Life insurance costs
Your monthly or annual insurance cost is called a “premium.” Your policy’s premium depends or your policy type, coverage amount, and personal details like age, gender, lifestyle, health and other variables. Some of these factors are under your control. Non-smokers, for instance, usually pay significantly lower premiums than smokers.
Why are health risks important to determine for life insurance?
A life insurance provider sets their fees based on the risks they see with the insured. So, the provider will do its best to determine potential health risks that may affect your life expectancy to calculate your rates. In simple terms: the healthier and younger you are, the less you might pay. However, the type and coverage amount of the policy also influence the rates.
How much does life insurance cost?
Life insurance rates change based on a range of factors, including age. And rates usually increase with your age. This is why younger applicants who want to lock in the lowest rates will often seek fixed-rate policies. As an example*, average rates for a 20-year term life insurance policy for a non-smoker with a $1,000,000 payout might be:
- Age 25, male: $30/month, female: $23/month
- Age 35, male: $36/month, female: $30/month
- Age 45, male: $86/month, female: $67/month
- Age 55, male: $221/month, female: $158/month
- Age 65, male: $743/month, female: $601/month
Can I trust the life insurance cost calculators?
We receive policy quotes from over 35 insurance carriers based on incomplete data. So, your final cost may differ slightly, depending on any other information you provide. Our process is designed to give you quick quotes, and you are not obligated to anything during the process.
When is the right time to get life insurance?
According to a study by the Insurance Information Institute, many Americans overestimate life insurance costs. And life insurance is often far more affordable than you might expect.
Since your age affects your rates, why wait? Get a no-obligation online estimate customized for your needs at the best possible price.
Life insurance general costs
Calculate your coverage needs
While opting for shorter terms and reduced coverage can save money, make sure your policy covers your family until financial milestones are met, such as clearing debts, securing retirement income or seeing your kids through to financial independence. Unsure about the best choice? Ask a licensed agent: (800) 404-9038.