Average online term life insurance quotes by age and gender

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Term life insurance is one of the simplest types of insurance, and buying online is even easier. You answer a few questions, choose a  term length and death benefit, and you then pay monthly premiums until that term ends. 

While online term life insurance may be a simple way to get coverage, how much you pay is a complicated calculation. Age and gender play a key role when it comes to rates.

Younger and healthier people will pay less than older folks, and there’s also a difference in rates between men and women, with women usually paying less, all other things being equal. That’s because insurance companies determine rates by gauging the risk that an applicant will die during the policy term.

When you apply for life insurance online, you’ll have to answer questions about yourself; your age and gender are the most basic of them. Since this type of policy has no medical exam, insurers rely on the information you provide. Read on to learn more about how age and gender affect online term life insurance quotes.

Average online term life insurance quotes by gender

The cost of term life insurance differs between men and women. On average, women will pay lower premiums than men of the same age and health status. The main reason for this is that, statistically, men are riskier than women. They are more likely to die at a younger age and tend to engage in riskier behavior.

The below table shows the average premiums across multiple companies for  a 35-year-old nonsmoker, based on a $500,000 term life insurance policy with a 20-year term.

Average online term life insurance quotes by age

As with gender, age plays a big role in the price of life insurance. The younger the person applying for the insurance policy, the lower their premiums will be. This is simply because the older the person, the more likely they are to die during the policy term, resulting in a claim.

Kristen Gryglik, a life insurance agent at Comparion Insurance Agency in Boston, says that the older you are, the higher your premiums will be, especially as health issues arise. 

“Generally, if you’re a retiree, you’ll be older and thus life insurance rates will typically be higher than if you purchase…while younger,” Gryglik says. “Also you might have developed more health issues as an older retiree, and thus that can also impact the rate or even possibly prevent you from being able to purchase life insurance.”

This means buying term life insurance online will be much less costly the younger you are when you buy. In the two tables below we compare average monthly rates by age for a male at various ages and a female at the same ages. Rates are for a $500,000 term life plan with a 20-year term. 

Average monthly online 20-year-term life rates for males, $500,000 death benefit

Average monthly online 20-year-term life rates for females, $500,000 death benefit

Average online term life insurance quotes by life stage

A 25-year-old backpacking across the globe may be riskier in some ways than a 45-year-old married father of two. However, the older person is, overall, more likely to pass away during your insurance term. While risk factors like hobbies do affect rates, online life insurance quotes are still likely to be lower for younger people.

The 25-year-old probably doesn’t think they need life insurance, but by the time they do think they need it, rates will have gone up. The takeaway: life stages where life insurance doesn’t seem like a priority is really the best time to buy. A male just out of college will pay about half as much as the same person with kids nearing college age.

Here are average term rates for life stages from a new college grad just starting out (25) to an empty nester (55). Rates are based on a 20-year term policy with a $500,000 death benefit.

How does gender affect online term life insurance quotes?

In general, men, regardless of age, are considered riskier to insure than women. The biggest reason for this is that women live longer than men. According to the CDC the average life expectancy for a woman in America is 79 years old, while it is only 73 years old for men.

Other reasons include the fact that men have, historically, been employed in more risky professions than women, and statistically they are more likely to develop health conditions such as heart disease at a younger age.

Life insurance companies rely on statistics, and the statistics show the men are more likely to die prematurely.

How does age affect online term life insurance quotes?

Like gender, age plays a big role in the cost of insurance, although it’s more straightforward. With almost every insurance provider, you’ll pay lower rates the younger you are when you sign up for a plan. 

This is because, statistically, younger people are less likely to die during the policy term, meaning it’s less risky for the insurer to sign off on a 30-year term for someone in their 20s vs. someone in their 60s.

Bear in mind that online life insurance applications are simplified issue, meaning the insurance company doesn’t know as much about you as it would if you took a full medical exam. Basic factors like age will be used to determine your rates. Any other information you provide about your health and habits can cause a big deviation from the average cost, especially if you have a chronic condition or are a smoker.

How to compare online term life insurance rates by gender and age

There are several ways to compare rates by gender, age, or other factors.

• Make sure to get a good number of quotes from a variety of companies. This will give you the best chance of getting the cheapest rate.
• Remember to search for local companies along with bigger, national brands. They may be able to offer rates larger companies can’t.
• Look up different lengths of terms. A 15-year term vs a 30-year term will have different rates, especially if you are younger, but also make sure you have coverage for the time period when you need it most.

Factors to consider when evaluating online term life insurance quotes

When looking at different quotes online there are some things you should think about before locking yourself into a policy.

• Consider not just the price, but the company’s reputation; be sure to research each company you are considering thoroughly. Check with Insure.com’s best online life insurance companies list for information on top companies.
• You might get a better deal on life insurance by going through a traditional application process, especially if you are young and healthy.
• Make sure you know how much coverage you need and for how long; it will cost more if you need more life insurance coverage years down the road.

Tips for finding the best online term life insurance quotes by gender and age

There’s no one specific way to find the best term life insurance quotes online, but here are some basic tips:

• Price check numerous providers. Different providers weigh risk differently, rates can vary a lot, so make sure you shop around and compare. Shopping online makes this a lot easier.
• Weigh the difference in term length. Different term lengths will have different premiums so weigh shorter vs. longer terms; that will change rates even from the same company.
• Start when you’re young. The younger you are when you buy a term life insurance policy the lower the rate will be so it’s highly beneficial to look for a plan when you’re younger, especially after you have a child.

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