The average cost of life insurance in 2025 by age, gender and coverage needs

Average life insurance rates

Average life insurance rates vary widely based on factors like age, health, coverage amount, and type of policy.

Here’s a look at the average rates for term life policies to show how age, length of policy and health status influence the cost of life insurance. Whole life insurance rates are less predictable and will be more expensive than term life.

Average life insurance cost by age

Here's the annual life insurance cost by age for a nonsmoker classified as Preferred health status for a $500,000 20-year level term life policy.

Age	Average annual rate
25	$276
30	$289
35	$324
40	$437
45	$656
50	$983
55	$1,535
60	$2,622
65	$5,079

Source: CompuLife, July 2025

Average life insurance cost by gender

Here's the annual life insurance cost for a nonsmoking man and woman classified as Regular health status for a $500,000 level term life policy.

Age & gender	Average annual rate
25-year-old woman	$247
25-year-old man	$305
30-year-old woman	$258
30-year-old man	$320
40-year-old woman	$393
40-year-old man	$481
50-year-old woman	$850
50-year-old man	$1,115
60-year-old woman	$2,178
60-year-old man	$3,066

Source: CompuLife, July 2025

Average life insurance cost for smokers and non-smokers

Here's the annual life insurance cost by policy type for a 40-year-old female non-smoker classified as having Preferred health status versus a 40-year-old female smoker.

Coverage level	Non-smoker rate	Smoker rate
$500,000	$393	$1,327
$750,000	$556	$1,959
$1 million	$697	$2,493

Source: CompuLife, July 2025

Average life insurance cost by term length

Here's the annual life insurance cost by term length for a nonsmoking 40-year-old woman classified as Regular health status for a $500,000 level term life policy.

Term length	Average annual rate	Lowest rate	Highest rate
20-year term	$502	$347	$1,220
30-year term	$719	$502	$1,540
30 year term	$1,097	$844	$2,215

Source: CompuLife, August 2023

Average life insurance cost by amount of coverage and age

Here's the annual life insurance cost by amount of coverage at three different ages, all for non-smokers with Preferred health status.

Coverage	At age 25	At age 40	At age 60
$500,000	Female: $247 Male: $305	Female: $393 Male: $481	Female: $2,178 Male: $3,066
$750,000	Female: $344 Male: $423	Female: $556 Male: $681	Female: $3233 Male: $4,584
$1,000,000	Female: $396 Male: $529	Female: $697 Male: $857	Female: $4,160 Male: $5,984

Source: CompuLife, August 2023

What affects the cost of life insurance?

There are a number of factors that affect life insurance rates, including:

Age and gender
Health status
Lifestyle, including smoking, drinking and dangerous hobbies
Occupation
Type of policy
Length of policy

Rates vary between 10-, 20- and 30-year terms. Shorter-term life insurance policies have lower premiums than longer-term policies. For instance, a 10-year policy will be cheaper than a 20-year term life policy.

However, permanent life insurance coverage, like whole life, typically costs more than term life.

"Whole life insurance -- policies that never expire -- will be the most expensive," says Zach Keefer of Voyage Retirement Solutions.

In fact, whole life insurance can cost five to 15 times more than a term life insurance policy with the same death benefit. But it can be well worth it, depending on your family situation and financial goals.

Other types of permanent life insurance, like universal life, are also more costly than term life because your loved ones are guaranteed a death benefit when you die and those policies have cash value.

What’s the best time to buy life insurance?

If you're wondering when you should buy life insurance, the answer is as soon as possible. Age is the number one factor in determining life insurance rates by a long shot, Keefer says.

"The older you are, the more you'll pay across the board."

Plus, if you have children, getting coverage when they’re younger and more financially dependent on you is vital.

As you age, you can still find affordable life insurance. The key is getting several quotes from insurers and comparing the costs for different policies. And if you're much older without young dependents, you may want to look into final expense coverage.

"It's important to seek the help of a trusted financial professional to ensure you're adequately covered and can make the most of your policy," Ball says.

How to lower life insurance rates

Regardless of when you buy life insurance, saving money when you can is a good idea. Though you can't control factors such as your age or gender, you can take steps to help lower your rates. Here are a few ideas.

Buy early - The younger you are when you buy, the less you will pay for life insurance, so don’t wait.

Choose the right type of policy - Picking a policy can be confusing, and some people end up with the wrong type of insurance that costs more than necessary. Get expert help.
Improve your health - Your health also makes a big difference in the cost of your policy. If your weight is considered unhealthy, do what you can to lose weight. And if you're still smoking, consider quitting.

How much life insurance do I need?

Most people rely on life insurance proceeds to cover funeral expenses, medical bills, mortgage and debt payments, child care, and other major expenses they may not be able to afford if the primary breadwinner dies.

"As people prepare for the future, they should consider opportunities to take risk off the table," says Aaron Ball, senior vice president and co-head of New York Life’s Foundational Business. "Life insurance is one way to do that."

So, how much insurance coverage do you actually need? For most people, a common guideline is 10-12 times your annual income.

Of course, that's just a guideline. For instance, you may need even more coverage if you have a particularly expensive mortgage or are putting your kids through an Ivy League.

However, seniors may not need that much insurance. The same is true if you have little debt or no dependents.

In that case, calculate how much your family would need to cover funeral costs and medical expenses, plus a little extra.

"A life insurance agent or other financial professionals can help people determine what level of protection is right for them and their families based on their financial responsibilities, sources of income and savings," Bayerle says.

FAQ: Life insurance rates

Is buying life insurance worth it?

As long as you choose a policy that fits your needs and budget, life insurance is generally well worth the cost.

"Unexpected things happen to families all the time and you don't want to put your family in a financial hole if the worst-case scenario happens," says Keefer.

How much should you spend on life insurance?

You should spend what you can afford, but make sure that you’re getting as much coverage as you can for your money. If you’re on a tight budget, the premiums can seem like a difficult expense to manage. But remember that it will only get more expensive as you get older.

It’s important to make sure you can afford the premiums, as non-payment will result in a lapsed policy.

How do you buy life insurance?

Buying life insurance is similar to most other types of insurance. Research to find out what kind of policy you need, shop around and compare quotes and then apply for the policy you want. You can buy life insurance through an agent or online, depending on the type of policy you need.