Quick take
- The national average is about $47/month for women and $59/month for men, for a 20-year, $500,000 term policy.
- Cost roughly doubles each decade — a healthy 25-year-old pays around $31/month; the same profile at 65 pays closer to $593/month.
- Smokers typically pay 2–3x the non-smoker rate, regardless of age.
“It depends” is the honest answer to what life insurance costs — but it depends on a short, specific list of things, and age is by far the biggest one. Here’s what a healthy applicant actually pays, by age, for a 20-year, $500,000 term policy — the most commonly purchased combination.
Average monthly cost by age
Healthy non-smoker, 20-year term, $500,000 coverage
Source: industry rate data, August 2026 (see sources below). Your actual rate depends on health, coverage amount, and carrier.
What actually moves your price
Age
The single biggest factor. Rates roughly double every decade, since the odds of a claim rise with age.
Smoking
Smokers typically pay 2–3x the non-smoker rate for the same coverage, regardless of age.
Coverage amount
Cost scales with your death benefit — but not perfectly linearly. Larger policies often get a slightly better rate per dollar of coverage.
Term length
A 30-year term costs more per month than a 10-year term for the same coverage, since the insurer is on the hook longer.
Health and gender
Health history, family history, and biological sex all factor into underwriting — women typically see slightly lower rates than men at the same age.
How to get the best rate
- Buy sooner rather than later. Since age is the biggest factor, locking in a rate today is often cheaper than waiting even a year or two.
- Choose the shortest term that covers your actual need.A 20-year term to cover a 20-year mortgage costs less than a 30-year term you don’t need.
- Compare no-exam options if you're healthy. For qualifying applicants, no-exam pricing is often comparable to fully underwritten rates — without the wait.
- Get multiple quotes. Rates for the same coverage can vary meaningfully between carriers for the exact same applicant.
The only way to know your actual number is to get a real quote for your age, health, and coverage amount — the averages above are a starting point, not a price.