risk and rewards you with cheaper premiums. Preferred: You pose a slightly higher risk than someone rated Preferred Plus, but are still in excellent health. Standard Plus: Also known as Regular Plus. People in average health generally receive this rating. Additional risk factors such as a parent who died young or a risky occupation may also earn you this rating. Standard: Also known as Regular. Below you’ll find the average rates for term insurance for a variety of ages, rating categories and smoking status so that you know what to expect when you’re buying term life insurance. Average 10-year term life insurance annual rates for a $500,000 policy This is one of the most affordable term insurance rates and may be a good choice if you require a limited amount of coverage or simply cannot afford higher premiums. For non-smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $187 $202 $389 $790 $1,935 Preferred Plus $152 $165 $318 $657 $1,623 Regular $309 $341 $638 $1,307 $3,116 Regular Plus $240 $263 $485 $1,008 $2,365 Male Health Category 25 35 45 55 65 Preferred $226 $235 $458 $1,045 $3,010 Preferred Plus $183 $189 $367 $867 $2,458 Regular $381 $407 $790 $1,822 $4,726 Regular Plus $286 $303 $589 $1,342 $3,662 For smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $504 $606 $1,276 $2,665 $6,283 Preferred Plus $494 $603 $1,002 $2,047 $5,368 Regular $654 $839 $1,778 $3,708 $8,376 Male Health Category 25 35 45 55 65 Preferred $656 $757 $1,604 $3,767 $9,605 Preferred Plus $527 $646 $1,150 $2,841 $6,698 Regular $877 $1,056 $2,280 $5,196 $12,185 Average 10-year term rates for a $750,000 policy This is once again a very affordable policy, but provides more cash to your beneficiaries should you die during the term. For non-smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $243 $269 $548 $1,151 $2,869 Preferred Plus $190 $214 $444 $952 $2,403 Regular $410 $452 $883 $1,882 $4,620 Regular Plus $325 $361 $693 $1,477 $3,512 Male Health Category 25 35 45 55 65 Preferred $304 $319 $649 $1,533 $4,475 Preferred Plus $239 $249 $517 $1,268 $3,643 Regular $511 $546 $1,097 $2,634 $7,008 Regular Plus $395 $419 $848 $1,978 $5,458 For smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $722 $870 $1,877 $3,959 $9,390 Preferred Plus $713 $876 $1,475 $3,042 $8,023 Regular $928 $1,172 $2,544 $5,412 $12,457 Male Health Category 25 35 45 55 65 Preferred $948 $1,103 $2,363 $5,612 $14,373 Preferred Plus $762 $941 $1,696 $4,232 $10,018 Regular $1,234 $1,492 $3,271 $7,618 $18,086 Average 10-year term rates for a $1 million policy Even though this provides double the cash as the $500,000 policy, a $1 million policy will not cost twice as much. Here are the average rates: For non-smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $279 $313 $667 $1,469 $3,582 Preferred Plus $218 $249 $527 $1,195 $3,022 Regular $488 $553 $1,118 $2,405 $5,763 Regular Plus $383 $434 $855 $1,865 $4,379 Male Health Category 25 35 45 55 65 Preferred $355 $373 $788 $1,896 $5,634 Preferred Plus $270 $291 $617 $1,593 $4,660 Regular $629 $672 $1,389 $3,360 $8,984 Regular Plus $472 $512 $1,054 $2,458 $6,956 For smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $881 $1,084 $2,352 $4,974 $11,903 Preferred Plus $703 $874 $1,606 $3,487 $9,453 Regular $1,132 $1,455 $3,215 $6,835 $15,566 Male Health Category 25 35 45 55 65 Preferred $1,136 $1,336 $3,022 $7,076 $17,644 Preferred Plus $789 $969 $1,900 $4,959 $11,818 Regular $1,496 $1,839 $4,187 $9,731 $23,163 Average 20-year term rates for a $500,000 policy Age will play an increasingly larger factor in determining rates for a 20-year policy. A 25-year-old purchasing a 20-year term will pay just a little bit more for the 10-year extension. But by the time you reach 65, rates will more than double. For non-smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $246 $298 $574 $1,290 $4,165 Preferred Plus $208 $243 $485 $1,093 $3,448 Regular $402 $493 $971 $2,123 $6,190 Regular Plus $324 $381 $738 $1,634 $5,073 Male Health Category 25 35 45 55 65 Preferred $311 $350 $741 $1,793 $5,999 Preferred Plus $254 $279 $607 $1,497 $5,075 Regular $494 $589 $1,248 $3,046 $9,324 Regular Plus $381 $440 $951 $2,287 $7,374 For smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $647 $927 $1,997 $4,413 $11,722 Preferred Plus $656 $808 $1,577 $3,867 $9,543 Regular $843 $1,254 $2,739 $5,868 $14,573 Male Health Category 25 35 45 55 65 Preferred $842 $1,121 $2,630 $6,291 $15,873 Preferred Plus $741 $917 $1,895 $5,168 $11,357 Regular $1,123 $1,561 $3,603 $8,207 $18,624 Average 20-year term rates for a $750,000 policy You’ll pay a little bit more for this additional coverage but not proportionately more. For non-smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $335 $411 $825 $1,901 $6,215 Preferred Plus $276 $332 $698 $1,613 $5,141 Regular $536 $668 $1,361 $3,088 $9,238 Regular Plus $450 $536 $1,073 $2,417 $7,575 Male Health Category 25 35 45 55 65 Preferred $433 $489 $1,075 $2,654 $8,965 Preferred Plus $348 $386 $880 $2,212 $7,581 Regular $670 $805 $1,759 $4,460 $13,894 Regular Plus $537 $626 $1,392 $3,396 $11,027 For smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $931 $1,353 $2,962 $6,583 $17,549 Preferred Plus $955 $1,183 $2,337 $5,771 $14,286 Regular $1,181 $1,777 $3,940 $8,667 $21,824 Male Health Category 25 35 45 55 65 Preferred $1,224 $1,648 $3,915 $9,399 $23,776 Preferred Plus $1,083 $1,347 $2,814 $7,724 $17,007 Regular $1,580 $2,215 $5,188 $12,158 $27,702 Average 20-year term rates for a $1 million policy Once again, a $1 million policy will pay double the cash to your beneficiaries as a $500,000 policy, but it will come with noticeably higher rates. A Preferred 45-year-old non-smoking female, for example, can expect to pay about $1,052 a year for a $1 million policy, versus $574 for the $500,000 policy. For non-smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $395 $507 $1,052 $2,462 $7,954 Preferred Plus $321 $403 $868 $2,059 $6,564 Regular $652 $833 $1,725 $3,968 $11,716 Regular Plus $537 $655 $1,361 $3,101 $9,710 Male Health Category 25 35 45 55 65 Preferred $539 $617 $1,370 $3,421 $11,429 Preferred Plus $422 $471 $1,120 $2,867 $9,749 Regular $839 $1,024 $2,223 $5,751 $17,473 Regular Plus $665 $808 $1,776 $4,328 $14,377 For smokers (Age 25-65) Female Health Category 25 35 45 55 65 Preferred $1,178 $1,700 $3,782 $8,503 $22,489 Preferred Plus $1,064 $1,321 $2,746 $7,154 $17,860 Regular $1,497 $2,272 $5,083 $11,129 $27,380 Male Health Category 25 35 45 55 65 Preferred $1,566 $2,112 $5,054 $12,031 $30,214 Preferred Plus $1,235 $1,530 $3,373 $9,633 $21,214 Regular $1,990 $2,825 $6,682 $15,715 $35,623 Average 30-year term rates for a $500,000 policy When you purchase a 30-year term insurance policy, the carrier is taking on a substantially higher risk that you could die over the length of coverage. At the same time, however, they are gaining a customer who will be paying premiums for a very long period. Here are average annual rates for a 30-year, $500,000 policy. For non-smokers (Age 25-65) Female Health Category 25 35 45 55 Preferred $362 $467 $935 $2,575 Preferred Plus $303 $393 $802 $2,250 Regular $589 $750 $1,508 $3,799 Regular Plus $487 $599 $1,235 $3,247 Male Health Category 25 35 45 55 Preferred $468 $561 $1,271 $3,698 Preferred Plus $379 $474 $1,053 $3,143 Regular $785 $941 $2,094 $4,930 Regular Plus $596 $735 $1,646 $4,426 For smokers (Age 25-65) Female Health Category 25 35 45 55 Preferred $981 $1,399 $3,183 $6,869 Preferred Plus $1,007 $1,245 $2,480 Regular $1,262 $1,885 $4,087 $8,508 Male Health Category 25 35 45 55 Preferred $1,321 $1,875 $4,458 $9,210 Preferred Plus $1,207 $1,492 $3,107 Regular $1,708 $2,407 $5,588 $10,840 Average 30-year term rates for a $750,000 policy Age plays an increasingly larger factor over this length and insurance carriers factor that in. On average a $750,000 30-year term policy for a Preferred 45-year-old non-smoking female is $1,371 per year versus $548 for a 10-year policy for the same person. For non-smokers (Age 25-65) Female Health Category 25 35 45 55 Preferred $509 $661 $1,371 $3,830 Preferred Plus $423 $559 $1,167 $3,346 Regular $820 $1,044 $2,156 $5,667 Regular Plus $695 $864 $1,817 $4,836 Male Health Category 25 35 45 55 Preferred $665 $804 $1,875 $5,515 Preferred Plus $537 $677 $1,543 $4,686 Regular $1,105 $1,326 $3,003 $7,363 Regular Plus $859 $1,068 $2,434 $6,606 For smokers (Age 25-65) Female Health Category 25 35 45 55 Preferred $1,429 $2,065 $4,746 $10,268 Preferred Plus $1,482 $1,838 $3,691 Regular $1,825 $2,729 $5,970 $12,734 Male Health Category 25 35 45 55 Preferred $1,939 $2,771 $6,663 $13,780 Preferred Plus $1,781 $2,209 $4,631 Regular $2,476 $3,501 $8,177 $16,234 Average 30-year term rates for a $1 million policy A $1 million policy will provide additional comfort for your loved ones, but it will come at a substantially higher cost. And heaven forbid you are a smoker. A 55-year-old male smoker rated as Standard can expect to pay an average annual premium of $21,608 for a 30-year term policy. And no, that is not a typo. For non-smokers (Age 25-65) Female Health Category 25 35 45 55 Preferred $618 $833 $1,764 $4,896 Preferred Plus $505 $702 $1,524 $4,248 Regular $1,001 $1,308 $2,748 $7,321 Regular Plus $830 $1,070 $2,259 $6,132 Male Health Category 25 35 45 55 Preferred $825 $1,022 $2,388 $7,113 Preferred Plus $657 $859 $1,958 $6,110 Regular $1,345 $1,666 $3,831 $9,502 Regular Plus $1,066 $1,343 $3,086 $8,419 For smokers (Age 25-65) Female Health Category 25 35 45 55 Preferred $1,827 $2,661 $6,145 $13,451 Preferred Plus $1,748 $2,176 $4,522 Regular $2,335 $3,479 $7,787 $16,879 Male Health Category 25 35 45 55 Preferred $2,514 $3,584 $8,713 $18,077 Preferred Plus $2,147 $2,670 $5,757 Regular $3,196 $4,532 $10,660 $21,608 How to decide which term policy is right for you Experts recommend getting coverage that is 10 to 15 times your income, however, deciding which length of term policy and the coverage amount to choose will come down to a variety of personal factors. Your finances will have a big influence on how much coverage you get. If you don’t have much disposable income, a term insurance policy for a shorter time period, say 10 years, will be the most affordable option. It provides the lowest rates and in 10 years’ time you may be in a higher paying job and better able to afford more coverage. While having coverage is important, you shouldn’t be overspending on coverage and straining your financial health. In the long-term, this will likely lead to a policy lapse. Just bear in mind that if you need more coverage later on, your premiums will increase as you get older and you may receive a lower health classification if you experience any adverse changes in your health. Another factor influencing how much coverage you get will be your financial obligations. For instance, if you are a new parent, you might want a 20-year policy to ensure coverage until your children have financial security until they are in college or have their own job. However, if one of your children has a disability and you will be supporting them for their entire life, you may want to ensure you have coverage for a longer period. A whole life insurance policy may also be the better option in such a circumstance. You can also determine how much coverage you need based on your current savings. For example, if you think that you will have amassed enough financial assets by a certain age and your family will no longer need proceeds from insurance by that time, you can get a policy that plans accordingly. Tips for getting a higher health rating and cheaper premiums The single biggest thing you can do to get the cheapest rates is stop smoking. In most cases, a smoker will pay more than twice as much as a non smoker for coverage. A non-smoking male or female who is given a lower Standard rating will still pay less than a smoker deemed to be in excellent health and rated at Preferred Plus. The next biggest factor is to maintain your health. While many major health conditions are out of your control, pursuing a healthy lifestyle and working on an effective treatment plan will help you get better rates. Keeping your weight in a healthy range, drinking in moderation, exercising regularly and choosing not to pursue high-risk hobbies like sky diving, will all help you get a more affordable life insurance premium. Additionally, compare quotes from multiple insurers to find the best possible rate for your profile. “It always pays to shop around for any type of insurance, and life insurance is no exception,” says Lynch of The American College. “Underwriting standards, although sometimes very similar, can differ company to company. Using cancer or heart disease as examples, some companies are very restrictive on those illnesses, while others will give consideration for those in remission or with heart issues that have been remediated.” Finally, don’t forget to ask about any discounts available. For example, you may be able to get a discount through your trade or alumni association. Additionally, many insurers offer discounts to policyholders for paying their premiums annually rather than monthly. × Get Free Life Insurance Quotes Today! Zip Code Please enter valid zip Age Age 16 – 20 21 – 24 25 – 34 35 – 44 45 – 54 55 – 64 65+ Coverage Amount Coverage Amount $50,000 – $100,000 $100,000 – $200,000 $200,000 – $300,000 $400,000 – $500,000 $500,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000+ Coverage Type Coverage Type Whole Life Term Life Final Expense Not Sure Gender Gender Male Female Non-Binary Tobacco Use Yes No Compare Quotes Mel DuvallContributing Researcher  . .Mel Duvall is an award-winning senior business writer and communications professional. Mel also served a three-year term on the Mount Royal University Journalism Committee. 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By Desiree Ghazi On this page What factors influence premium rates?Average 10-year term life insurance annual rates for a $500,000 policyAverage 10-year term rates for a $750,000 policyAverage 10-year term rates for a $1 million policyAverage 20-year term rates for a $500,000 policyAverage 20-year term rates for a $750,000 policyAverage 20-year term rates for a $1 million policyAverage 30-year term rates for a $500,000 policyAverage 30-year term rates for a $750,000 policyAverage 30-year term rates for a $1 million policyHow to decide which term policy is right for youTips for getting a higher health rating and cheaper premiums Get instant quotes now ! Please enter valid zip Get Quotes