I am sure you can agree that figuring out the average life insurance cost per month can seem complicated.
Especially if you are dealing with the 100’s of phone calls and random emails from agents.
But, what if I told you that:
We don't need any personal contact information to give you a free life insurance quote. In-fact; you can get the best term life insurance rates fast by using our anonymous quote tool below.
In this post today we will cover how life insurance rates are calculated, the average cost of life insurance, how much life insurance you need, and review life insurance rates for both term and life insurance with no physical exam.
What Is The Average Life Insurance Cost Per Month?
Though life insurance quotes are made up of many factors, the average life insurance cost per month for a 36-year-old female in perfect health looking for a $250,000 20 year term policy will cost about $17.67 per month while the cost for a 36-year-old male looking for the same coverage will be around $23.29 per month.
When Is The Best Time To Buy Life Insurance?
The best time to buy life insurance is when you are young; the younger you are, the lower your monthly premiums will be when you purchase coverage. The ideal age is 18 years old, especially if you aren’t on your parent’s policy.
Not only do premium payments go up as you get older, but if you develop health problems as you age, it could make the premiums even more expensive or even disqualify you from getting covered.
How Much Life Insurance Do You Need?
Most insurance companies recommend that you have between 5 to 10 times your annual salary in life insurance. However, as a licensed agent, I always recommend my clients to purchase 20 times their annual income, because this, in essence, gives your family 20 years of income based on your salary if you were to pass away.
You are putting them in a more solid financial situation, and it allows your family to grieve during their time of loss and not focus on debt.
If you need help coming up with a number for how much you need, you can check out our term life insurance calculator.
Below we discuss how life insurance rates are calculated.
How Are Life Insurance Rates Calculated?
As we stated above, life insurance rates are calculated based on several factors, we cover the most common ones below:
While these factors will give you a pretty solid life insurance quote, they won't be the only factors used in determining your final rate.
There is a possibility that your rates could increase or even decrease once your application has been submitted.
THE SIMPLY INSURANCE WAY
Life Insurance made easy!
Agents Available To Assist
Get quotes and sign up online or get help from a licensed agent, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get life insurance coverage within minutes of getting your quotes and applying.
Average Term Life Insurance Rates By Age, Gender, & Policy Length.
Below are the average rates for a 10, 15, 20, an1d 30 year term life insurance policy. The 10 year term is going to give you the most affordable rates, while the 30 year term is going to be the most expensive option; however, it will also offer the most savings over time.
10 Year Term Life Insurance Rates
Sample rates below are based on a 10-year term for a healthy non-smoking female and male in excellent health. You will also notice that some rates stay the same up to a specific age range.
Age | Gender | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
20 | Female | $10.84 | $13.00 | $20.01 |
Male | $11.94 | $14.72 | $23.45 | |
25 | Female | $10.93 | $13.00 | $20.01 |
Male | $11.94 | $14.72 | $23.45 | |
30 | Female | $10.93 | $13.00 | $20.01 |
Male | $11.94 | $14.72 | $23.45 | |
35 | Female | $11.04 | $13.43 | $20.87 |
Male | $12.55 | $15.59 | $25.17 | |
40 | Female | $13.45 | $16.88 | $27.76 |
Male | $14.66 | $18.60 | $31.20 | |
45 | Female | $20.01 | $26.78 | $47.57 |
Male | $22.83 | $30.23 | $54.46 | |
50 | Female | $26.82 | $37.12 | $68.24 |
Male | $32.65 | $45.73 | $85.47 | |
55 | Female | $38.70 | $57.36 | $108.72 |
Male | $52.87 | $77.60 | $149.20 |
These Quotes are presented in a monthly premium format. The above quotes are for a non-smoker in excellent health and are subject to changes. Valid as of 04/01/21.
15 Year Term Life Rates
Sample rates below are based on a 15-year term for a healthy non-smoking female and male who both of are in excellent health.
You will also notice that some rates stay the same up to a specific age range.
Age | Gender | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
20 | Female | $12.26 | $16.02 | $26.03 |
Male | $13.15 | $16.45 | $26.90 | |
25 | Female | $12.42 | $16.02 | $26.03 |
Male | $13.15 | $16.45 | $26.90 | |
30 | Female | $12.57 | $16.02 | $26.03 |
Male | $13.15 | $16.45 | $26.90 | |
35 | Female | $13.17 | $16.88 | $27.76 |
Male | $13.45 | $16.88 | $27.76 | |
40 | Female | $16.71 | $22.48 | $38.96 |
Male | $17.70 | $22.91 | $39.82 | |
45 | Female | $22.97 | $33.25 | $60.49 |
Male | $30.68 | $42.29 | $78.57 | |
50 | Female | $31.54 | $47.89 | $89.77 |
Male | $44.57 | $64.68 | $123.37 | |
55 | Female | $44.45 | $68.12 | $130.25 |
Male | $68.25 | $100.00 | $193.99 |
These Quotes are presented in a monthly premium format. The above quotes are for a non-smoker in excellent health and are subject to changes. Valid as of 04/01/21.
20 Year Term Life Insurance Quotes
Sample rates below are based on a 20-year term for a healthy non-smoking female and male in excellent health. You will also notice that some rates stay the same up to a specific age range.
Age | Gender | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
20 | Female | $14.38 | $19.03 | $32.07 |
Male | $16.77 | $22.05 | $38.09 | |
25 | Female | $14.58 | $19.03 | $32.07 |
Male | $16.99 | $22.48 | $38.96 | |
30 | Female | $14.99 | $19.46 | $32.92 |
Male | $17.43 | $22.48 | $38.96 | |
35 | Female | $15.37 | $20.32 | $34.65 |
Male | $18.06 | $23.34 | $40.67 | |
40 | Female | $19.91 | $28.07 | $50.15 |
Male | $24.12 | $32.38 | $58.77 | |
45 | Female | $29.64 | $43.15 | $80.30 |
Male | $38.16 | $56.07 | $106.13 | |
50 | Female | $41.23 | $61.67 | $117.33 |
Male | $56.49 | $84.06 | $162.12 | |
55 | Female | $65.68 | $98.27 | $190.54 |
Male | $88.05 | $135.31 | $264.62 |
These Quotes are presented in a monthly premium format. The above quotes are for a non-smoker in excellent health and are subject to changes. Valid as of 04/01/21.
30 Year Term Insurance Quotes
Sample rates below are based on a 30-year term for a healthy non-smoking female and male in excellent health. You will also notice that some rates stay the same up to a specific age range.
Age | Gender | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
20 | Female | $19.34 | $25.92 | $45.84 |
Male | $24.17 | $32.81 | $59.62 | |
25 | Female | $19.60 | $26.35 | $46.71 |
Male | $24.49 | $32.81 | $59.62 | |
30 | Female | $21.52 | $30.23 | $54.46 |
Male | $26.53 | $36.26 | $66.52 | |
35 | Female | $25.14 | $35.40 | $64.79 |
Male | $30.32 | $41.42 | $76.85 | |
40 | Female | $32.20 | $48.32 | $90.63 |
Male | $40.55 | $59.95 | $113.89 | |
45 | Female | $46.94 | $71.14 | $136.28 |
Male | $60.85 | $91.38 | $176.77 | |
49 | Female | $63.76 | $99.56 | $193.12 |
Male | $83.88 | $131.00 | $256.00 |
These Quotes are presented in a monthly premium format. The above quotes are for a non-smoker in excellent health and are subject to changes. Valid as of 04/01/21.
Life Insurance Rates For Transgender Applicants
With gender being a large factor in your life insurance rates, several insurance companies have started to allow you to apply for coverage based on your gender identity while other will require you to apply based on your gender at birth.
You can check out a list of life insurance companies that are Transgender friendly. Outside of Gender, all traditional underwriting rules will still apply.
LIFE INSURANCE WHERE YOU LIVE
Term Life insurance by state.
With a Life Insurance policy you can take care of your family the right way.
Should anything happen to you, you'll want to leave your loved ones a financial nest egg for their wellbeing. Click on your state to find out more.