What is the average cost of life insurance? This is a question that many people ask, but it can be hard to find an answer. 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. In this guide, we will discuss the average cost of life insurance and what factors affect the price you pay.
- Life Insurance Average Cost Is…
- Premium For Life Insurance Calculator
- Average term life insurance rates by age and gender
- Average whole life insurance rates by age and gender
- Average burial insurance rates by age and gender
- Overpriced Life Insurance
- How do I get the best life insurance rate?
- Conclusion
- Need Help Getting Life Insurance Coverage?
- Frequently Asked Questions
Life Insurance Average Cost Is…
The average cost of life insurance for a 20-year-old is $250 per year. This is for a policy with a death benefit of $500,000. For a 30-year-old, the average cost goes up to $400 per year. And for a 40-year-old, the average cost is $600 per year. These rates are for healthy individuals with no major health problems.
Of course, the older you are, the more expensive life insurance becomes. This is because your risk of death increases as you age. A 55-year-old will pay an average of $950 per year for a policy with a death benefit of $500,000. And a 65-year-old will pay an average of $1700 per year for the same coverage.
There are a few things you can do to get cheaper life insurance rates, regardless of your age. One is to quit smoking if you currently smoke. This can save you up to 50% on your premiums. Another is to get in shape and maintain a healthy weight. This can also save you money on your premiums.
Premium For Life Insurance Calculator
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.
| Age | Gender | $250k | $500k | $750k | $1,000,000 |
|---|---|---|---|---|---|
| 25 | Female | $10.95 | $16.37 | $21.79 | $22.98 |
| Male | $12.30 | $19.08 | $25.86 | $30.54 | |
| 35 | Female | $12.45 | $18.20 | $24.54 | $30.53 |
| Male | $13.80 | $21.64 | $29.70 | $33.93 | |
| 45 | Female | $21.24 | $36.95 | $52.67 | $67.85 |
| Male | $26.19 | $46.67 | $67.24 | $87.81 | |
| 55 | Female | $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.
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.
| Age | Gender | $250k | $500k | $750k | $1,000,000 |
|---|---|---|---|---|---|
| 25 | Female | $108.50 | $211.75 | $315.00 | $418.25 |
| Male | $120.97 | $236.69 | $352.41 | $468.13 | |
| 35 | Female | $163.41 | $321.56 | $479.72 | $637.88 |
| Male | $179.16 | $353.06 | $526.97 | $700.88 | |
| 45 | Female | $255.72 | $506.19 | $756.66 | $1,007.13 |
| Male | $281.75 | $558.25 | $834.75 | $1,111.25 | |
| 55 | Female | $417.38 | $829.50 | $1,241.63 | $1.653.75 |
| Male | $462.66 | $920.06 | $1,377.47 | $1,834.88 |
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.
| Age | Gender | $20k | $25k | $30k | $40k |
|---|---|---|---|---|---|
| 55 | Female | $52.21 | $64.46 | $76.71 | $101.21 |
| Male | $65.30 | $80.81 | $96.32 | $134.18 | |
| 65 | Female | $78.82 | $97.72 | $116.63 | $154.43 |
| Male | $109.75 | $136.39 | $163.03 | $216.31 | |
| 75 | Female | $141.62 | $176.22 | $210.82 | $280.03 |
| Male | $196.74 | $254.13 | $293.51 | $390.28 | |
| 80 | Female | $193.66 | $241.28 | $288.89 | $384.12 |
| Male | $276.26 | $334.52 | $412.78 | $549.31 |
Overpriced Life Insurance
The following insurance companies overprice their life insurance. Why pay too much when you could either save money or buy twice the coverage.
- AAA Life Insurance
- Allstate Life Insurance
- American Family Life Insurance
- Erie Life Insurance
- Farmers Life Insurance
- Geico Life Insurance
- Globe Life Insurance
- State Farm Life Insurance
- Colonial Penn Life Insurance
- USAA Life Insurance
- Progressive Life Insurance
How do I get the best life insurance rate?
There’s no definitive answer to this question, as life insurance rates can vary significantly from person to person. However, there are a few things you can do to help ensure that you get the best possible rate on your life insurance policy:
- When shopping for life insurance, the best strategy is to shop around and compare quotes from multiple insurers.
- Work with an experienced independent life insurance agent who can help you understand your options and find the best policy for your needs.
- Be sure to give accurate information when applying for life insurance coverage, as this will impact the premium you’re quoted.
- Keep in mind that life insurance rates can change over time, so it’s important to review your policy periodically and make sure it still meets your needs.
By following these tips, you can help ensure that you get the best possible rate on your life insurance policy.
Conclusion
Now that you have a better understanding of the average cost of life insurance, it’s time to find out how much coverage you need. Request a quote from our team and we will help you get the best rates for your unique situation. Thanks for reading!
Need Help Getting Life Insurance Coverage?
If you have a preexisting medical condition and want to buy life insurance, you will need help from an expert. This person can help make sure that you get coverage so that you don’t get declined.
Warning: Applying for life insurance without a medical exam can be risky. If you get declined coverage, it could be at least two years before you are able to get any life insurance.
Frequently Asked Questions
How do I get the best price for life insurance?
The price for life insurance can vary depending on a person’s age, health, and coverage needs. Some people may be able to get a better price on life insurance by shopping around and comparing rates from different insurers. Others may find that working with a life insurance agent or broker can help them get the best possible price on coverage.