How much is a life insurance policy?

If you've been searching for how much is a life insurance policy, you've probably seen life insurance rates as low as $8/mo. However, life insurance costs vary, because several factors determine how much a life insurance policy cost. But, there's always a way to secure a cheaper policy.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Dec 14, 2021

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The Highlights

  • You can get term life insurance for as low as $8 a month
  • Whole life insurance rates are more expensive than term life insurance rates
  • Life insurance rates are cheaper for younger policyholders

Are you shopping for life insurance? Several factors determine whether affordable life insurance is available to you.

But how much is life insurance a month? Don’t worry – we’re here to answer your frequently asked questions about life insurance quotes.

Our guide reveals the cost of life insurance through life insurance rates by age charts. Also, we’ll show you how other factors affect life insurance and which life insurance companies are the best.

After you learn how much a life insurance policy is on average, enter your ZIP code in the free online quote tool to compare multiple companies near you.

How much is a life insurance policy?

Various factors determine life insurance rates. Therefore, it may be challenging to pinpoint the exact monthly life insurance cost per month.

Here’s a list of characteristics that impact life insurance rates a month.

  • Age
  • Gender
  • Policy Type
  • Policy Amount
  • Health
  • Policy Term

Life insurance policies aren’t affected by race, sexual orientation, credit score, marital status, number of life insurance policies, or number of beneficiaries.

So what do life insurance rates look like based on the factors that do impact life insurance cost?

We decided to skip a life insurance cost calculator and show you detailed research from various life insurance companies.

We’ve researched everything about how life insurance is affected by personal factors.

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How do age and gender impact term life insurance quotes?

Age and gender are significant factors when determining life insurance quotes. People who are between 30 and 50 years old pay the least for life insurance.

Meanwhile, women have life insurance rates that are slightly less than men.

Let’s look at how age and gender affect term life insurance policies at various policy limits.

Average Monthly Term Life Insurance Rates by Age, Gender, and Policy Amount
AgeAverage Monthly Rates for a Male, $100,000 PolicyAverage Monthly Rates for a Female, $100,000 PolicyAverage Monthly Rates for a Male, $250,000 PolicyAverage Monthly Rates for a Female, $250,000 PolicyAverage Monthly Rates for a Male, $500,000 PolicyAverage Monthly Rates for a Female, $500,000 Policy
25-Year-Old$11$10$22$13$23$19
30-Year-Old$11$10$15$13$24$19
35-Year-Old$11$10$15$13$24$19
40-Year-Old$13$11$18$15$29$24
45-Year-Old$15$13$22$20$36$33
50-Year-Old$19$17$30$27$54$47
55-Year-Old$25$21$43$34$79$62
60-Year-Old$36$27$71$51$79$95
65-Year-Old$51$38$110$75$213$144
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Younger ages correlate to low risks of filing a life insurance claim because younger people are generally more healthy than older people.

According to a 2020 report from the United States Census Bureau, women have better life expectancies than men.

But middle-aged people and seniors are more likely to file a life insurance claim.

Do life insurance rates increase for different policy types?

The answer is yes. Term life insurance rates are usually cheaper than permanent life insurance policies like whole life insurance.

Permanent life insurance comes with more benefits, such as an accumulated cash value.

Let’s look at the average monthly cost of whole life insurance rates.

Whole Life Insurance Rates by Age
Age & Gender   $250K Policy Limit$500K Policy Limit$750K Policy Limit$1M Policy Limit$2M Policy Limit
25-Year-Old Male  $178    $351    $524    $688      $1,179    
25-Year-Old Female$156    $307    $458    $600      $1,196    
30-Year-Old Male  $213    $421    $629    $827      $1,650    
30-Year-Old Female$189    $374    $558    $733      $1,462    
35-Year-Old Male  $261    $517    $773    $1,020    $2,035    
35-Year-Old Female$219    $433    $647    $852      $1,699    
40-Year-Old Male  $328    $652    $975    $1,289    $2,574    
40-Year-Old Female$264    $523    $782    $1,032    $2,059    
45-Year-Old Male  $416    $827    $1,239  $1,641    $3,277    
45-Year-Old Female$329    $653    $978    $1,293    $2,581    
50-Year-Old Male  $531    $1,057  $1,584  $2,101    $4,198    
50-Year-Old Female$421    $837    $1,254  $1,661    $3,317    
55-Year-Old Male  $678    $1,351  $2,024  $2,688    $5,372    
55-Year-Old Female$544    $1,084  $1,623  $2,153    $4,302    
60-Year-Old Male  $865    $1,725  $2,586  $3,437    $6,869    
60-Year-Old Female$705    $1,406  $2,107  $2,799    $5,593    
65-Year-Old Male  $1,123  $2,241  $3,360  $4,468    $8,932    
65-Year-Old Female$935    $1,865  $2,796  $3,717    $7,429    
70-Year-Old Male  $1,518  $3,031  $4,544  $6,047    $12,090   
70-Year-Old Female$1,274  $2,544  $3,814  $5,074    $10,143   
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The same factors that impact term life insurance policies also affect whole life insurance.

However, whole life insurance rates are split toward life insurance coverage and the accumulated cash value.

What’s the average monthly rate for no-medical-exam life insurance?

If you’re trying to buy life insurance right away, you may want to start shopping for no-medical-exam life insurance.

Some of the best insurance companies may ask you health questions, but a no-medical-exam life insurance policy won’t require a health screening.

But are no-medical-exam policies more expensive? Let’s examine the average monthly rates for no-medical-exam life insurance.

  • 30-year-old Policyholder – $33/month
  • 40-year-old Policyholder – $57/month
  • 50-year-old Policyholder – $115/month

These rates reflect a life insurance policy with a $500,000 policy limit and a 20-year term length.

To save more money on life insurance, reduce your term length or lower your policy limit.

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How much are life insurance rates based on health?

Life insurance companies that require medical exams determine your risk by looking at your health.

After you get your results, the life insurance company gauges your risk by assigning a rating.

The highest rating you can receive is Super Preferred, which produces the most affordable life insurance rates.

But Standard ratings generate higher rates that are almost twice as expensive as average.

Here’s a list of life insurance rates based on a $500,000 policy amount and a 20-year term.

Average Monthly Term Life Insurance Rates by Health Ratings
Age and GenderSuper PreferredPreferredStandard
30-Year-Old Female  $16$19$29
30-Year-Old Male  $19$24$35
40-Year-Old Female  $24$29$43
40-Year-Old Male  $28$35$55
50-Year-Old Female  $54$64$98
50-Year-Old Male  $70$82$129
60-Year-Old Female  $140$163$256
60-Year-Old Male  $197$225$361
70-Year-Old Female  $689$730$891
70-Year-Old Male  $775$921$1,248
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The better your health, the more you can save on life insurance rates. If you get a lower policy amount, you can save about $9 a month. However, your rate will continue to increase every five years.

If you’re a smoker, expect your life insurance rates to be a little higher than average.

How do life insurance policy term lengths impact monthly rates?

The best life insurance companies provide multiple policy terms at various policy limits. Longer policy terms are more expensive.

Let’s look at how policy term lengths and policy limits affect term life insurance rates.

Average Monthly Term Life Insurance Rates by Age, Policy Length, and Policy Amount
Ages10-Year Term Life Insurance Rates with $100,000 Death Benefit10-Year Term Life Insurance Rates with $250,000 Death Benefit10-Year Term Life Insurance Rates with $500,000 Death Benefit20-Year Term Life Insurance Rates with $100,000 Death Benefit20-Year Term Life Insurance Rates with $250,000 Death Benefit20-Year Term Life Insurance Rates with $500,000 Death Benefit
25-Year-Old$8$10$13$9$13$18
30-Year-Old$8$10$13$9$13$19
35-Year-Old$8$10$13$9$14$20
40-Year-Old$10$13$18$11$18$28
45-Year-Old$11$17$27$15$27$44
50-Year-Old$15$24$39$21$39$68
55-Year-Old$20$36$62$31$60$107
60-Year-Old$31$57$100$52$101$182
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Longer policy term lengths have small increases, but age raises life insurance rates significantly.

Five-year term lengths may be cheaper, but they’re much shorter than other term life insurance policies.

Which life insurance companies have the most affordable policies?

The company where you get your life insurance policy is also a factor. But if you’re not sure where to look for life insurance, start with the best life insurance companies.

Check out the list below to see the top life insurance companies and their average monthly rates.

Average Term Life Insurance Rates and A.M. Best Ratings by Company
CompanyAverage Monthly Term Life Insurance RatesA.M. Best Rating
Allstate$15A+
Banner Life$9A+
Guardian Life$10A++
Haven Life$11A++
John Hancock$11A+
MassMutual$10A++
MetLife$9A+
Mutual of Omaha$12A+
Nationwide$13A+
New York Life$11A++
Northwestern MutualN/AA++
Pacific LifeN/AA+
PrimericaN/AA+
Principal$9A+
Protective$9A+
Prudential$16A+
State Farm$15A++
USAA$12A++
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Banner Life, Metlife, Principal, and Protective are the most affordable companies in the United States.

MetLife has the highest market share value in the United States within the life insurance industry.

Specific life insurance companies may not be available in every state, but some regional life insurance companies may be connected to some of the best insurance companies in the nation.

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Do hobbies impact life insurance rates?

Yes, they do. Although some hobbies have low fatalities statistics, some life insurance companies consider them a high-risk hobby.

Here’s a list of hobbies that may affect your life insurance policy.

  • Skydiving
  • BASE Jumping
  • Rock Climbing
  • Drag Racing
  • Motocross
  • Aviation
  • Hang Gliding
  • Scuba Diving
  • Big Wave Surfing

Life insurance companies may consider you high risk if you’re into amateur fighting circuits or other extreme sports.

As a higher risk, you’ll pay more for life insurance. But if you look hard enough, you can secure life insurance policies specifically for your lifestyle choice.

When should I buy life insurance?

Generational views about life insurance vary. Young and more healthy people may not consider life insurance at all.

However, life insurance is one of the most effective investments. Therefore, a person should buy life insurance at a younger age.

We recommend that anyone with a flexible budget should get a life insurance policy. High-earning individuals can take it a step further and invest in permanent life insurance.

How Much Is A Life Insurance Policy: The Bottom Line

Several factors determine life insurance rates. The cheapest life insurance policy type is term life insurance.

Seniors pay more life insurance, but other policy types are more affordable. To secure the best life insurance policy, you’ll need to look for the best company.

Now that you know how much life insurance policies cost, enter your ZIP code in the free comparison tool below to compare multiple companies in your area.

Are you looking for free insurance quotes?

Your one-stop online insurance guide. Get free quotes now!

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