"How much is life insurance?" is the first question almost everyone asks, and the answer surprises most people. A healthy 30-year-old can often get $500,000 of 20-year term coverage for under $20 a month, about the cost of a streaming subscription or two.
Below are average rates by age, what changes your price, and how to make sure you're not overpaying.
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Average term life insurance rates by age
These are average monthly rates for a 20-year, $500,000 term policy for healthy, non-smoking applicants in a preferred rate class:
| Age | Men | Women |
|---|---|---|
| 30 | about $18 | about $15 |
| 40 | about $27 | about $23 |
| 50 | about $68 | about $53 |
| 60 | about $195 | about $137 |
Source: NerdWallet average rate data, as of October 1, 2026. Your price depends on your health, the insurer and your state.
Two things jump out:
- Age is the biggest price driver. The same policy costs roughly 10 times as much at 60 as it does at 30. Every birthday you wait makes coverage more expensive.
- Women pay less because, on average, they live longer.
Smokers pay 3 to 4 times more
Tobacco use is the second-largest price factor. At age 40, a male smoker pays about $121 a month for the same $500,000 policy a non-smoker gets for about $27. At most ages, smokers pay 3.5 to 4.5 times what non-smokers pay.
The good news: most insurers will give you non-smoker rates once you've been tobacco-free for 12 months (some require longer). If you've quit, say so. See our guide to life insurance for smokers.
What determines your life insurance price
- Age. Younger is cheaper, every time.
- Health. Insurers review your medical history, prescriptions and often a quick exam. Conditions like diabetes or high blood pressure don't usually disqualify you, but they affect your rate class.
- Tobacco and nicotine use, including vaping.
- Coverage amount. More coverage costs more, but not proportionally. A $1 million policy usually costs much less than twice a $500,000 policy.
- Policy length. A 30-year term costs more than a 10-year term because the insurer covers you through older, riskier years.
- Policy type. Whole life typically costs 5 to 15 times more than term for the same death benefit. Compare them in our term vs. whole life guide.
- Family history, driving record, occupation and hobbies can also matter.
Term vs. whole life cost
Term life covers you for a set period (10, 20 or 30 years) and has no cash value, so it's the cheapest way to get a large amount of coverage. It's the right fit for most families protecting an income or a mortgage.
Whole life lasts your entire life and builds cash value, but premiums are much higher. Smaller whole life policies, such as final expense insurance, are popular with older buyers who mainly want to cover funeral costs.
7 ways to lower your life insurance cost
- Buy sooner rather than later. Locking in your rate while you're younger and healthier is the single best way to save.
- Choose term coverage unless you have a specific need for permanent coverage.
- Match the term to your needs. If your youngest child turns 18 in 15 years, a 20-year term may be enough; you don't need 30.
- Get the right amount, not the maximum. Use our 5-step coverage worksheet to find your number.
- Quit tobacco and wait out the insurer's tobacco-free period before applying, if you can.
- Pay annually. Many insurers charge a little less if you pay once a year instead of monthly.
- Compare insurers. Companies price the same applicant very differently, especially if you have a health condition. A licensed agent can shop that for you.
Is life insurance worth the cost?
If anyone depends on your income, or would be stuck with your mortgage or debts, usually yes. For many families, a policy costing less than a dollar a day replaces hundreds of thousands of dollars of future income. Group coverage through work helps, but it's often capped at one or two times your salary and usually ends when you leave the job.
Get your personal rate
Averages are a starting point. Your actual price depends on your health, the coverage you choose and which insurer you apply with.
Find out what you'd actually pay. Get my free life insurance quote → A licensed professional will help you compare options, with no pressure.
Frequently asked questions
How much is a $500,000 life insurance policy per month?
For a healthy non-smoker, a 20-year, $500,000 term policy averages roughly $15 to $27 a month in your 30s and 40s, rising to about $53 to $68 at age 50. Smokers and people with health conditions pay more.
How much is a $1 million life insurance policy?
It's usually well under twice the cost of a $500,000 policy because pricing isn't fully proportional. A healthy 30-something can often find $1 million of 20-year term coverage for a few dozen dollars a month.
Why is whole life insurance so much more expensive?
Whole life covers you for your entire life, so the insurer will almost certainly pay a claim, and part of each premium builds cash value. Term only pays if you die during the term, which keeps it much cheaper.
Does life insurance get more expensive every year?
Not with a level term policy. Your premium is locked for the whole term. It only goes up if you buy a new policy later or renew after the term ends.
Can I get life insurance without a medical exam?
Yes. Many insurers offer no-exam policies, and healthy applicants can often get them at rates similar to fully underwritten coverage. Learn more in our guide to no medical exam life insurance.
Rates shown are averages for illustration only and are not a quote or offer of coverage. Actual premiums depend on underwriting, the insurer and your state.