What Is The Average Life Insurance Cost Per Month In Jun 2023?

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 ElFebruary 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

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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.