Average term life insurance rates by age, gender and health

Term insurance protects the financial health of your family at premium rates that are cheaper than whole life insurance.

As the name suggests, term insurance provides coverage for a set period of time – such as 10, 20 or 30-year periods and pays out a specified amount if you die during the term. It has no cash value and if you outlive your policy, your beneficiaries won’t be entitled to receive any money.

Whole life insurance, on the other hand, lasts your entire life and can build cash value. It’s a more comprehensive form of insurance and as a result is typically more expensive.

“The primary motivation for any type of life insurance is protection of your loved ones,” says Kevin Lynch, an assistant professor insurance at The American College of Financial Services.

“Secondary reasons can be cash value creation, educational funding, debt retirement and protection for your children until adulthood is achieved.”

Choosing which is right for you, comes down to a variety of factors including whether you can afford the higher premiums that come with whole life, or whether you just need coverage for a specified period of time – say until your children are old enough to join the workforce and support themselves. 

What factors influence premium rates?

The cost of term life insurance, like most forms of insurance, goes up as you age. It also varies depending on your gender, health and whether you smoke. Females will almost always pay less than males and smokers can expect to pay more than double the rates of non-smokers even if they are otherwise in good health. 

At 45-years old, the average annual cost of a $500,000 policy with a 20-year term for a non-smoking female in good health is $571. The same policy for a 45-year-old male is $741.

Meanwhile, a 45-year-old female who smokes and is in good health can expect to pay about $2,010 per year for the same policy and a similar male will pay $2,646.

In both cases, smokers pay almost four times the amount a non-smoker will pay.

The other key factor insurance companies evaluate is your general health. When applying for insurance, the insurer will assess what rating to assign you based on a variety of criteria. This is likely to include a physical exam and blood samples carried out by a nurse or doctor and is paid for by the insurance company. 

They will look at health factors such as your blood pressure, your weight, any history of mental illness, medical conditions such as diabetes, and whether you have a risky occupation or risky family history. For example, if one of your parents died early due to heart disease, the insurer may assess you as a higher risk, even if you show no signs of heart disease.

The insurer will then assign you a health rating based on your evaluation. People in excellent health generally receive a Preferred Plus health classification — or the best possible health classification — and are offered the cheapest rates. Those with factors that deem them to be a greater risk, such as existing health conditions, will be assigned a lower category of Standard Plus or Standard.

Here’s how health classifications work for non-smokers:

Preferred plus: If you are rated in this class, it means your health is excellent and you live a low-risk lifestyle. This means the carrier deems you to pose the lowest risk and rewards you with cheaper premiums.

Preferred: You pose a slightly higher risk than someone rated Preferred Plus, but are still in excellent health.

Standard Plus: Also known as Regular Plus. People in average health generally receive this rating. Additional risk factors such as a parent who died young or a risky occupation may also earn you this rating.

Standard: Also known as Regular. 

Below you’ll find the average rates for term insurance for a variety of ages, rating categories and smoking status so that you know what to expect when you’re buying term life insurance.

Average 10-year term life insurance annual rates for a $500,000 policy

The cheapest average rate for a 10-year term life insurance policy with $500,000 in coverage is $152 a year for a 25-year-old woman in the Preferred Plus category. On the other end, the most expensive is $4,745 a year for a 65-year-old man in the Regular category. The graph shows how quickly costs climb as you get older and how your health rating and gender shape what you’ll pay.

For non-smokers (Age 25-65)

Female

Health category	25	30	35	40	45	50	55	60	65
Preferred Plus	$152	$156	$167	$218	$323	$454	$661	$983	$1,633
Preferred	$186	$188	$203	$270	$391	$553	$797	$1,169	$1,936
Regular Plus	$239	$249	$264	$344	$488	$705	$1,014	$1,469	$2,373
Regular	$306	$315	$339	$453	$631	$895	$1,292	$1,893	$3,125

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$183	$184	$191	$250	$373	$552	$873	$1,407	$2,473
Preferred	$228	$227	$238	$308	$460	$684	$1,048	$1,669	$2,994
Regular Plus	$289	$290	$305	$408	$590	$887	$1,349	$2,169	$3,697
Regular	$378	$382	$403	$540	$780	$1,181	$1,803	$2,791	$4,745

For smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$451	$480	$546	$708	$1,107	$1,401	$1,986	$3,073	$4,821
Preferred	$511	$548	$616	$863	$1,303	$1,921	$2,723	$4,192	$6,507
Regular	$663	$735	$852	$1,218	$1,568	$2,537	$3,812	$5,683	$8,566

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$504	$527	$589	$765	$1,192	$2,052	$2,812	$5,040	$7,439
Preferred	$660	$699	$769	$1,078	$1,634	$2,542	$3,875	$6,031	$9,755
Regular	$899	$959	$1,080	$1,547	$2,346	$3,527	$5,319	$8,107	$12,454

Average 10-year term rates for a $750,000 policy

For a $750,000 policy, the lowest average cost is $190 per year for a 25-year-old woman in the Preferred Plus category. On the high side, a 65-year-old man in the Regular category pays $7,026 per year. This chart makes it clear how premiums rise sharply with age and how factors like health status and gender can significantly affect your rate.

For non-smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$190	$196	$216	$292	$449	$647	$958	$1,434	$2,417
Preferred	$243	$247	$271	$367	$551	$791	$1,160	$1,718	$2,870
Regular Plus	$324	$339	$360	$481	$698	$1,023	$1,485	$2,168	$3,524
Regular	$405	$416	$446	$611	$871	$1,272	$1,850	$2,780	$4,627

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$238	$240	$255	$345	$523	$795	$1,275	$2,077	$3,666
Preferred	$306	$305	$323	$425	$655	$991	$1,530	$2,467	$4,450
Regular Plus	$398	$402	$423	$578	$851	$1,295	$1,991	$3,219	$5,511
Regular	$502	$509	$536	$736	$1,082	$1,690	$2,599	$4,113	$7,026

For smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$648	$691	$791	$1,033	$1,632	$2,073	$2,950	$4,581	$7,203
Preferred	$734	$790	$889	$1,264	$1,920	$2,848	$4,048	$6,252	$9,727
Regular	$940	$1,034	$1,187	$1,724	$2,596	$3,690	$5,565	$8,393	$12,731

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$727	$762	$855	$1,119	$1,760	$3,050	$4,190	$7,531	$11,129
Preferred	$956	$1,015	$1,122	$1,582	$2,417	$3,778	$5,777	$8,959	$14,599
Regular	$1,268	$1,354	$1,525	$2,213	$3,373	$5,152	$7,802	$12,011	$18,490

Average 10-year term rates for a $1 million policy

For a $1 million policy, the lowest average premium is $222 per year for a 25-year-old woman in the Preferred Plus category. At the top of the range, a 65-year-old man in the Regular category pays $9,129 per year. The graph shows just how much higher premiums get with bigger coverage amounts, especially as you age, while also highlighting the cost differences between men and women across health categories.

For non-smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$222	$229	$249	$344	$535	$794	$1,198	$1,788	$3,052
Preferred	$280	$290	$313	$435	$663	$991	$1,468	$2,182	$3,582
Regular Plus	$379	$393	$437	$595	$855	$1,281	$1,877	$2,768	$4,396
Regular	$481	$503	$548	$758	$1,100	$1,633	$2,365	$3,596	$5,805

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$273	$277	$294	$395	$626	$971	$1,601	$2,655	$4,693
Preferred	$354	$358	$374	$516	$795	$1,219	$1,909	$3,090	$5,619
Regular Plus	$471	$479	$510	$718	$1,071	$1,618	$2,479	$3,956	$7,011
Regular	$615	$626	$660	$908	$1,373	$2,155	$3,339	$5,308	$9,129

For smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$637	$694	$789	$1,207	$1,948	$2,708	$3,743	$5,577	$8,940
Preferred	$896	$971	$1,101	$1,585	$2,405	$3,547	$5,118	$7,684	$12,144
Regular	$1,147	$1,275	$1,475	$2,160	$3,295	$4,687	$7,032	$10,554	$15,856

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$903	$903	$988	$1,302	$2,309	$3,724	$5,387	$8,265	$14,431
Preferred	$1,147	$1,208	$1,367	$1,974	$3,072	$4,790	$7,171	$11,490	$18,026
Regular	$1,541	$1,676	$1,886	$2,787	$4,315	$6,542	$9,972	$15,448	$23,708

Average 20-year term rates for a $500,000 policy

With a longer 20-year term, premiums rise noticeably compared to 10-year coverage. The lowest average rate here is $207 per year for a 25-year-old woman in the Preferred Plus category, while the highest is $9,452 per year for a 65-year-old man in the Regular category. The chart shows how extending the term length drives costs higher, especially at older ages, and how gender and health ratings continue to shape what you’ll pay.

For non-smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$207	$219	$245	$330	$486	$710	$1,089	$1,863	$3,435
Preferred	$247	$258	$298	$393	$571	$850	$1,281	$2,178	$4,168
Regular Plus	$324	$335	$377	$501	$738	$1,076	$1,626	$2,778	$5,118
Regular	$399	$424	$489	$653	$961	$1,396	$2,122	$3,593	$6,226

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$255	$262	$282	$388	$610	$929	$1,495	$2,656	$5,085
Preferred	$305	$320	$349	$481	$741	$1,115	$1,788	$3,066	$5,989
Regular Plus	$382	$392	$439	$611	$945	$1,455	$2,275	$3,982	$7,447
Regular	$486	$512	$584	$816	$1,246	$1,851	$3,065	$5,199	$9,452

For smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$594	$641	$827	$1,088	$1,729	$2,204	$3,477	$5,543	$8,569
Preferred	$658	$744	$937	$1,327	$2,010	$3,033	$4,483	$7,111	$12,006
Regular	$853	$994	$1,278	$1,835	$2,412	$4,026	$6,052	$9,168	$14,844

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$732	$784	$1,107	$1,287	$2,304	$3,829	$4,641	$7,315	$13,870
Preferred	$844	$924	$1,128	$1,686	$2,646	$4,083	$6,384	$9,795	$16,244
Regular	$1,149	$1,290	$1,601	$2,385	$3,703	$5,463	$8,462	$12,888	$18,976

Average 20-year term rates for a $750,000 policy

For a $750,000 policy with a 20-year term, the lowest average rate is $277 per year for a 25-year-old woman in the Preferred Plus category. The highest climbs to $14,066 per year for a 65-year-old man in the Regular category. The chart below shows the average rates by age, gender, and health classification.

For non-smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$277	$294	$334	$464	$699	$1,032	$1,601	$2,762	$5,120
Preferred	$334	$354	$411	$556	$823	$1,244	$1,887	$3,233	$6,219
Regular Plus	$451	$467	$531	$717	$1,072	$1,578	$2,404	$4,133	$7,642
Regular	$529	$566	$659	$896	$1,345	$2,006	$3,082	$5,321	$9,274

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$349	$359	$389	$553	$884	$1,355	$2,216	$3,950	$7,595
Preferred	$423	$444	$485	$681	$1,074	$1,643	$2,647	$4,584	$8,949
Regular Plus	$538	$552	$623	$881	$1,384	$2,148	$3,378	$5,932	$11,136
Regular	$656	$692	$794	$1,131	$1,750	$2,675	$4,482	$7,706	$14,066

For smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$862	$933	$1,211	$1,603	$2,565	$3,278	$5,187	$8,286	$12,825
Preferred	$946	$1,083	$1,368	$1,959	$2,984	$4,525	$6,690	$10,631	$17,975
Regular	$1,193	$1,394	$1,810	$2,614	$4,008	$5,905	$8,941	$13,556	$22,166

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$1,069	$1,147	$1,632	$1,902	$3,427	$5,714	$6,933	$10,944	$20,777
Preferred	$1,230	$1,347	$1,659	$2,491	$3,939	$6,111	$9,541	$14,659	$24,332
Regular	$1,621	$1,833	$2,278	$3,431	$5,348	$8,033	$12,550	$19,118	$28,224

Average 20-year term rates for a $1 million policy

For a $1 million policy with a 20-year term, the lowest average rate is $320 per year for a 25-year-old woman in the Preferred Plus category. The highest reaches $17,850 per year for a 65-year-old man in the Regular category. The chart below shows the average rates by age, gender, and health classification.

For non-smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$320	$349	$410	$565	$873	$1,289	$2,054	$3,512	$6,609
Preferred	$396	$431	$507	$697	$1,047	$1,552	$2,439	$4,160	$7,903
Regular Plus	$540	$564	$649	$910	$1,353	$2,015	$3,094	$5,247	$9,745
Regular	$645	$695	$822	$1,139	$1,714	$2,570	$3,988	$6,728	$11,796

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$424	$436	$474	$678	$1,123	$1,743	$2,874	$5,142	$9,734
Preferred	$529	$555	$611	$857	$1,366	$2,103	$3,399	$5,984	$11,358
Regular Plus	$665	$686	$803	$1,133	$1,768	$2,751	$4,319	$7,686	$14,326
Regular	$829	$856	$1,014	$1,424	$2,211	$3,450	$5,816	$10,002	$17,850

For smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$960	$1,036	$1,596	$2,119	$3,344	$3,990	$6,422	$10,213	$16,036
Preferred	$1,188	$1,356	$1,710	$2,493	$3,823	$5,777	$8,624	$13,668	$23,048
Regular	$1,515	$1,780	$2,320	$3,342	$5,197	$7,640	$11,468	$17,365	$27,905

Male

Health Category	25	30	35	40	45	50	55	60	65
Preferred Plus	$1,349	$1,454	$1,862	$2,461	$4,114	$7,030	$8,655	$13,566	$25,916
Preferred	$1,567	$1,717	$2,124	$3,211	$5,116	$7,986	$12,299	$18,824	$30,492
Regular	$2,036	$2,324	$2,908	$4,420	$6,886	$10,445	$16,245	$24,928	$36,474

Average 30-year term rates for a $500,000 policy

For a $500,000 policy with a 30-year term, the lowest average rate is $301 per year for a 25-year-old woman in the Preferred Plus category. The highest is $4,999 per year for a 55-year-old man in the Regular category. The chart below shows the average rates by age, gender, and health classification.

For non-smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55
Preferred Plus	$301	$334	$393	$539	$804	$1,276	$2,211
Preferred	$360	$401	$465	$633	$940	$1,493	$2,539
Regular Plus	$486	$534	$594	$829	$1,227	$1,917	$3,230
Regular	$580	$641	$746	$1,026	$1,510	$2,397	$3,873

Male

Health Category	25	30	35	40	45	50	55
Preferred Plus	$377	$407	$475	$677	$1,062	$1,735	$3,096
Preferred	$466	$500	$556	$804	$1,270	$2,054	$3,653
Regular Plus	$593	$626	$727	$1,042	$1,636	$2,663	$4,415
Regular	$776	$829	$938	$1,339	$2,093	$3,255	$4,999

For smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55
Preferred Plus	$912	$983	$1,126	$1,482	$2,869	$4,584	N/A
Preferred	$972	$1,156	$1,400	$2,066	$3,208	$4,838	$6,896
Regular	$1,273	$1,515	$1,913	$2,791	$3,825	$6,244	$8,513

Male

Health Category	25	30	35	40	45	50	55
Preferred Plus	$1,088	$1,207	$1,701	$2,394	$3,781	$5,942	N/A
Preferred	$1,322	$1,529	$1,890	$2,885	$4,525	$6,770	$9,276
Regular	$1,729	$2,019	$2,459	$3,713	$5,724	$7,923	$11,030

Average 30-year term rates for a $750,000 policy

For a $750,000 policy with a 30-year term, the lowest average rate is $419 per year for a 25-year-old woman in the Preferred Plus category. The highest is $7,465 per year for a 55-year-old man in the Regular category. The chart below highlights how longer-term protection leads to significantly higher premiums compared to shorter policies.

For non-smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55
Preferred Plus	$419	$470	$554	$773	$1,175	$1,879	$3,286
Preferred	$505	$567	$661	$913	$1,370	$2,202	$3,774
Regular Plus	$694	$766	$857	$1,209	$1,805	$2,841	$4,812
Regular	$806	$892	$1,041	$1,446	$2,156	$3,505	$5,777

Male

Health Category	25	30	35	40	45	50	55
Preferred Plus	$533	$578	$678	$980	$1,564	$2,570	$4,614
Preferred	$664	$715	$800	$1,172	$1,871	$3,042	$5,447
Regular Plus	$854	$904	$1,057	$1,527	$2,420	$3,961	$6,590
Regular	$1,092	$1,166	$1,325	$1,897	$3,001	$4,793	$7,465

For smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55
Preferred Plus	$1,340	$1,446	$1,660	$2,195	$4,275	$6,847	N/A
Preferred	$1,422	$1,688	$2,068	$3,069	$4,785	$7,185	$10,310
Regular	$1,834	$2,191	$2,774	$4,066	$6,139	$9,319	$12,741

Male

Health Category	25	30	35	40	45	50	55
Preferred Plus	$1,603	$1,781	$2,522	$3,563	$5,643	$8,885	N/A
Preferred	$1,942	$2,245	$2,795	$4,285	$6,763	$9,990	$13,881
Regular	$2,508	$2,930	$3,584	$5,423	$8,396	$11,815	$16,518

Average 30-year term rates for a $1 million policy

 For a $1 million policy with a 30-year term, the lowest average rate is $500 per year for a 25-year-old woman in the Preferred Plus category. The highest is $9,688 per year for a 55-year-old man in the Regular category. The chart below illustrates how larger coverage amounts combined with longer terms drive premiums to their highest levels.

For non-smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55
Preferred Plus	$500	$572	$699	$972	$1,535	$2,423	$4,225
Preferred	$606	$688	$830	$1,165	$1,765	$2,795	$4,854
Regular Plus	$824	$946	$1,071	$1,497	$2,260	$3,499	$6,184
Regular	$993	$1,110	$1,308	$1,849	$2,774	$4,522	$7,498

Male

Health Category	25	30	35	40	45	50	55
Preferred Plus	$658	$726	$863	$1,253	$1,994	$3,330	$6,094
Preferred	$825	$880	$1,027	$1,491	$2,397	$3,875	$7,056
Regular Plus	$1,066	$1,130	$1,338	$1,926	$3,078	$5,082	$8,476
Regular	$1,337	$1,426	$1,677	$2,401	$3,849	$6,144	$9,688

For smokers (Age 25-65)

Female

Health Category	25	30	35	40	45	50	55
Preferred Plus	$1,577	$1,701	$1,957	$2,708	$5,510	$8,579	N/A
Preferred	$1,819	$2,165	$2,685	$4,012	$6,247	$9,384	$13,401
Regular	$2,347	$2,801	$3,532	$5,263	$7,975	$12,166	$16,903

Male

Health Category	25	30	35	40	45	50	55
Preferred Plus	$1,929	$2,233	$3,259	$4,323	$7,021	$11,229	N/A
Preferred	$2,509	$2,907	$3,631	$5,625	$8,856	$13,166	$18,220
Regular	$3,231	$3,777	$4,632	$7,077	$10,957	$15,499	$21,962

How to decide which term policy is right for you

Experts recommend getting coverage that is 10 to 15 times your income, however, deciding which length of term policy and the coverage amount to choose will come down to a variety of personal factors. 

Your finances will have a big influence on how much coverage you get. If you don’t have much disposable income, a term insurance policy for a shorter time period, say 10 years, will be the most affordable option. It provides the lowest rates and in 10 years’ time you may be in a higher paying job and better able to afford more coverage. While having coverage is important, you shouldn’t be overspending on coverage and straining your financial health. In the long-term, this will likely lead to a policy lapse.

Just bear in mind that if you need more coverage later on, your premiums will increase as you get older and you may receive a lower health classification if you experience any adverse changes in your health.

Another factor influencing how much coverage you get will be your financial obligations. For instance, if you are a new parent, you might want a 20-year policy to ensure coverage until your children have financial security until they are in college or have their own job. 

However, if one of your children has a disability and you will be supporting them for their entire life, you may want to ensure you have coverage for a longer period. A whole life insurance policy may also be the better option in such a circumstance.

You can also determine how much coverage you need based on your current savings. For example, if you think that you will have amassed enough financial assets by a certain age and your family will no longer need proceeds from insurance by that time, you can get a policy that plans accordingly.

Tips for getting a higher health rating and cheaper premiums

The single biggest thing you can do to get the cheapest rates is stop smoking. In most cases, a smoker will pay more than twice as much as a non smoker for coverage.

A non-smoking male or female who is given a lower Standard rating will still pay less than a smoker deemed to be in excellent health and rated at Preferred Plus.

The next biggest factor is to maintain your health. While many major health conditions are out of your control, pursuing a healthy lifestyle and working on an effective treatment plan will help you get better rates. 

Keeping your weight in a healthy range, drinking in moderation, exercising regularly and choosing not to pursue high-risk hobbies like sky diving, will all help you get a more affordable life insurance premium.

Additionally, compare quotes from multiple insurers to find the best possible rate for your profile.

“It always pays to shop around for any type of insurance, and life insurance is no exception,” says Lynch of The American College.

“Underwriting standards, although sometimes very similar, can differ company to company. Using cancer or heart disease as examples, some companies are very restrictive on those illnesses, while others will give consideration for those in remission or with heart issues that have been remediated.”

Finally, don’t forget to ask about any discounts available. For example, you may be able to get a discount through your trade or alumni association. Additionally, many insurers offer discounts to policyholders for paying their premiums annually rather than monthly. 

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