Average Cost of Life Insurance (2021): Rates By Age, Gender, and Policy Size

Shawn Plummer

CEO, The Annuity Expert

Life insurance rates are calculated using your age and health status, but they may also consider elements like your employment, weight, smoking status, and family medical history. At The Annuity Expert, we’ve compiled rates for various policy types and customer profiles to calculate the average cost of life insurance.

Average term life insurance rates by age and gender

We began by comparing the average term life insurance premium changes for different age groups. Life insurance premiums are determined using an individual’s age. Rates will continue to rise as you get older since your overall life expectancy decreases.

The term life insurance quotes below are for a 20-year term life insurance policy with a death benefit of $250,000, $500,000, $750,000, and $1,000,000.

AgeGender$250k$500k$750k$1,000,000
25Female$10.95$16.37$21.79$22.98
Male$12.30$19.08$25.86$30.54
35Female$12.45$18.20$24.54$30.53
Male$13.80$21.64$29.70$33.93
45Female$21.24$36.95$52.67$67.85
Male$26.19$46.67$67.24$87.81
55Female$45.37$84.36$123.78$158.80
Male$61.24$114.71$169.30$221.55

Our findings show that the increase in monthly premiums as you age is much smaller if you are young than when you are older.

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Average whole life insurance rates by age and gender

We began by comparing the average whole life insurance premium changes for different age groups. Life insurance premiums are determined using an individual’s age. Rates will continue to rise as you get older since your overall life expectancy decreases.

The whole life insurance quotes below are for a life insurance policy with a death benefit of $250,000, $500,000, $750,000, and $1,000,000.

AgeGender$250k$500k$750k$1,000,000
25Female$108.50$211.75$315.00$418.25
Male$120.97$236.69$352.41$468.13
35Female$163.41$321.56$479.72$637.88
Male$179.16$353.06$526.97$700.88
45Female$255.72$506.19$756.66$1,007.13
Male$281.75$558.25$834.75$1,111.25
55Female$417.38$829.50$1,241.63$1.653.75
Male$462.66$920.06$1,377.47$1,834.88

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Average burial insurance rates by age and gender

We began by comparing the average whole life insurance premium changes for different age groups. Life insurance premiums are determined using an individual’s age. Rates will continue to rise as you get older since your overall life expectancy decreases.

The whole life insurance quotes below are for a life insurance policy with a death benefit of $20,000, $25,000, $30,000, and $40,000.

AgeGender$20k$25k$30k$40k
55Female$52.21$64.46$76.71$101.21
Male$65.30$80.81$96.32$134.18
65Female$78.82$97.72$116.63$154.43
Male$109.75$136.39$163.03$216.31
75Female$141.62$176.22$210.82$280.03
Male$196.74$254.13$293.51$390.28
80Female$193.66$241.28$288.89$384.12
Male$276.26$334.52$412.78$549.31

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Shawn Plummer

CEO, The Annuity Expert

I’ve sold annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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