Understanding Average Life Insurance Costs By Age and Policy Type
Many people assume that life insurance is expensive, but you can likely get substantial coverage at an affordable rate. The average cost of life insurance depends on a number of factors, including what type of policy you choose, how much coverage you sign up for, your health and age at the time of purchase, and more. This article will talk more about how life insurance rates are determined, the average costs, and how we can help you find the right coverage for you.
Factors That Affect Life Insurance Rates
Life insurance premiums can vary from carrier to carrier, but many follow a similar underwriting process. From your age to how much coverage you need to the type of policy you end up with, underwriting takes into consideration a number of factors when determining your life insurance rates, including:
Age and Health at the Time of Purchase: The younger you are, the more likely you’ll be able to find affordable life insurance, but your health will also be taken into consideration during the life insurance medical exam.
Length of Policy and Benefit Amount: The longer the term or the higher the benefit, the more expensive your monthly premium is likely to be.
Type of Policy: While term life insurance policies are typically more affordable, some find that permanent life insurance policies are the better fit for them.
Average Cost of Term Life Insurance
Term life insurance is arguably the most affordable life insurance option, and the cost is determined by the various factors listed above. Many term policies also include “guaranteed level” premiums, which means you’ll pay the same premium for the entire length of your policy. With term life insurance, you get to choose the term length that is right for you, and the length options typically are 10, 15, 20, 25, and 30 years.
Average Cost of a 10-Year Term Life Policy
Age/Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
25-Year Old Female | $8.48 | $10.81 | $14.97 |
25-Year Old Male | $9.76 | $13.07 | $17.77 |
35-Year Old Female | $8.94 | $11.83 | $16.11 |
35-Year Old Male | $9.85 | $13.52 | $19.49 |
45-Year Old Female | $15.03 | $23.70 | $37.29 |
45-Year Old Male | $16.79 | $26.76 | $43.33 |
55-Year Old Female | $28.02 | $49.64 | $89.82 |
55-Year Old Male | $36.73 | $67.06 | $120.84 |
Table rates are based on a 10-year term policy for men and women in excellent health from one or more of the trusted companies we represent. Rates were pulled 1/2025. Your price could vary depending on your health, issuing company, and other factors. Not available in all states.
Average Costs of Whole Life Insurance
Unlike term life insurance, whole life insurance is meant to last your entire lifetime. While typically more expensive than term life insurance, this policy type usually comes with a cash value component that accumulates over time.
Average Cost of Whole Life Insurance
Age/Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1,000,000 Coverage Amount |
25-Year Old Female | $64.17 | $113.17 | $193.01 |
25-Year Old Male | $68.55 | $130.42 | $235.44 |
35-Year Old Female | $90.79 | $152.14 | $266.54 |
35-Year Old Male | $102.71 | $180.99 | $324.21 |
45-Year Old Female | $123.02 | $219.00 | $395.24 |
45-Year Old Male | $144.80 | $265.08 | $484.71 |
55-Year Old Female | $170.09
| $328.23 | $601.99 |
55-Year Old Male | $208.94 | $389.79 | $723.43 |
Monthly rates are based on whole life insurance no-lapse guarantee coverage for men and women in excellent health from one or more of the trusted insurance carriers we represent. Rates were pulled 2/2025. Prices could vary depending on health, issuing company, and other factors. Not available in all states.
Average Life Insurance Rates Based On Age
Your age can have a significant impact on your life insurance rates, which is why you’re encouraged to purchase life insurance coverage as early as possible. When you're younger and in better health, your life insurance rate is typically more favorable.
The older you get, the greater risk you pose to life insurance companies. Your likelihood of developing health issues increases, meaning you'll probably be paying more for coverage the older you get. If you're able to secure coverage at a younger age, your premium will be locked in. For example, see how the annual cost of a 20-year, $500,000 term life insurance policy increases between the ages of 35 and 55.
35-Year-Old Female | $202 |
35-Year-Old Male | $237 |
55-Year-Old Female | $973 |
55-Year-Old Male | $1,324 |
Annual rates are based on a 20-year term policy for men and women in excellent health from one or more of the trusted companies we represent. Rates were pulled 1/2025. Your price could vary depending on your health, issuing company, and other factors. Not available in all states.
SelectQuote Can Determine Your Life Insurance Costs
If you’re not sure where to start when it comes to shopping for life insurance, we can help. No matter your age or what type of life insurance policy you’re interested in, our licensed agents will work to find the right coverage for you. In just minutes, we can compare coverage and rates from some of the most trusted life insurance companies in the nation, finding you the right policy at the right price.
FAQs About Life Insurance Costs
What is the average cost of life insurance per month?
The average cost of life insurance will vary depending on a variety of factors like the type of policy and your age, gender, health, location, and more. When you work with SelectQuote, you could secure coverage for as little as $18 per month.
At what age is life insurance worth it?
Life insurance is beneficial for people of all ages. Whether you’re looking to protect your growing family, your estate, or any other valuable asset, life insurance can be invaluable. Buying life insurance when you’re young and healthy, however, will help make sure your rates are as affordable as possible.
Where can I learn more about life insurance rates for seniors?
You can explore additional resources from SelectQuote to learn more about life insurance rates for seniors.
