The average cost of life insurance in 2026 by age, gender and coverage

How much does life insurance cost on average?

Average life insurance rates vary widely based on factors like age, health, coverage amount, and type of policy. Rates range from less than $242 a year for a 25-year-old female up to more than $3,000 for a 60-year-old male, and even higher for older or less healthy people.

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 (25 to 65 years old)

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	$269
30	$282
35	$317
40	$429
45	$644
50	$981
55	$1,517
60	$2,618
65	$5,036

Average life insurance cost by gender (Male vs. female rates)

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	$242
25-year-old man	$299
30-year-old woman	$254
30-year-old man	$314
40-year-old woman	$386
40-year-old man	$470
50-year-old woman	$845
50-year-old man	$1,111
60-year-old woman	$2,180
60-year-old man	$3,067

Average life insurance cost for smokers vs. 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	$429	$1,515
$750,000	$609	$2,239
$1 million	$769	$2,860

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
10-year term	$285	$225	$395
15-year term	$355	$277	$500
20-year term	$429	$330	$625
25-year term	$600	$390	$845
30-year term	$710	$525	$1,080

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: $242 Male: $299	Female: $386 Male: $470	Female: $2,180 Male: $3,067
$750,000	Female: $329 Male: $414	Female: $547 Male: $670	Female: $3,231 Male: $4,580
$1,000,000	Female: $389 Male: $519	Female: $690 Male: $849	Female: $4,152 Male: $5,967

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?

The best time to buy life insurance is when you are young, because you'll be able to lock in lower rates. 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 can you get lower life insurance rates?

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 when you are young. The younger you are when you buy, the less you will pay for life insurance, so don’t wait.
Choose term life for lower rates. Term life is the cheapest type of insurance and the best choice for most people.
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.
Quit smoking. Even just a year after quitting, you can qualify for better rates.
Take the medical exam. If you're in good health, going through the full medical underwriting process will earn you lower rates than a simplified issue policy without an exam.

How much life insurance do I need?

You need enough life insurance to cover funeral expenses, medical bills, mortgage and debt payments, child care, and other major expenses. Consider your future income as well, and how the loss of it would impact your family.

"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.

Rates are sourced using Compulife.