Term life insurance provides great coverage and affordability, see which of our top-rated picks best fits your needs.
How Much Does a Term Life Insurance Policy Cost?
The average 20-year, $500,000 term life insurance policy for a 40-year-old woman is $336 annually or $28 a month. A man the same age would pay $408 annually on average or $34 a month. Here’s a look at other average term life insurance costs.
Annual costs for $500,000 term life insurance for women
| Age 30 | Age 40 | Age 50 | Age 60 | |
|---|---|---|---|---|
| 10-year term life | $180 | $264 | $432 | $948 |
| 20-year term life | $252 | $336 | $696 | $1,788 |
| 30-year term life | $336 | $528 | $1,200 | N/A |
Average annual costs for $500,000 term life insurance for men
| Age 30 | Age 40 | Age 50 | Age 60 | |
|---|---|---|---|---|
| 10-year term life | $261 | $276 | $564 | $1,392 |
| 20-year term life | $300 | $408 | $936 | $2,520 |
| 30-year term life | $444 | $648 | $1,680 | N/A |
Average annual costs for $1 million term life insurance for women
| Age 30 | Age 40 | Age 50 | Age 60 | |
|---|---|---|---|---|
| 10-year term life | $264 | $336 | $756 | $1,800 |
| 20-year term life | $348 | $576 | $1,260 | $3,528 |
| 30-year term life | $588 | $984 | $2,280 | N/A |
Average annual costs for $1 million term life insurance for men
| Age 30 | Age 40 | Age 50 | Age 60 | |
|---|---|---|---|---|
| 10-year term life | $312 | $420 | $972 | $2,676 |
| 20-year term life | $480 | $720 | $1,740 | $5,064 |
| 30-year term life | $780 | $1,284 | $3,216 | N/A |
Gender is just one factor that life insurance companies use when setting rates. Other term life insurance cost factors include:
- Coverage amount
- Length of term
- Age
- Your health history
- Family health history
- Dangerous hobbies or occupations
- Smoking status
Go here for rates among the Best Term Life Insurance Companies
