Term life insurance costs an average of $47 per month for women and $59 per month for men at age 40 for a 20-year, $500,000 policy. A $1 million term life insurance policy costs an average of $86 for women and $109 for men on a 20-year term. Your rates will vary based on your age, coverage amount, term length, health and tobacco use.
How Much Does Term Life Insurance Cost? (2026 Rates)
Term life insurance costs an average of $47 per month for women and $59 per month for men at 40, based on MoneyGeek’s analysis of quotes from 21 carriers for a 20-year, $500,000 policy. Term life is the most affordable option for most people. But about three-quarters of American adults overestimate costs before they shop. Your actual rate varies by age, health, tobacco use, coverage amount and term length.
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Updated: October 16, 2026
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Key Takeaways
$47–$59 average: Term life insurance costs an average of $47 per month for women at 40 years old and $59 for men with a 20-year, $500,000 policy.
Age increases rates: Women pay an average of $30 per month at age 25 for a 20-year, $500,000 term life policy but $415 at 65. Men's rates for the same policy increase from $32 at 25 to $591 at 65.
Smoking has the largest controllable impact on term life cost: Smokers pay 100% to 250% more than nonsmokers for comparable coverage.
Most people overestimate the cost: About three-quarters of adults overestimate what term life insurance costs, and adults 35 and under guess seven to 12 times the actual price, according to the 2025 Insurance Barometer Study by Life Happens and LIMRA.
How Much Does Term Life Insurance Cost?
$500,000 | 10 years | $34 | $41 |
20 years | $47 | $59 | |
30 years | $82 | $104 | |
$1 million | 10 years | $60 | $74 |
20 years | $86 | $109 | |
30 years | $154 | $198 |
*Rates shown are for 40-year-old nonsmokers in average health.
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Average Term Life Insurance Rates by Age
Age drives term life insurance costs more than almost any other factor. Rates climb through your 20s and 30s, then spike at older ages. For a 20-year, $500,000 policy, women pay an average of $30 per month at 25, $69 at 45 and $415 at 65; men pay $32 at 25, $90 at 45 and $591 at 65. Fewer insurers offer long-term policies past 65. Ten-year terms are still available into your 70s and, with some insurers, up to age 80.
Your premium locks in when you buy and stays level for the entire term. The younger you buy, the lower your rate for the life of your policy.
Female Term Life Rates by Age
25 | $12 | $22 | $30 | $43 | $54 |
30 | $13 | $23 | $32 | $48 | $60 |
35 | $14 | $24 | $37 | $52 | $68 |
40 | $16 | $28 | $47 | $67 | $86 |
45 | $21 | $35 | $69 | $85 | $130 |
50 | $30 | $59 | $102 | $150 | $194 |
55 | $45 | $75 | $168 | $194 | $317 |
60 | $74 | $157 | $286 | $421 | $545 |
65 | $103 | $178 | $415 | $481 | $806 |
70 (10-yr term) | $104 | $217 | $397 | $556 | $719 |
75 (10-yr term) | $161 | $268 | $706 | $730 | $1,309 |
80 (10-yr term) | $381 | $738 | $1,598 | $2,108 | $2,903 |
Male Term Life Rates by Age
25 | $14 | $23 | $32 | $53 | $67 |
30 | $15 | $26 | $38 | $59 | $74 |
35 | $16 | $28 | $47 | $65 | $85 |
40 | $19 | $35 | $59 | $85 | $109 |
45 | $26 | $44 | $90 | $108 | $170 |
50 | $38 | $77 | $137 | $201 | $262 |
55 | $60 | $100 | $231 | $263 | $440 |
60 | $100 | $215 | $395 | $589 | $771 |
65 | $141 | $245 | $591 | $681 | $1,195 |
70 (10-yr term) | $150 | $321 | $600 | $849 | $1,103 |
75 (10-yr term) | $231 | $396 | $1,085 | $1,111 | $2,091 |
80 (10-yr term) | $515 | $1,014 | $2,274 | $3,006 | $4,292 |
* Rates shown are for nonsmokers in average health. Rates for ages 25 to 65 are based on 20-year term policies. Rates for ages 70 to 80 are based on 10-year policies because 20-year terms aren't available at these ages in our analysis.
Each decade of delay adds thousands to your total cost. A 30-year-old woman paying $32 per month for a 20-year, $500,000 policy pays $7,680 in premiums over the term. Buying that same policy at 40 costs $47 per month ($11,280 total), $3,600 more for identical coverage over the same 20 years. At 50, the policy costs $102 per month ($24,480 over 20 years), more than three times what the 30-year-old paid. Your premium locks in when you buy and stays level for the full term.
HOW MUCH TERM LIFE COVERAGE DO I NEED?
A common starting point is 10 to 12 times your annual income. If you earn $75,000, that's $750,000 to $900,000. Factor in your debts, dependents, income replacement years and future expenses like college.
Use our life insurance calculator to quickly estimate your coverage needs before comparing quotes.
Average Term Life Insurance Cost by Term Length
Term life insurance costs increase with the length of your policy. For a 40-year-old with $500,000 in coverage, average monthly rates range from $34 for a 10-year term to $82 for a 30-year term for women and from $41 with a 10-year term to $104 with a 30-year term for men.
A 20-year term life policy costs $47 per month for women and $59 for men at age 40 with $500,000 in coverage. Shorter terms cost less but expire sooner, while longer terms cost more in exchange for locking in coverage and rates for additional years. Match your term to the length of the financial obligation you're protecting, such as income replacement, a mortgage or the years until your children become financially independent.
Female Term Life Rates by Term Length
10 | $13 | $22 | $34 | $48 | $60 |
15 | $14 | $25 | $40 | $58 | $73 |
20 | $16 | $28 | $47 | $67 | $86 |
25 | $18 | $33 | $53 | $76 | $97 |
30 | $26 | $48 | $82 | $120 | $154 |
Male Term Life Rates by Term Length
10 | $15 | $26 | $41 | $59 | $74 |
15 | $17 | $31 | $50 | $72 | $92 |
20 | $19 | $35 | $59 | $85 | $109 |
25 | $22 | $41 | $69 | $99 | $128 |
30 | $32 | $61 | $104 | $153 | $198 |
* Rates shown are based on quotes for a nonsmoking 40-year-old in average health.
Average Term Life Insurance Rates for Smokers
In our analysis, smoking increases term life insurance rates by two to three and a half times nonsmoker rates, depending on age, gender and coverage amount. At 40 years old, a smoker pays an average of $148 per month for a 20-year, $500,000 policy for women and $194 for men, compared with $47 and $59 for nonsmokers.
If you quit smoking after buying a policy, your premium won't automatically decrease. After being tobacco- and nicotine-free for at least 12 months, you can reapply for a policy or ask your insurer to reconsider your rate. Requirements vary by insurer, so compare new rates with your existing policy before making a change.
Female Term Life Rates for Smokers
25 | $24 | $49 | $79 | $110 | $151 |
30 | $25 | $54 | $84 | $123 | $158 |
35 | $31 | $59 | $111 | $150 | $209 |
40 | $40 | $82 | $148 | $217 | $281 |
45 | $57 | $104 | $222 | $274 | $425 |
50 | $83 | $179 | $331 | $492 | $643 |
55 | $122 | $227 | $504 | $625 | $994 |
60 | $191 | $420 | $776 | $1,150 | $1,496 |
65 | $237 | $471 | $1,087 | $1,322 | $2,112 |
Male Term Life Rates for Smokers
25 | $31 | $63 | $107 | $160 | $205 |
30 | $32 | $68 | $119 | $174 | $235 |
35 | $39 | $76 | $145 | $195 | $276 |
40 | $50 | $107 | $194 | $289 | $376 |
45 | $73 | $135 | $297 | $365 | $580 |
50 | $110 | $243 | $454 | $680 | $892 |
55 | $165 | $312 | $704 | $872 | $1,404 |
60 | $265 | $584 | $1,085 | $1,639 | $2,159 |
65 | $330 | $664 | $1,539 | $1,878 | $3,058 |
* Rates shown are for smokers in otherwise average health with a 20-year term policy.
Term Life Insurance Cost by Health Rating
Your health rating affects how much you'll pay for term life insurance, with healthier applicants qualifying for lower premiums. Insurers reserve Preferred Plus rates for people with the strongest health profiles, followed by Preferred, Standard Plus and Standard. For a 40-year-old buying a 20-year, $500,000 policy, women pay an average of $29 per month with a Preferred Plus rating compared with $52 at Standard. Men's rates increase from $35 at Preferred Plus to $66 at Standard.
Term Life Rates for Women by Health Rating
Preferred Plus | $11 | $19 | $29 | $40 | $50 |
Preferred | $12 | $22 | $36 | $50 | $64 |
Standard Plus | $16 | $28 | $47 | $67 | $86 |
Standard | $17 | $31 | $52 | $75 | $97 |
* Rates shown are for 40-year-old nonsmoking women.
Term Life Rates for Men by Health Rating
Preferred Plus | $13 | $22 | $35 | $49 | $61 |
Preferred | $14 | $26 | $43 | $62 | $79 |
Standard Plus | $19 | $35 | $59 | $85 | $109 |
Standard | $20 | $38 | $66 | $95 | $121 |
* Rates shown are for 40-year-old nonsmoking men.
Term Life Insurance Cost by Company
For a nonsmoking 40-year-old with a 20-year, $500,000 policy, monthly rates across the 21 companies we analyzed range from $37 to $59 for women and $46 to $75 for men. Over 20 years, women pay $5,280 more with the most expensive carrier than the cheapest for the same $500,000 policy. Men pay $6,960 more.
Banner Life and Transamerica both charge $37 per month for women and $46 for men, the cheapest term life insurance companies we found. Your cheapest option depends on age, health and coverage amount. Each insurer uses its own underwriting guidelines (eligibility and pricing rules), so rates differ by company. Compare life insurance quotes from several providers to find your lowest rate.
$37 | $444 | $46 | $552 | |
$37 | $444 | $46 | $552 | |
$38 | $456 | $47 | $564 | |
$38 | $456 | $54 | $648 | |
$40 | $480 | $49 | $588 | |
$42 | $504 | $54 | $648 | |
$44 | $528 | $58 | $696 | |
$44 | $528 | $53 | $636 | |
$45 | $540 | $56 | $672 | |
$46 | $552 | $59 | $708 | |
$46 | $552 | $60 | $720 | |
$47 | $564 | $58 | $696 | |
$47 | $564 | $59 | $708 | |
$49 | $588 | $60 | $720 | |
$50 | $600 | $61 | $732 | |
$53 | $636 | $66 | $792 | |
$54 | $648 | $67 | $804 | |
$54 | $648 | $66 | $792 | |
$54 | $648 | $66 | $792 | |
$54 | $648 | $72 | $864 | |
$59 | $708 | $75 | $900 | |
Your Next Step:
Get your real quotes from trusted insurance providers.
* Rates shown are for nonsmoking 40-year-olds in average health with a 20-year, $500,000 policy.
WHY IS MY TERM LIFE INSURANCE QUOTE HIGHER THAN RATES LISTED ONLINE?
Online rate tables often show Standard or Standard Plus health class rates. If your health profile falls below Preferred (high blood pressure, elevated BMI or a family history of early cardiac disease are common reasons), you pay Standard rates rather than Preferred Plus. For a 40-year-old woman on a 20-year, $500,000 policy, that gap is about $23 per month ($52 at Standard vs. $29 at Preferred Plus). Tobacco and nicotine use add $101 per month to the same policy. Each carrier uses its own underwriting criteria, so the same health profile can land in different classes at different companies. Get quotes from at least three carriers before assuming a quote is final.
What Factors Affect Term Life Insurance Rates?
Your age drives rates more than any other factor. Women pay $32 per month at 30 for a 20-year, $500,000 policy and $102 per month at 50 for the same coverage (a 219% increase). Health class is next: at 40, Preferred Plus costs $29 per month while Standard costs $52 per month for the same policy, a $23 gap. Tobacco use is the largest controllable factor. It adds $101 per month for a 40-year-old woman. Gender, term length, coverage amount, driving record and occupation all affect your rate, but none of them create gaps as large as those three.
AgeRates increase as you get older because the likelihood of a claim during the policy term rises. Buying coverage at a younger age lets you lock in a lower premium for the full term.
HealthYour medical history and current health help determine your underwriting class. Insurers may consider conditions such as diabetes, heart disease and high blood pressure, along with factors such as your height and weight, medications and lab results. Better health ratings qualify you for lower rates.
Smoking and Tobacco UseTobacco and nicotine use can greatly increase term life premiums. Insurers ask about cigarettes and other forms of tobacco or nicotine use during the application process. Most insurers will consider you for nonsmoker rates after you've been tobacco- and nicotine-free for at least 12 consecutive months, though underwriting guidelines vary by company.
GenderRates differ by gender because insurers use mortality data when pricing policies. In our analysis, men pay more than women for the same age, coverage amount and term length.
Term LengthLonger terms lock in level premiums longer but cost more per month. A 30-year term costs $48 to $63 more per month than a 10-year term for the same 40-year-old at $500K coverage. Still, a single 30-year term policy is often cheaper than getting three separate 10-year term policies, where your rates will increase each time you renew.
Coverage AmountA larger death benefit costs more, but the cost per $1,000 of coverage decreases at higher coverage amounts. For a 40-year-old woman, a 20-year policy costs $47 per month for $500,000 of coverage and $86 for $1 million. Doubling the coverage increases the premium by 83%, rather than 100%.
Driving RecordSerious or repeated driving violations can affect underwriting. Insurers will review your motor vehicle record for incidents like DUIs, reckless driving or multiple moving violations.
High-Risk Occupations and HobbiesJobs or hobbies that increase your risk of serious injury or death can affect your rate or even your eligibility. Insurers will consider your job duties as well as activities such as skydiving, scuba diving, aviation, rock climbing or motorsports. Your experience level and how often you participate can also affect how the insurer evaluates the risk.
Term Life Costs: FAQ
The national average monthly rate for a 40-year-old nonsmoker on a 20-year, $500,000 policy is $47 per month for women and $59 per month for men. Age and health are the two biggest variables. A 60-year-old woman pays nearly nine times more per month than a 30-year-old for the same policy at $286 vs. $32.
The sooner you buy, the less you pay. A 30-year-old woman pays $32 per month for a 20-year, $500,000 policy. At 40, the same policy costs $47 per month. At 50, it's $102 per month. Your premium locks in when you buy and stays level for the full term. Waiting a decade means paying that higher rate for all 20 years that follow. Buy when you have a dependent or a debt someone else would inherit.
Banner Life is the cheapest life insurance provider for a 40-year-old nonsmoker on a 20-year, $500,000 policy at $37 per month for women and $46 per month for men. The cheapest company varies by applicant profile.
Smokers pay 130% to 230% more than nonsmokers in our analysis. You must be tobacco- and nicotine-free for at least 12 months to qualify for nonsmoker pricing.
A 40-year-old nonsmoker pays an average of $86 per month for women and $109 for men for a 20-year, $1 million term life policy. A 10-year policy averages $60 for women and $74 men, while a 30-year policy costs $154 for women and $198 for men.
Your rate stays level for the entire term once your policy begins, but rates for new policies increase as you age. Locking in a policy while you're younger can help you to save money.
Your premium won't decrease during your term. If your health improves or you quit smoking, you can ask your insurer to reconsider your rate or apply for a new policy.
Our Methodology
MoneyGeek collected thousands of quotes from 21 major term life insurance providers to build the rate data on this page. Our baseline profile is a 40-year-old nonsmoker with an average BMI for their sex and an average health rating. We quoted coverage across 10, 15, 20, 25 and 30-year terms at a $500,000 baseline coverage amount.
To show how rates shift with different needs, we also quoted eight coverage levels: $100,000, $250,000, $500,000, $750,000, $1 million, $1.5 million, $2 million and $3 million. Beyond the baseline, we adjusted for age, smoking status, health status and BMI to show how each variable affects what you'll pay.
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About Patrick Bryant
Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and oversees provider scoring methodologies that are reviewed quarterly to reflect current market conditions and carrier data. He has analyzed more than 50 life insurance carriers across multiple policy types and collected thousands of quotes nationwide to compare pricing, coverage and underwriting requirements.
Sources
- Life Happens. "They Don’t Understand Life Insurance and Overestimate Its Cost." Accessed October 14, 2026.