What’s The Average Cost Of Life Insurance Per Month In Feb 2024?

Discover what is the average life insurance cost per month for both term life insurance and no exam term life insurance in 2022!

Written By Licensed Agent Sa ElJuly 22, 2023

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:

what is the average life insurance cost per month

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:   

  • Tobacco Use - Tobacco use is probably the one item on the list that will give you the largest increase in your premiums. Upwards to 60% or more per month..
  • Gender - All things being the same, if you are male, your premiums will be higher than women. This is because women typically live longer than men.
  • Age - Your age will also determine what your premiums will be. The younger you are when you purchase life insurance the more affordable it will be.
  • Term Length - The term length of your insurance policy will also play a role in how much you pay per month. The lower the term length, the lower your premiums.
  • Lifestyle - Insurance companies need to be sure that you don't take too many risks and that if you do, you probably will pay more per month. Things like race car driving or skydiving.
  • Health - Your health is the one factor that makes everyone's premiums different. If you have several health conditions you can expect a higher premium than usual.

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. 

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.

life insurance rates by age

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.

Average Term Life Insurance Rates By State

Mississippi, Arkansas, New Mexico, Missouri, and West Virginia are the 5 most affordable states when it comes to average life insurance premiums, while New Jersey, Connecticut, Massachusetts, Maryland, and New Hampshire are the 5 most expensive states when it comes to life insurance premiums. 

YOUR STATE

AVERAGE ANNUAL PREMIUMS

AVERAGE MONTHLY PREMIUMS

Alabama

$602

$50

Alaska

$655

$55

Arizona

$615

$51

Arkansas

$584

$49

California

$668

$56

Colorado

$645

$54

Connecticut

$724

$60

Delaware

$657

$55

District Of Columbia

$636

$53

Florida

$627

$52

Georgia

$630

$53

Hawaii

$687

$57

Idaho

$597

$50

Illinois

$631

$53

Indiana

$593

$49

Iowa

$601

$50

Kansas

$601

$50

Kentucky

$599

$50

Louisiana

$597

$50

Maine

$641

$53

Maryland

$712

$59

Massachusetts

$718

$60

Michigan

$610

$51

Minnesota

$639

$53

Mississippi

$581

$48

Missouri

$590

$49

Montana

$601

$50

Nebraska

$603

$50

Nevada

$607

$51

New Hampshire

$708

$59

New Jersey

$732

$61

New Mexico

$588

$49

New York

$675

$56

North Carolina

$617

$51

North Dakota

$603

$50

Ohio

$599

$50

Oklahoma

$598

$50

Oregon

$627

$52

Pennsylvania

$658

$55

Rhode Island

$660

$55

South Carolina

$615

$51

South Dakota

$591

$49

Tennessee

$609

$51

Texas

$633

$53

Utah

$636

$53

Vermont

$655

$55

Virginia

$682

$57

Washington

$655

$55

West Virginia

$590

$49

Wisconsin

$607

$51

Wyoming

$601

$50

The above data was obtained from S&P Global Market Intelligence. Data shows estimated average annual & monthly premiums of term life insurance policies per household.

Average No Exam Term Life Insurance Costs By Age, Gender, & Policy Length.

Below are the average rates for a 10, 15, 20, 25, and 30 year no exam term life insurance policy. In general, the no exam rates will be more expensive than the traditional term life insurance products. However, there is no faster way to get covered, and the rates are still very affordable.

10 Year No Exam Term Life Insurance Quotes

Sample rates below are based on a 10-year no exam term policy 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

$8.29

$10.17

N/A


Male

$14.96

$22.25

N/A

25

Female

$8.29

$10.17

$14.33


Male

$14.96

$22.25

$38.50

30

Female

$9.33

$11.83

$17.67

Cell

Male

$14.96

$22.25

$38.50

35

Female

$10.58

$13.50

$21.00

Cell

Male

$14.96

$22.25

$38.50

40

Female

$16.63

$21.83

$37.67

Cell

Male

$22.67

$32.25

$58.50

45

Female

$22.46

$30.58

$55.17

Cell

Male

$30.58

$41.83

$77.67

50

Female

$32.04

$41.83

$77.67


Male

$44.75

$61.42

$116.83

54

Female

$39.75

$53.08

$100.17


Male

$56.00

$77.25

$148.50

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 No Medical Term Life Rates

Sample rates below are based on a 15-year no exam term policy 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

$9.54

$12.67

N/A