Average Life Insurance Cost And Typical Rates

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:

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.

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.

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.

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.

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.  

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. 

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.

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.

20 Year No Medical Exam Term Life Quotes

Sample rates below are based on a 20-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.

25 Year Term Life Rates With No Exam

Sample rates below are based on a 25-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.

30 Year No Physical Term Life Insurance Rates

Sample rates below are based on a 30-year no physical 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.

Average No Exam Term Life Insurance Costs By State

The national average premium for no exam life insurance is around $816 per year.  And get this: Based on recent data, we know that on average people in the U.S. are purchasing a $475,000 No Exam Life Policy for a 20 Year Term. Below is a report of the average no medical exam life insurance price in the US. You can click any state to learn more details.

Getting The Best Term Life Rates In 2023

After checking out our above rates and quotes, you should have a very strong idea of what the average life insurance cost per month for yourself or a family member.

I am sure you are ready to take action, and that is a great thing. You can get anonymous life quotes by clicking here , or just click any of the above buttons to apply online for coverage.

If you are interested more in the “No Exam” option, then click here where you can get instant quotes and immediate coverage.

Frequently Asked Questions

What is the maximum age for term life insurance?

When applying online, most products stop at age 75; however, if you are in excellent health, some companies can cover people up to age 85.

How much does 2 million in term life insurance cost?

The cost of a 2 million dollar term life insurance policy is going to depend on the individual.  Your age, gender, lifestyle, and tobacco use will all help determine your specific price.

What is the best age to buy term life insurance?

If your parents don’t already have life insurance coverage on you, when you turn 18, you should buy term life insurance coverage.

At what age does term life insurance end?

Term life insurance doesn’t end at a specific age; however, it does stop at the term length you purchase. So, if you purchase a 10-year term, the policy will end in 10 years, regardless of age.

Can you get term life insurance at age 70?

Yes, several companies will cover you at age 70; sometimes, the limits of coverage may be lower, as well as the term length options. You should also expect to complete a medical exam.

How much is term life insurance for a 35 year old?

A 20 Year $250,000 Term Policy for a 35-year-old male in perfect health will cost around $14.93/month.

What happens if I outlive my term life insurance?

If you outlive your term life insurance policy, it will go into a renewal stage, and you can choose to keep the policy and pay a new premium or let it lapse. If you think you will need coverage for a longer time than you have left in the policy, you might consider a conversion.

Is natural death covered in term insurance?

Yes, term life insurance is considered to have an all-cause death benefit. It will payout for a natural death or death from a chronic, critical, or terminal illness.