Average Term Life Insurance Rate Chart by Age
While it’s true that term life insurance is always a way better deal than whole life insurance, age plays a huge role in pricing. If you’re wondering why, it’s simply because your probability of dying goes up as you age. Fun thoughts.
But life insurance companies look at a few other factors to calculate term life rates too, including these:
- Your tobacco use: Rates are higher—sometimes double—for smokers.
- Your health: Eat those peas!
- Your gender: Men have shorter life expectancy because they tend to take risks and have more dangerous jobs, so their rates are higher in general.
We pulled average rates for term life insurance policies based on age in the charts below. Let’s look at how much you’d payer per month as a nonsmoker for a $1 million policy in several different yearly coverage terms.
Check out prices specific to your situation!
Term Life Insurance Rates by Age and Term Length for Men*
|
Age |
Monthly Rates for a 10-Year Term |
Monthly Rates for a 15-Year Term |
Monthly Rates for a 20-Year Term |
Monthly Rates for a 25-Year Term |
|
20 |
$30.50 |
$35.50 |
$44.50 |
$58 |
|
30 |
$27.50 |
$35.50 |
$47 |
$58.50 |
|
40 |
$42 |
$55.50 |
$72 |
$97.50 |
|
50 |
$105 |
$135.50 |
$183 |
$242 |
|
60 |
$274.50 |
$376 |
$527 |
$801.50 |
|
70 |
$876 |
$1,233.50 |
$1,884 |
n/a |
|
80 |
$3,466 |
n/a |
n/a |
n/a |
*Monthly rates reflect the average price of $1 million in coverage for nonsmokers. Data is based on a 5’9”, 150 lb. male with a January 1 birthday. Data assumes health rating of good. Actual prices may vary based on health class.
Term Life Insurance Rates by Age and Term Length for Women*
|
Age |
Monthly Rates for a 10-Year Term |
Monthly Rates for a 15-Year Term |
Monthly Rates for a 20-Year Term |
Monthly Rates for a 25-Year Term |
|
20 |
$22.50 |
$28.50 |
$34.50 |
$42 |
|
30 |
$23 |
$30 |
$36.50 |
$47.50 |
|
40 |
$34.50 |
$46.50 |
$59.50 |
$78.50 |
|
50 |
$85.50 |
$105.50 |
$134 |
$180.50 |
|
60 |
$195 |
$262.50 |
$367.50 |
$540 |
|
70 |
$616 |
$775 |
$1,343 |
n/a |
|
80 |
$2,379 |
n/a |
n/a |
n/a |
*Monthly rates reflect the average price of $1 million in coverage for nonsmokers. Data is based on a 5’4”, 125 lb. female with a January 1 birthday. Data assumes health rating of good. Actual prices may vary based on health class.
As you can see, there’s no time like the present to get an affordable term life insurance rate locked in. In fact, with each passing year, the cost of getting a new policy rises just a bit. And then it really shoots up in your 50s!
Monthly Estimate
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Do You Need to Buy Term Life Insurance?
If any of these things describe your financial situation, term life insurance is a must-have:
- You have anyone in your life who depends on your income.
- You have debt, like student loans or a mortgage.
- You’re not self-insured yet. (Self-insured means you have so much money saved in investments that it grows enough each year to replace your income.)
How Much Term Life Insurance Do You Need?
Your specific situation may be unique—but these are the amounts of coverage we recommend for most people:
- 10–12 times your annual income
- 15- or 20-year term (how long your policy lasts)
- A level policy (meaning it has a fixed rate)
Bottom Line When You’re Looking for Life Insurance
- Life insurance has one job: to replace your income when you’re gone.
- It’s not an investment or a lottery payout.
- Term life is always a better value than whole life insurance.
- It’s more affordable the younger you are when you get it.
Life insurance is a key part of making sure your family is taken care of if something happens to you. It gives you peace of mind—and it gives your loved ones room to grieve. If you need a policy, there’s no time like the present to get one.
Next Steps Toward Getting Life Insurance
- Figure out if you need life insurance. (Hint: Chances are, you do!)
- Use the term life calculator to see how much insurance you need.
- Connect with our RamseyTrusted partner Zander Insurance to get quotes from top-rated providers.
Learn the Smarter Way to Do Life Insurance
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