Home Life insurance Types of life insurance How much term life insurance costs How much term life insurance costs A 35-year-old female pays $309 annually for a 20-year term policy with $500,000 in coverage, while a 35-year-old male pays $361. Learn more about how much term life insurance costs by age, coverage amount, term length, and smoker status. Written by Huma Naeem | Reviewed by Nupur Gambhir Nupur Gambhir Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service. | Updated on: November 11, 2024 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. While there are many different types of life insurance options, term life insurance is usually the best choice for most people. It’s a straightforward product and is generally the most affordable type of life insurance policy. A 35-year-old female pays $309 a year for $500,000 in coverage for a 20-year term, while a 35-year-old male pays $316. How much a term life insurance policy actually costs varies by age, coverage amount, term length, and your smoker status. However, insurance companies look at an application holistically. They also evaluate your health, lifestyle choices, and family history to determine how much you pay for life insurance. Term life insurance calculator Face amount $500,000 $500,000 $750,000 $1,000,000 Term 20 Years 10 Years 15 Years 20 Years 25 Years 30 Years Age 40 25 30 35 40 45 50 55 60 65 Gender Female Male Female Tobacco use No No Yes Health category Preferred Preferred Plus Preferred Regular Plus Regular CALCULATE Average term life insurance rates For a 25-year-old male $34/month OR $394/year How much a $500,000 policy costs annually for healthy, non-smokers AgeGender$500,000 in coverage25Female$25425Male$31630Female$26830Male$32935Female$30935Male$36140Female$40640Male$49845Female$59745Male$76550Female$88150Male$1,15255Female$1,32955Male$1,83260Female$2,28860Male$3,20065Female$4,29765Male$6,097 How much a $500,000 policy costs annually for smokers AgeGender$500,000 in coverage25Female$91325Male$1,22430Female$1,05230Male$1,35735Female$1,34135Male$1,67540Female$1,92640Male$2,48245Female$2,90245Male$3,84050Female$4,20750Male$5,67155Female$6,30655Male$8,69360Female$9,61260Male$13,37565Female$15,20265Male$19,640 How much a $750,000 policy costs annually for healthy, non-smokers AgeGender$750,000 in coverage25Female$34825Male$44130Female$36730Male$45835Female$42835Male$50440Female$58040Male$71045Female$85845Male$1,11550Female$1,29350Male$1,70155Female$1,96055Male$2,71460Female$3,39960Male$4,76565Female$6,41465Male$9,113 QuickTake No-medical-exam life insurance: What it is and how it works What is instant life insurance? 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How to buy group life insurance for your small business See more > How much a $750,000 policy costs annually for smokers AgeGender$750,000 in coverage25Female$1,27125Male$1,71730Female$1,46530Male$1,91935Female$1,88935Male$2,36740Female$2,72840Male$3,55145Female$4,14945Male$5,50850Female$6,15250Male$8,31555Female$9,29955Male$12,87560Female$14,17460Male$19,78765Female$22,66065Male$29,072 How much a $1 million policy costs annually for healthy, non-smokers AgeGender$1 million in coverage25Female$41325Male$55230Female$44630Male$57435Female$52635Male$63740Female$72640Male$89745Female$1,09345Male$1,41850Female$1,61150Male$2,19355Female$2,52955Male$3,51760Female$4,32160Male$6,20565Female$8,11365Male$11,675 How much a $1 million policy costs annually for smokers AgeGender$1 million in coverage25Female$1,59625Male$2,13630Female$1,86230Male$2,42035Female$2,40535Male$3,01540Female$3,48940Male$4,54545Female$5,35445Male$7,08550Female$7,90250Male$10,75055Female$11,89855Male$16,64460Female$18,09560Male$25,76665Female$28,52165Male$37,510 How insurers determine your life insurance premium To set your life insurance premium, you will need to go through the underwriting process. Life insurance companies use the underwriting process to determine how much you pay for a policy. This often includes a medical exam and background check. During this process, insurers will evaluate the following: Age: Life prices go up with age. Health: Medical conditions will increase the cost of your life insurance premium, depending on the severity and treatment plan. Lifestyle choices: Risky hobbies or a risky occupation may increase your premium. Financial background: If your credit history shows bankruptcy, you will pay more for coverage. Criminal history: If you have a felony on your record, you will pay more for coverage if you are eligible. However, misdemeanors shouldn’t affect your premiums. How much life insurance you should get When buying term life insurance, you need to consider how much coverage you need and how long your policy’s term length should last. Term length When it comes to term life insurance, getting the right term length is very important. If you get a term length that isn’t long enough, the coverage you’re paying for might be useless. But if you get a term length that is too long, you’re overpaying for coverage. For this reason, it’s important to find the sweet spot. For example, if you have young children you plan to support through college, then you’ll want to get a policy length that lasts at least 20 years. But if you have a 30-year mortgage, you’ll want a policy lasting at least 30 years. Coverage amount Getting enough life insurance coverage is just as important as getting the right term length. If the policy’s face amount is too little, it won’t provide the financial support you’re paying for. But if the policy’s face amount is too high, you’re paying more in premiums than you need to. For example, if you make six figures annually, you probably need at least $1 million in coverage. But if you’re only buying coverage to pay off your funeral expenses, you’re going to need significantly less than that. Most people need at least 10 to 15 times their income in life insurance coverage. However, the exact amount you need will depend on your individual circumstances. To get an accurate amount, tally up: The debts you owe The amount of income you earn multiplied by the years you plan to provide financial support Your mortgage The cost of your children’s education. Any other financial obligations Because life insurance isn’t one size fits all, you may want to talk to a certified financial planner to ensure you’re getting the right amount of coverage. How to get the most affordable life insurance rates Shop around: Each insurer underwrites differently, so while one may offer you a high rate, the other may offer you its most competitive premium. Shop around with at least three to five insurers to make sure you’re getting the lowest rate possible. Check out our list of Best Life Insurance Companies to get an idea of which insurer is right for you. Apply ASAP: Life insurance prices increase as you age, so getting coverage as soon as possible will save you money in the long run. Get healthy: The healthier you are, the lower your rates. Exercising, eating healthy, and drinking lots of water will help you perform better on the life insurance medical exam. Quit smoking: Smokers pay significantly more than nonsmokers. But you can’t just quit right before buying a policy — you’ll need to be nicotine-free for at least one year. How much you’ll actually pay for life insurance will depend on your profile, but walking into the buying process knowing what to expect ensures you won’t overspend. × Get Free Life Insurance Quotes Today! Zip Code Please enter valid zip Age Age 16 – 20 21 – 24 25 – 34 35 – 44 45 – 54 55 – 64 65+ Coverage Amount Coverage Amount $50,000 – $100,000 $100,000 – $200,000 $200,000 – $300,000 $400,000 – $500,000 $500,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000+ Coverage Type Coverage Type Whole Life Term Life Final Expense Not Sure Gender Gender Male Female Non-Binary Tobacco Use Yes No Compare Quotes Related Articles Term Life Insurance Index: Sales rise by 1% in Q2, reaching record high By Nupur Gambhir The 10 largest life insurance companies By Chris Kissell How to get life insurance if you’re uninsurable By Penny Gusner What to avoid before the life insurance medical exam By Desiree Ghazi Life insurance for people with dementia By Satta Sarmah-Hightower Life insurance calculator: How much life insurance do you need? By Huma Naeem On this page How much a $500,000 policy costs annually for healthy, non-smokersHow much a $500,000 policy costs annually for smokersHow much a $750,000 policy costs annually for healthy, non-smokersHow much a $750,000 policy costs annually for smokersHow much a $1 million policy costs annually for healthy, non-smokersHow much a $1 million policy costs annually for smokersHow insurers determine your life insurance premiumHow much life insurance you should getHow to get the most affordable life insurance rates ZIP Code Please enter valid ZIP See rates