How much does life insurance cost in Pennsylvania in 2024

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Age is one of the most significant factors in determining life insurance premiums. As you get older, the likelihood of health issues increases, leading insurers to adjust rates to reflect the higher risk. Whether you’re in your 20s, 40s, or 60s, knowing how your age affects life insurance costs can guide you in choosing the right coverage at the right time.

For instance, our data shows that when purchasing a $500,000 policy for a 20-year term, healthy 35-year-old males in Pennsylvania pay $360, while 65-year-old males in Pennsylvania pay $6,114. Meanwhile, healthy 35-year-old females purchasing the same policy in the same state pay $305 and 65-year-old females pay $4,323. As you can see, life insurance gets much more expensive with age, with 35-year-old males and 35-year-old females paying 94% and 93% less than their 65-year-old counterparts, respectively.

“Life insurance rates for younger applicants are typically much less on average than older applicants due to life expectancy. This is based on actuarial data used by life insurers that show younger applicants have a longer life expectancy. As rates can vary significantly amongst insurers, we recommend getting at least three quotes when shopping for a life insurance policy,” says Mark Friedlander, director of corporate communications at the Insurance Information Institute.

While life insurance rates vary across different age groups, there are still ways to find affordable coverage by exploring different options and providers. Knowing the benchmark rates for your age group can help you compare offers and identify the rate that suits your needs and budget.

Life insurance rates for different age groups in Pennsylvania

Life insurance rates increase as you age. Generally, the younger you are, the lower your premiums will be due to lower health risks and a longer expected lifespan. Getting life insurance as soon as possible can lead to significant long-term savings on coverage.

While the exact amount you’ll pay for coverage will vary depending on your profile, such as your health and lifestyle choices, the tables below give you an idea of how much you can expect to pay if you’re in relatively good health. Rates are based on non-smokers receiving a Preferred health rating.

How much life insurance in Pennsylvania costs for $500,000 in coverage

Age	Gender	Average annual premium
25	Female	$253
25	Male	$314
30	Female	$266
30	Male	$331
35	Female	$305
35	Male	$360
40	Female	$405
40	Male	$489
45	Female	$592
45	Male	$756
50	Female	$877
50	Male	$1,153
55	Female	$1,326
55	Male	$1,817
60	Female	$2,303
60	Male	$3,214
65	Female	$4,323
65	Male	$6,114

How much life insurance in Pennsylvania costs for $750,000 in coverage

Age	Gender	Average annual premium
25	Female	$343
25	Male	$440
30	Female	$362
30	Male	$463
35	Female	$426
35	Male	$506
40	Female	$576
40	Male	$702
45	Female	$856
45	Male	$1,097
50	Female	$1,282
50	Male	$1,694
55	Female	$1,936
55	Male	$2,692
60	Female	$3,407
60	Male	$4,787
65	Female	$6,454
65	Male	$9,140

How much life insurance in Pennsylvania costs for $1 million in coverage

Age	Gender	Average annual premium
25	Female	$411
25	Male	$549
30	Female	$444
30	Male	$569
35	Female	$520
35	Male	$638
40	Female	$722
40	Male	$898
45	Female	$1,075
45	Male	$1,394
50	Female	$1,608
50	Male	$2,165
55	Female	$2,524
55	Male	$3,489
60	Female	$4,367
60	Male	$6,228
65	Female	$8,173
65	Male	$11,737

Factors that affect life insurance in Pennsylvania

Age and gender: Age is one of the most significant factors in determining life insurance premiums. Generally, younger individuals pay lower premiums because they are considered less risky to insure. Women often pay slightly lower premiums than men due to their longer life expectancy.
Health and medical history: Insurance providers assess your current health and medical history to determine your risk level. Pre-existing conditions, such as heart disease or diabetes, can result in higher premiums. A history of serious illness in your family may also affect your rates.
Smoking status: Smokers typically pay much higher premiums than non-smokers due to the increased risk of health issues. Quitting smoking can significantly reduce life insurance costs over time.
Policy type (term vs. whole life): The type of life insurance you choose impacts the cost. Term life insurance is usually more affordable than whole life insurance because it provides coverage for a set period. Whole life insurance offers lifelong coverage and includes a cash value component, making it more expensive.
Coverage amount and length: The amount of coverage you need and the length of the policy term can affect your premiums. Higher coverage amounts and longer terms typically result in higher costs.
Occupation and hobbies: Your job and recreational activities can influence your life insurance rates. Occupations that are considered high-risk, such as firefighting or construction, may lead to higher premiums. Similarly, engaging in high-risk hobbies like skydiving or scuba diving can increase your rates.

While life insurance rates can vary by state, factors like environmental risks or natural disasters currently do not directly impact premiums. Insurers focus more on personal risk factors, such as age, health, and lifestyle, rather than regional environmental conditions. As a result, your location within state is less likely to affect your rates than your individual circumstances.

How to find affordable life insurance in Pennsylvania

Compare quotes from multiple insurers: Different insurance companies offer varying rates for similar coverage, so it’s important to compare quotes from multiple providers to find the best deal. Online tools and insurance comparison websites can help simplify this process.
Maintain a healthy lifestyle: Insurers consider your health and lifestyle when calculating premiums, so maintaining a healthy weight, exercising regularly, and avoiding tobacco use can help you secure lower rates.
Choose the right policy type: Consider whether term life insurance or whole life insurance is the best fit for your needs and budget. Term life insurance is typically more affordable and provides coverage for a set period, while whole life insurance offers lifelong coverage but comes at a higher cost.
Consider adjusting your coverage amount and term length: If your budget is tight, you may find more affordable premiums by opting for a lower coverage amount or a shorter policy term. However, ensure the coverage amount is still sufficient to meet your financial goals and needs.
Review your policy periodically: Your insurance needs and financial situation may change over time, so it’s a good idea to review your policy regularly. Adjusting coverage or switching providers can sometimes lead to more affordable premiums.

The benefits of buying life insurance early

Generally, the earlier you buy life insurance, the lower your premiums will be. When you purchase a policy at a younger age, you’re generally in better health, which means insurers see you as a lower risk. This translates to more affordable rates that can be locked in for the duration of your term. Over the years, these lower premiums can add up to substantial savings, making early life insurance a financially savvy decision. Additionally, securing coverage early ensures that you’re protected from the unexpected, providing peace of mind for both you and your loved ones.

Another key benefit of buying life insurance early is the flexibility it provides. Younger policyholders often have more options when it comes to choosing the type and length of their coverage. For instance, you might opt for a longer term or a more comprehensive whole life policy, knowing that your lower age-based rates make these options more accessible. Furthermore, buying early means you can adjust your coverage as your life changes—whether you’re starting a family, buying a home, or planning for retirement—without worrying about higher costs due to aging or potential health issues.

Methodology

The average monthly rates presented are based CompuLife data of female and male non-smokers in a Preferred health category purchasing a 20-year term life insurance policy with coverage amounts of $500,000, $750,000 and $1 million. Rates differ by insurer, policy term, coverage amount, health classification, and state. Note that not all policies are available in every state.

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Nupur Gambhir

Managing Editor

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.