Life insurance rates by age: What to know

Life insurance can give you peace of mind by knowing your loved ones will have a financial cushion for everything from mortgage payments to burial expenses in the event of your death.

How much life insurance you may need is specific to your own individual circumstances and standard of living.

But what does it cost and can you afford it?

Age, family health history, gender, the state you live in and risky behaviors such as smoking are all factors insurance companies use to determine your payment (called a premium). Premiums are generally paid monthly. This is true for both of the main types of life insurance: whole and term.

If you're in the market for life insurance - or simply want to boost the amount you already have - then reach out to a life insurance professional who can start you with a free quote.

Read on to find out more about the factors that affect your premium - and what you can expect to pay based on your age.

Factors that affect life insurance rates

Age is perhaps the biggest factor that will determine your life insurance monthly premium payment. In general, the older you are, the more expensive your payments will be.

What's more, women tend to pay lower monthly life insurance premiums because women, on average, live longer than men. 

Though some term life insurance policies don't require a medical exam, many do. And if you smoke, get ready to pay even more. Why? Because you have a higher risk of dying earlier than nonsmokers.

Insurance companies determine your premium cost using calculations for the risk of death for a large group of people.

Because individual life insurance policies are tailored to each person's circumstances, premium payments vary widely - and by state. With term life insurance, policies also vary by the number of years of coverage - from 5 to 30 years. Once your policy expires, you can apply for renewal but it likely won't be at the same rate you initially paid.

Besides term life insurance, whole, universal and variable types are also available for consideration. 

Life insurance rates by age  

Here's a look at the average term life insurance policy premiums by age and smoking status for a 20-year term policy with $500,000 of coverage as calculated by Quotacy. Prices are as of October 17, 2022 for "preferred" policyholders, or those in the best possible health as determined by the life insurance company in question.

What to know

The above table is just a snapshot in time. And the numbers listed are approximate. Accordingly, it's a good idea to shop around for a plan that works best for you. Use the table below to get started.

It's important to obtain premium quotes across several companies. Familiarize yourself with the policy's features. Compare each to find the most cost-effective and reliable plan for your needs. Just make sure to do an apples-to-apples comparison. So, if you get a quote for a 20-year term life insurance policy for a 30-year-old male (non-smoker) then get a quote from a second and third provider for the same length, policy type and individual characteristics. This will help you find the best plan for your needs.

Speak with a financial adviser or life insurance pro for further information, too. 

And remember to consider your monthly financial budget. You'll want to avoid paying a premium that's too high for your current financial situation. Missing monthly payments can lead to policy cancellation.