Life Insurance FAQ
How much does life insurance cost per month?
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The short answer
A healthy 30-year-old can get $500,000 of 20-year term life insurance for around $18/month. Costs rise with age and fall as coverage amount or term length changes. Whole life costs more because it builds cash value and covers you for life.
What the average rate looks like
For a healthy non-smoker in the best health rating, $500,000 of 20-year term coverage runs roughly $18/month at age 30, about $25/month at age 40, and around $70/month at age 50. Rates climb into the $200s by age 60.
Term life is the most affordable option because it covers you for a set number of years with no cash value. Whole life and universal life cost several times more per month, but they stay in force for life and build savings.
What changes your premium most
Age is the single biggest factor, every birthday increases your rate. Health also matters a lot, the same coverage can cost 2-4x more for someone with a significant health condition or a smoker.
Coverage amount and term length matter too. Doubling your coverage roughly doubles your cost, and a 30-year term costs more than a 10-year term because your rate is locked in longer.
Get your exact number
Published averages give you a ballpark, but your exact rate depends on your age, health history, carrier, and the coverage you pick. A free quote compares 30+ carriers in minutes with no obligation.
Related questions
Is life insurance more expensive as you get older?
Yes. With level term life, your rate is locked for the full term and never goes up, but buying a new policy at an older age costs more because life expectancy is shorter. Buying before 40 locks in the lowest rates.
Does whole life cost more than term?
Yes. Whole life costs several times more per month than term at the same age and coverage amount, because it builds cash value and covers you for your entire life instead of a set number of years.
Can a 50-year-old get affordable life insurance?
Yes. A healthy 50-year-old can get $500,000 of 20-year term coverage for around $70/month at the best health rating. Rates are higher than at younger ages, which is why buying earlier pays.
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