How much does life insurance cost?

Life insurance costs vary widely based on several factors, but term life insurance is generally very affordable - often less than the cost of a daily coffee.

Average Monthly Costs for a $500,000 20-Year Term Policy

• 25-year-old healthy nonsmoker: $20-$30/month
• 35-year-old healthy nonsmoker: $25-$40/month
• 45-year-old healthy nonsmoker: $55-$85/month
• 55-year-old healthy nonsmoker: $150-$250/month

Factors That Affect Your Premium

• Age: Younger applicants pay significantly less.
• Health: Medical conditions, weight, and overall health impact rates.
• Tobacco use: Smokers typically pay 2-3 times more than nonsmokers.
• Coverage amount: More coverage means higher premiums.
• Term length: Longer terms generally cost more per year.
• Gender: Women typically pay less due to longer life expectancy.
• Occupation and hobbies: Dangerous jobs or activities may increase costs.
• Family medical history: Certain hereditary conditions can affect rates.

Whole life insurance costs significantly more - often 10-15 times the cost of term insurance for the same death benefit, but includes a cash value component.

The best way to know your exact cost is to get quotes from multiple insurers. Use our calculator first to determine how much coverage you actually need.