Average Life Insurance Rates for March 2024

Get an idea of how much you'll pay for life insurance based on your age, gender, health and more.
Katia Iervasi
By Katia Iervasi 
Updated
Edited by Lisa Green Reviewed by Tony Steuer

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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.

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How much is life insurance?

The average cost of life insurance is $26 a month. This is based on data provided by Quotacy 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.

  • 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 Mar 4, 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.

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 cost per year for men

Average cost per year for women

20

$221

$181

30

$225

$190

40

$340

$288

50

$834

$655

60

$4,575

$3,187

Source: Quotacy. Lowest three rates for each age averaged. Rates reflect premiums paid monthly for one year. Data valid as of February 26, 2024.

Term life insurance rates for smokers

Age

Average cost per year for men

Average cost per year for women

20

$775

$580

30

$843

$670

40

$1,502

$1,186

50

$3,590

$2,611

60

$6,809

$10,956

Source: Quotacy. Lowest three rates for each age averaged. Rates reflect premiums paid monthly for one year. Data valid as of February 26, 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 cost per year for men

Average cost per year for women

20

$2,334

$2,069

30

$3,388

$2,967

40

$4,583

$4,223

50

$6,698

$5,977

60

$10,390

$9,385

Source: Quotacy. Lowest three rates for each age averaged. Rates reflect premiums paid monthly for one year. Data valid as of February 26, 2024.

Whole life insurance rates for smokers

Age

Average cost per year for men

Average cost per year for women

20

$3,987

$3,047

30

$6,543

$5,174

40

$9,602

$8,081

50

$12,907

$10,320

60

$20,253

$16,282

Source: Quotacy. Lowest three rates for each age averaged. Rates reflect premiums paid monthly for one year. Data valid as of February 26, 2024.

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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

Average cost per year for men

Average cost per year for women

30

$232

$192

40

$375

$321

50

$838

$658

Source: Quotacy. Sample rates from SBLI, as of February 26, 2024. Rates reflect premiums paid monthly for one year. The insurer notes some applicants might be required to take a medical exam.

No-exam life insurance rates for smokers

Age

Average cost per year for men

Average cost per year for women

30

$927

$721

40

$1,581

$1,251

50

$3,898

$2,791

Source: Quotacy. Sample rates from SBLI, as of February 26, 2024. Rates reflect premiums paid monthly for one year. The insurer notes some applicants might be required to take a medical exam.

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.

Term length

Average cost per year for men

Average cost per year for women

10 years

$208

$183

20 years

$288

$340

30 years

$590

$469

Source: Quotacy. Lowest three rates for each age averaged. Rates reflect premiums paid monthly for one year. Data valid as of February 26, 2024.

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