What Is the Average Cost of Life Insurance?
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- The average cost of a life insurance policy is between $40 and $55 per month.
- Actual cost varies by type of insurance, amount of coverage, and personal factors.
- Permanent insurance tends to be more expensive than term life insurance and is used differently.
- Check out our guide to the best life insurance companies in 2022.
Life insurance is surprisingly affordable, but premiums vary depending on the specific type of life insurance. the average cost of a single policy per month ranges from $40 for a variable life policy to $55 for a universal life policy.
Reading: Life insurance how much does it cost
Several types are available, from guaranteed payment whole life policies to cheaper temporary term life policies. life insurance is not the same for everyone. While an average amount can give you an idea of ​​what you’ll pay, life insurance costs are influenced by many factors, including the type of coverage, age, where you live, and other personal factors.
average permanent life insurance rates vs. term life
There are two main types of life insurance: permanent life insurance (whole, universal, and variable life insurance) and term life insurance. each type grows and pays death benefits differently. each insurance cost also has very different costs associated with it. Here are the differences between each type, along with the average cost, according to 2019 data from S&P Global Market Intelligence:
source: s&p global market intelligence
average cost of life insurance by gender
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Gender plays a big role in your life insurance rate. For the same insurance policy, a woman and a man will pay different amounts for coverage each month. men will generally pay more each year.
Here’s how this difference stacks up between 35-year-old non-smoking men and women, according to data from policygenius.
term life insurance
source: policygenius
whole life insurance
source: policygenius
average cost of life insurance by age
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The most notable difference is in the older ages of the sample premiums: after age 40, premiums increase significantly. The sooner you get your coverage, the less you can pay each month. As the data below shows, waiting for life insurance coverage won’t make it cheaper. Here’s how term life insurance rates compare by age, according to data from insurify.
source: ensure
average cost of life insurance by company
Life insurance rates will vary by company. Many life insurance providers will require you to get a quote through an insurance agent instead of getting a quote online. Here are the average monthly premiums from various insurance companies.
source: ensure
average cost of life insurance by state
Life insurance rates also vary by state, though not by much. Below are the average life insurance rates by state based on 2019 data from S&P Global Market Intelligence.
source: s&p global market intelligence. data shows the estimated average annual premium for term life insurance policies per household.
frequently asked questions: life insurance rates
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