Find out the average costs of life insurance by age. Then learn about the factors that affect your life insurance rate and how to keep yours down.
According to eFinancial, the cost of a 10-year, $250,000 life insurance policy is typically between $15 and $17 per month for a healthy 40-year-old.* While a few uncontrollable factors like your age and gender can increase or decrease your rate, the average cost of life insurance can generally be affordable. Other controllable factors, such as whether you smoke or avoid certain risky activities, may also affect your life insurance price.
Two of the biggest influences on life insurance rates are also the ones you can't control: age and s-x. Generally, younger people pay less than older people because they're less likely to have health problems. And the cost of life insurance tends to be more for males because they have shorter lifespans and are more likely to have dangerous jobs or lifestyles, making them riskier to insure overall.
The life insurance rates by age chart below provides examples of the average term life insurance costs for males and females, 20 to 60 years old, quoting a 10-year term policy through eFinancial. As you can see, the average life insurance cost per month is generally higher for men than women. Plus, the average rates for 20- and 30-year-olds are nearly the same, while those for 40-year-olds skew higher as a result of increasing risk.
Age
Coverage amount: $250,000
20 years old
Coverage amount: $250,000
Male: $13.48Female: $12.17
30 years old
Coverage amount: $250,000
Male: $13.48Female: $12.40
40 years old
Coverage amount: $250,000
Male: $16.31Female: $15.22
50 years old
Coverage amount: $250,000
Male: $32.84Female: $29.36
60 years old
Coverage amount: $250,000
Male: $74.82Female: $56.98
Quoted life insurance rates are based on Fidelity Life A-sociation's best-published monthly premium rates for 10-year RAPIDecision Life policies for a face amount of $250,000 as of May 22, 2020. RAPIDecision Life is available to people who are between the ages of 18 and 65.
GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24
