How much term life insurance costs

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While there are many different types of life insurance options, term life insurance is usually the best choice for most people. It’s a straightforward product and is generally the most affordable type of life insurance policy. A 35-year-old female pays $309 a year for $500,000 in coverage for a 20-year term, while a 35-year-old male pays $316.

How much a term life insurance policy actually costs varies by age, coverage amount, term length, and your smoker status. However, insurance companies look at an application holistically. They also evaluate your health, lifestyle choices, and family history to determine how much you pay for life insurance.

Term life insurance calculator

$500,000

$500,000 $750,000 $1,000,000

20 Years

10 Years 15 Years 20 Years 25 Years 30 Years

25 30 35 40 45 50 55 60 65

Female

Male Female

No Yes

Preferred

Preferred Plus Preferred Regular Plus Regular

Average term life insurance rates

For a 25-year-old male

$34/month

$394/year

How much a $500,000 policy costs annually for healthy, non-smokers

Age	Gender	$500,000 in coverage
25	Female	$254
25	Male	$316
30	Female	$268
30	Male	$329
35	Female	$309
35	Male	$361
40	Female	$406
40	Male	$498
45	Female	$597
45	Male	$765
50	Female	$881
50	Male	$1,152
55	Female	$1,329
55	Male	$1,832
60	Female	$2,288
60	Male	$3,200
65	Female	$4,297
65	Male	$6,097

How much a $500,000 policy costs annually for smokers

Age	Gender	$500,000 in coverage
25	Female	$913
25	Male	$1,224
30	Female	$1,052
30	Male	$1,357
35	Female	$1,341
35	Male	$1,675
40	Female	$1,926
40	Male	$2,482
45	Female	$2,902
45	Male	$3,840
50	Female	$4,207
50	Male	$5,671
55	Female	$6,306
55	Male	$8,693
60	Female	$9,612
60	Male	$13,375
65	Female	$15,202
65	Male	$19,640

How much a $750,000 policy costs annually for healthy, non-smokers

Age	Gender	$750,000 in coverage
25	Female	$348
25	Male	$441
30	Female	$367
30	Male	$458
35	Female	$428
35	Male	$504
40	Female	$580
40	Male	$710
45	Female	$858
45	Male	$1,115
50	Female	$1,293
50	Male	$1,701
55	Female	$1,960
55	Male	$2,714
60	Female	$3,399
60	Male	$4,765
65	Female	$6,414
65	Male	$9,113

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How much a $750,000 policy costs annually for smokers

Age	Gender	$750,000 in coverage
25	Female	$1,271
25	Male	$1,717
30	Female	$1,465
30	Male	$1,919
35	Female	$1,889
35	Male	$2,367
40	Female	$2,728
40	Male	$3,551
45	Female	$4,149
45	Male	$5,508
50	Female	$6,152
50	Male	$8,315
55	Female	$9,299
55	Male	$12,875
60	Female	$14,174
60	Male	$19,787
65	Female	$22,660
65	Male	$29,072

How much a $1 million policy costs annually for healthy, non-smokers

Age	Gender	$1 million in coverage
25	Female	$413
25	Male	$552
30	Female	$446
30	Male	$574
35	Female	$526
35	Male	$637
40	Female	$726
40	Male	$897
45	Female	$1,093
45	Male	$1,418
50	Female	$1,611
50	Male	$2,193
55	Female	$2,529
55	Male	$3,517
60	Female	$4,321
60	Male	$6,205
65	Female	$8,113
65	Male	$11,675

How much a $1 million policy costs annually for smokers

Age	Gender	$1 million in coverage
25	Female	$1,596
25	Male	$2,136
30	Female	$1,862
30	Male	$2,420
35	Female	$2,405
35	Male	$3,015
40	Female	$3,489
40	Male	$4,545
45	Female	$5,354
45	Male	$7,085
50	Female	$7,902
50	Male	$10,750
55	Female	$11,898
55	Male	$16,644
60	Female	$18,095
60	Male	$25,766
65	Female	$28,521
65	Male	$37,510

How insurers determine your life insurance premium

To set your life insurance premium, you will need to go through the underwriting process. Life insurance companies use the underwriting process to determine how much you pay for a policy. This often includes a medical exam and background check.

During this process, insurers will evaluate the following:

Age: Life prices go up with age.
Health: Medical conditions will increase the cost of your life insurance premium, depending on the severity and treatment plan.
Lifestyle choices: Risky hobbies or a risky occupation may increase your premium.
Financial background: If your credit history shows bankruptcy, you will pay more for coverage.
Criminal history: If you have a felony on your record, you will pay more for coverage if you are eligible. However, misdemeanors shouldn’t affect your premiums.

How much life insurance you should get

When buying term life insurance, you need to consider how much coverage you need and how long your policy’s term length should last.

Term length

When it comes to term life insurance, getting the right term length is very important. If you get a term length that isn’t long enough, the coverage you’re paying for might be useless. But if you get a term length that is too long, you’re overpaying for coverage. For this reason, it’s important to find the sweet spot.

For example, if you have young children you plan to support through college, then you’ll want to get a policy length that lasts at least 20 years. But if you have a 30-year mortgage, you’ll want a policy lasting at least 30 years.

Coverage amount

Getting enough life insurance coverage is just as important as getting the right term length. If the policy’s face amount is too little, it won’t provide the financial support you’re paying for. But if the policy’s face amount is too high, you’re paying more in premiums than you need to.

For example, if you make six figures annually, you probably need at least $1 million in coverage. But if you’re only buying coverage to pay off your funeral expenses, you’re going to need significantly less than that.

Most people need at least 10 to 15 times their income in life insurance coverage. However, the exact amount you need will depend on your individual circumstances. To get an accurate amount, tally up:

The debts you owe
The amount of income you earn multiplied by the years you plan to provide financial support
Your mortgage
The cost of your children’s education.
Any other financial obligations

Because life insurance isn’t one size fits all, you may want to talk to a certified financial planner to ensure you’re getting the right amount of coverage.

How to get the most affordable life insurance rates

Shop around: Each insurer underwrites differently, so while one may offer you a high rate, the other may offer you its most competitive premium. Shop around with at least three to five insurers to make sure you’re getting the lowest rate possible. Check out our list of Best Life Insurance Companies to get an idea of which insurer is right for you.
Apply ASAP: Life insurance prices increase as you age, so getting coverage as soon as possible will save you money in the long run.
Get healthy: The healthier you are, the lower your rates. Exercising, eating healthy, and drinking lots of water will help you perform better on the life insurance medical exam.
Quit smoking: Smokers pay significantly more than nonsmokers. But you can’t just quit right before buying a policy — you’ll need to be nicotine-free for at least one year.

How much you’ll actually pay for life insurance will depend on your profile, but walking into the buying process knowing what to expect ensures you won’t overspend.

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