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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.

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.

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:

See the average cost of term life insurance for men and women by age

These annual life insurance rates are based on a $500,00, 20-year term life insurance policy for super preferred applicants.
Source: Quotacy. Lowest Three Rates For Each Age and Risk Class Averaged. Data Valid as of December 12th, 2023.

Compare term life insurance companies

CompanyPolicies offeredOnline purchaseWhat We LikeLearn More
Ethos Life Insurance - Roundup

Ethos

Get a quote
on Ethos
Term, permanent & no-exam
Yes
  • No medical exam required.
  • Fully digital application.
  • Offers both term and whole life insurance online.
Get a quote
on Ethos
Ladder Life Insurance

Ladder

Get a quote
on Ladder
Term & no-exam
Yes
  • Quick online application.
  • Most applicants won't need a medical exam.
  • Coverage limits up to $8 million.
Get a quote
on Ladder
Fabric Life Insurance - SEM

Fabric

Get a quote
on Fabric
Term & no-exam
Yes
  • Simple online and mobile application process.
  • 1% of death benefit coverage amount donated to a charity of the policyholder’s choice.
  • Some applicants won’t need a medical exam for term life insurance.
Get a quote
on Fabric