Average Life Insurance Rates for October 2024

Get an idea of how much you'll pay for life insurance based on your age, gender, health and more.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Updated · 2 min read
Profile photo of Katia Iervasi
Written by Katia Iervasi
Assistant Assigning Editor
Profile photo of Tony Steuer
Reviewed by Tony Steuer
Life insurance expert
Profile photo of Lisa Green
Edited by Lisa Green
Assigning Editor
Fact Checked

If you’re looking for life insurance, there are dozens of companies, term lengths and coverage amounts to choose from.

Price will no doubt factor into your decision and may even determine what type of policy you choose. For a snapshot of those prices, NerdWallet compared average life insurance rates for men and women at different ages and health tiers, across multiple coverage options.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair, so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners and here’s how we make money.

life insurance illustration
Get multiple life insurance quotes in minutes.
Planning for your future? Get real quotes and connect with experienced agents for personalized guidance.
Find the right policy tailored to your needs and secure your peace of mind.

How much is life insurance?

The average cost of life insurance is $26 a month. This is based on data provided by Covr Financial Technologies for a 40-year-old buying a 20-year, $500,000 term life policy, which is the most common term length and amount sold. But life insurance rates can vary dramatically among applicants, insurers and policy types.

How life insurance rates are determined

Life insurance premiums are based primarily on life expectancy. In general, the younger and healthier you are, the cheaper your premiums.

Insurers typically classify applicants using terms like super preferred, preferred and standard, with super preferred being the healthiest category. Insurers then calculate premiums based on your risk class.

Each insurer has its own evaluation process — known as life insurance underwriting — and weighs factors differently. That’s why it’s a good idea to compare quotes from multiple insurers.

These are the main things insurers assess when setting your rate:

  • Your age. Generally, younger people pay less for life insurance. This is because as you age, your life expectancy goes down, and the likelihood of your insurer having to pay out your policy goes up. That’s why it’s wise to buy life insurance as early as possible; the longer you wait, the more your rates will increase based solely on age. You can still find the best life insurance for seniors by assessing your overall needs and shopping around.

  • Your gender. Because women have longer life expectancies, women will almost always pay less than men of the same age and health. Life expectancy in the U.S. is 79.3 years for women and 73.5 years for men, according to the latest data from the Centers for Disease Control and Prevention

    Centers for Disease Control and Prevention. Mortality in the United States, 2021. Accessed Oct 1, 2024.
    .

  • Your smoking status. Since smokers are at a higher risk of developing health issues such as respiratory disease, life insurance for smokers tends to be more expensive.

  • Your health. This includes any pre-existing conditions, as well as your blood pressure and cholesterol levels. Insurers will also look at your height and weight.

  • Your family medical history. Your insurer may ask if you have a family history of serious health conditions such as heart disease, cancer or diabetes.

  • Your driving record. If you have DUIs, DWIs and major traffic violations on your record, your insurer might consider you a high-risk life insurance applicant and charge higher rates.

  • Your occupation and lifestyle. If you have a hazardous or high-risk job, such as a police officer working on the bomb squad or a race car driver, you can expect to pay more than someone with a desk job. Similarly, if you participate in risky activities like skydiving, you might be charged a higher premium.

The type of life insurance you choose also affects the average cost of life insurance:

  • Term life insurance is the least expensive because it lasts a set number of years and simply offers coverage without building cash value.

  • Permanent life insurance typically lasts a lifetime and includes a cash value component that allows you to borrow against your policy or withdraw funds later in life. Because of the cash value and the potentially longer coverage period, you'll pay substantially more for permanent policies than for term life policies.

Finally, adding life insurance riders to your policy can increase your premium. For example, a child rider worth $10,000 can cost an additional $50 to $75 per year, according to Quotacy, a life insurance brokerage.

What doesn’t impact your life insurance premium

These factors have no effect on the rate you’re offered:

  • Your ethnicity, race and sexual orientation. While insurers assess your age and gender, they can’t discriminate based on these elements of diversity.

  • Your credit score. Although your credit score won’t affect your life insurance premium, you can expect your insurer to look at your credit history going back seven years. If you have a bankruptcy on your record, you might be deemed to have a higher risk of mortality, which may affect premiums.

  • Your marital status. Unlike many auto insurance companies, life insurers don’t have different rates for married applicants.

  • The number of life insurance policies you have. Just know that you need to justify purchasing large amounts of coverage across multiple policies.

  • The number of beneficiaries you name. Whether you have one life insurance beneficiary or five, this won’t impact your rate.

Average cost of term life insurance by age

These annual life insurance rates are based on a $500,000, 20-year term life insurance policy for preferred applicants in good health.

Term life insurance rates for nonsmokers

Age

Average annual rates for men

Average annual rates for women

20

$216

$177

30

$221

$187

40

$334

$282

50

$819

$642

60

$2,357

$1,656

70

$9,436

$7,994

Source: Covr Financial Technologies. Lowest three rates for each age averaged. Data valid as of September 17, 2024.

Term life insurance rates for smokers

Age

Average annual rates for men

Average annual rates for women

20

$758

$557

30

$800

$641

40

$1,491

$1,157

50

$3,495

$2,540

60

$8,770

$5,828

70

$32,708

$27,580

Source: Covr Financial Technologies. Lowest three rates for each age averaged. Data valid as of September 17, 2024.

Average cost of whole life insurance by age

These annual life insurance rates are based on a $500,000 policy for preferred applicants in good health.

Whole life insurance rates for nonsmokers

Age

Average annual rates for men

Average annual rates for women

20

$3,005

$2,633

30

$4,188

$3,722

40

$6,383

$5,560

50

$10,313

$8,775

60

$16,548

$14,227

70

$28,702

$24,817

Source: Covr Financial Technologies. Lowest three rates for each age averaged. Data valid as of September 17, 2024.

Whole life insurance rates for smokers

Age

Average annual rates for men

Average annual rates for women

20

$3,678

$3,075

30

$5,472

$4,715

40

$8,608

$7,307

50

$13,783

$11,717

60

$23,277

$19,525

70

$38,308

$33,437

Source: Covr Financial Technologies. Lowest three rates for each age averaged. Data valid as of September 17, 2024.

Find the right life insurance plan for you
Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners.

Cost of life insurance without a medical exam

If you want to skip the life insurance medical exam, here’s what you can expect to pay annually for a $500,000, 20-year, no-exam term life policy.

No-exam life insurance rates for nonsmokers

Age and gender

Super preferred

Preferred

Standard

Woman, 20

$180

$213

$331

Woman, 30

$191

$225

$347

Woman, 40

$298

$361

$520

Woman, 50

$666

$781

$1,147

Man, 20

$220

$259

$398

Man, 30

$227

$282

$416

Man, 40

$361

$435

$675

Man, 50

$859

$1,006

$1,520

Source: Covr Financial Technologies. Sample rates from Symetra and Lincoln, as of September 17, 2024.

The insurer notes some applicants might be required to take a medical exam.

No-exam life insurance rates for smokers

Age and gender

Preferred

Standard

Woman, 20

$576

$671

Woman, 30

$645

$802

Woman, 40

$1,185

$1,420

Woman, 50

$2,560

$3,390

Woman, 60

$6,020

$7,675

Woman, 70

$27,580

N/A

Man, 20

$758

$863

Man, 30

$800

$975

Man, 40

$1,491

$2,060

Man, 50

$3,495

$4,365

Man, 60

$8,770

$10,945

Man, 70

$32,708

N/A

Source: Covr Financial Technologies. Sample rates from Symetra and Lincoln, as of September 17, 2024.

The insurer notes some applicants might be required to take a medical exam.

Average cost of term life insurance by risk class

These are the average annual life insurance rates for a $500,000, 20-year term life policy that reflect different risk classes.

Term life insurance rates for nonsmokers across risk classes

Age and gender

Super preferred

Preferred

Standard

Woman, 20

$177

$211

$324

Woman, 30

$187

$221

$337

Woman, 40

$282

$345

$502

Woman, 50

$642

$761

$1,140

Woman, 60

$1,656

$1,891

$3,025

Woman, 70

$7,994

$8,724

$10,574

Man, 20

$216

$253

$376

Man, 30

$221

$280

$406

Man, 40

$334

$414

$645

Man, 50

$819

$978

$1,511

Man, 60

$2,357

$2,653

$4,223

Man, 70

$9,436

$10,934

$14,204

Source: Covr Financial Technologies. Lowest three rates for each age averaged. Data valid as of September 17, 2024.

Term life insurance rates for smokers across risk classes

Age and gender

Preferred

Standard

Woman, 20

$576

$671

Woman, 30

$645

$802

Woman, 40

$1,185

$1,420

Woman, 50

$2,560

$3,390

Woman, 60

$6,020

$7,675

Woman, 70

$27,580

N/A

Man, 20

$758

$858

Man, 30

$785

$863

Man, 40

$800

$975

Man, 50

$1,491

$2,060

Man, 60

$3,495

$4,365

Man, 70

$32,708

N/A

Source: Covr Financial Technologies. Lowest three rates for each age averaged. Data valid as of September 17, 2024.

Average cost of life insurance by term length

These annual life insurance rates are based on a $500,000 term life policy for a nonsmoking 40-year-old applicant in good health.

Cost of term life insurance for nonsmokers for various term lengths

Term length

Average annual rate for men

Average annual rate for women

10 years

$207

$180

20 years

$334

$282

30 years

$579

$460

Source: Covr Financial Technologies. Lowest three rates for each age averaged. Data valid as of September 17, 2024.

Cost of term life insurance for smokers for various term lengths

Term length

Average annual rate for men

Average annual rate for women

10 years

$898

$720

20 years

$1,491

$1,185

30 years

$2,475

$1,750

Source: Covr Financial Technologies. Lowest three rates for each age averaged. Data valid as of September 17, 2024.

Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.