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Real Cost of Term Life Insurance

If you are in the market for term life insurance, then the price will undoubtedly be a deciding factor in what type of policy and what term you choose.


Some may be torn between term and permanent insurance. Both of these life insurance policies have their benefits, but considering the cost of term life insurance, you want a more affordable option. The good thing about it, aside from affordability, is that one option allows you to get your premium back after paying for a definite period called a return of premium. You can still enjoy your money while you are still alive and use it for other purposes like travel, investment, or medical needs in case of a health condition. 

Online Quotes are a Great Place to Start

The first step to finding the right life insurance policy for you is to get quotes from multiple companies. Fortunately, several websites allow you to compare rates from different providers. You can fill out basic information about yourself and your lifestyle to get a personalized rate quote based on age, health, and lifestyle habits. These online quotes are the best way to get an accurate idea of how much a life insurance policy will cost.

online life insurance quote

In addition to online quotes, it’s also a good idea to research specific companies that offer term life insurance policies. Read customer reviews and compare features such as payout amounts and coverage options to find the best plan for you. Once you have a few estimates, contact an insurance agent for a more detailed quote and help with the underwriting process. Doing your research will help ensure you get the right policy at the best price.

Average cost of term life insurance by age

term life insurance rates by ageThe amount that the insured needs to pay depends on several factors like age and health status. Age is a huge factor because the younger you are, the lesser the monthly premium, and the older you are, the riskier you are for most insurers, so they charge you a higher premium. To find the best term life insurance quotes, make sure you use a good term life insurance calculator 

Between 20 Years of Age

People who are between 20 to 29 years old have a lower risk of getting sick and die. It is suitable for many insurance companies to offer a lower monthly premium that is just as much a meal from your favorite fast food. 

Between 30 Years of Age

People between 30 to 39 years old may need to pay a bit higher than people in their 20’s. It is because minor health conditions may arise during this age, making it a bit risky for many insurers. The good thing is that the cost of the ’30s is not that high compared to the 20’s premium. 

Between 40 Years of Age

The good thing about many insurers is that they do not think of the ’40s as a dreaded age because of the medical field’s advancement; most health conditions are manageable. The monthly premium for people at the age of 40 to 49 is still very affordable. 

Between 50 Years of Age

It is true that once you reach the age of 50, there is a higher chance of costly insurance. However, it is not very expensive as you think because many insurers can offer affordable coverage. You can consider both coverages with a medical exam and no medical exam, but the traditional cost of term life insurance  can save around $200–$300 annually. 

60 Years and Above

Once you reach the age of 60 and older, it is impossible to acquire the cost of term life insurance cheap.  However, most insurers will indeed charge more to compensate for the risk involved, but you should not be afraid to look for one. Some may even charge you as low as a $100 monthly premium. 

Other Factors that can Affect Pricing

People with a health condition or history in the family with a specific medical condition must not be afraid to get this type of insurance. Not all insurers are the same; some companies have lenient rules when it comes to health conditions. To help you get through all the process and make it easier for you to get one, you can consider an independent insurance agent. 

It would be best if you had an experienced agent because they are well versed in the in and out of the underwriting process. Also, they can recommend lenient insurers for you to get affordable insurance coverage.

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How much is life insurance a month? Less without these

Stay Away from Riders

how much is life insurance a monthRiders are extras offered by insurers; this is most of the time causes higher coverage. These add-ons are just marketing strategies to create an expensive premium. These extra features can provide a higher commission for most agents. Still, there are some differences that you might consider getting, such as the accelerated benefits (living benefits) and the conversion rider. 

Stay Away from Vices

Smoking is a bad habit, and the use of other drugs is hazardous for insurers. The truth is that quitting now will not make your premium lower. However, if you plan to get the cheapest cost of term life insurance rates, then stop for two years and start to apply. 

Consider Lifestyle Changes

If you can improve your health condition by doing some lifestyle changes like taking away bad habits, it is crucial for affordable coverage. 

Be Smart

Do not be lured by other attractive features and stick to what you need to avoid paying a hefty amount of premium. The commission is what drives many agents to offer a lot of features to make coverage higher. If you are in doubt, always seek the help of an independent agent.

Consider Annual Payment

If you can afford to pay annually, then it can save you a lot of about 10 percent compared to the monthly payment. It is also a great idea to avoid missing monthly payments, especially for busy individuals. 

Life Insurance Policy Stacking

If you acquire the term coverage in your twenties, then you might find yourself in need of more coverage in your 30’s or 40’s. As you grow older, there is a higher chance that you incur more liabilities than before. It’s the reason why insurance coverage must evolve according to your needs. Stacking policies can give you the coverage you need when you need it the most and can be canceled when the debt goes down. Maintaining coverage when you need it the most for your family. 

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Average cost of 20 year term life insurance

The average cost of term life insurance for a 20-year policy is around $37 per month across all age groups. Of course, this can vary significantly depending on factors such as your health and lifestyle habits. Those in good health who lead an active lifestyle will often receive lower premiums than those with pre-existing illnesses or riskier lifestyles. As always, shopping around and comparing quotes from different providers before making a purchase decision is essential.

The amount you’ll be charged will also depend on the term life insurance you want to purchase. Generally, a $500,000 policy will be significantly more expensive than a $100,000 policy due to the higher death benefit. To get an accurate estimate of your premiums and how much coverage you should purchase, you must speak with a qualified agent or financial planner who can review your situation and advise accordingly.

30-year term life insurance rates by age

30 year term life insuranceIt’s no surprise that age is one of the main factors insurers consider when determining premiums. Generally, the older you are, the more you can expect to pay for a policy. A 30-year term life insurance policy for a 20-year-old might cost about $20 per month for a $500,000 death benefit. On the other hand, a 40-year-old could expect to pay roughly $50 per month for the same policy.

Age is one of many factors that insurers consider when determining your premium. Other variables, including health history, lifestyle choices, and family medical history, can also affect this figure. Your policy includes adding riders to a base policy, which may increase your overall cost and enhance your policy’s coverage. For example, you might be able to add accidental death benefits to protect you if you die due to an accident or illness resulting from a specific activity. Additionally, policies with higher face values will generally have higher costs than those with lower face values. Speaking with a life insurance agent can help you understand all the pricing variables associated with term life insurance and find the best possible option for your needs.

Term life insurance cost calculator

Life Insurance Need Calculator
This calculator will help you to decide how much life insurance you need if your survivors invest the life insurance benefits they receive.

Funeral cost, estate taxes, etc. ($):
Amount needed to pay off non-mortgage debt ($):
Amount needed in emergency fund ($):
Amount needed in college fund ($):
Expected average annual living expenses ($):
Expected spouse's average annual income after taxes ($):
Annual Social Security Benefits ($):
Spouse's current age (#):
Value of current liquid assets ($ total of savings, investments, etc.):
Expected survivor's investment strategy:
Life insurance needs:

Term life insurance rates by age chart
how much does life insurance cost

 10 year10 year10 year10 year
Age 20$11$14$19$21
Age 30$12$15$20$22
 15 year15 year15 year15 year
Age 20$11$16$21$25
Age 30$12$17$23$26
 20 year20 year20 year20 year
Age 20$13$21$29$35
Age 30$15$22$29$37

* The cost of term life insurance rates chart represents the average life insurance cost per month for both a 20 and 30-year-old non-smoking male.

Frequently Asked Questions

What is the catch with term life insurance?

The catch with term life insurance is that it typically has a limited duration—it only lasts for a certain period, such as 10 or 20 years. After the term ends, you have no protection, and your premiums will increase when you renew your policy. Plus, if you pass away during the term of coverage, your beneficiaries will only receive the death benefit listed in your policy—no more.

How much does a 40 year term life insurance cost?

The cost of 40-year term life insurance will vary depending on your age, gender, health, and other factors. Generally speaking, the premium cost will likely increase with age and could range from a few dollars a month to several hundred dollars a month, depending on your circumstances.

What affects the cost of life insurance?

The cost of life insurance can be affected by many factors, including age, health status, lifestyle, and occupation. Your current health and any health conditions can significantly determine the cost of life insurance. Other factors like your occupation or lifestyle, such as skydiving or heavy drinking, can also affect the cost.

Meet the team

About Coach B.

After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.

In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.

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