Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

Full Bio →

Written by

Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

Full Bio →

Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

Advertiser Disclosure

It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.

Average Price of Life Insurance

There are different types of life insurance you can buy and the prices vary for each one. The average price of life insurance is not only dependent on what type of life insurance you buy, but at what age you are when you buy it.

Find out your average insurance quotes by entering your ZIP code now!

Life insurance premiums are typically priced based on how old are you when the policy goes into effect because the older you are the more high risk you become. Gender is also a factor that affects your life insurance rate.

The average price of life insurance for term life insurance can range anywhere from as low as $10 a month to $50 a month and whole life insurance can start at $25 or $30 a month and go all the way up to as much as $80 a month or even more. One of the best ways to reduce your life insurance costs is to determine which plan is right for you and then shop around for different rates.

The Average Price of Life Insurance for Term Life Coverage

Term life insurance is one of the most affordable life insurance plans. It is usually much cheaper than whole life insurance, but it is also much more limited on the length of the contract. Unlike whole life insurance that is in effect for the insured person’s entire life, term life insurance is only available for the period of time that is selected when the policy is purchased. The length of the term can be 5 years, 10 years, 20 years, or 30 years; although some insurance companies may have other terms as well.

When you buy term life insurance, you are buying a policy that is only good for that term.

So, if you buy a 10 year term life insurance plan, then you are buying life insurance for a period of 10 years. If you die during that 10 year term, then your life insurance company will pay out your death benefit to your beneficiaries as instructed in the policy.

However, if you do not die during that 10 year term then there is no death benefit payout and your insurance policy simply terminates. Some insurance companies will allow you to renew your term life policy or convert it to a whole life policy, but if you do not do take of these options, or if you do not buy a new term life insurance policy, then you will simply no longer have any life insurance.

Free Insurance Providers Comparison

Compare Insurance Providers Rates to Save Up to 75%

 Secured with SHA-256 Encryption


Compare Insurance Providers Rates to Save Up to 75%

 Secured with SHA-256 Encryption

what is the average price of life insurance

Average Life Insurance Cost Per Month

The reason many people like term life insurance is because you can buy it for as low as $10 a month for a 5 year term. However, the majority of people who purchase term life insurance buy a policy for 20 or 30 years and average $30 to $40 per month for middle aged females or males respectively.

The Average Price of Life Insurance for Whole Life

There are many people who prefer whole life insurance over term life insurance because whole life insurance builds cash value and does not terminate before death occurs. When you buy whole life insurance you are buying a policy that is in effect for life provided that you always pay your premiums and don’t let the policy lapse. Whole life does not have a length of term associated with it. The policy goes into effect the day you buy it and it lasts until the day you die, at which point it pays out your death benefit to your beneficiaries per the policy.

Whole life insurance also appeals to many people because it builds cash value, giving you retirement money or a financial nest egg should you ever need it prior to your own death. Many times the cash value that gets built up in your policy can be used to pay your premiums or it can reward you with dividend checks.

The big concern with whole life insurance is the cost of it. Many people worry about the average price for life insurance per month.

The older you are the more expensive life insurance becomes, which means a middle aged person looking to buy whole life insurance could spend an average of $75 per month on premiums.

As with most life insurance policies, the male gender typically pays approximately $5 to $10 more every month over his female counterpart.

Reducing the Cost of Life Insurance

average cost of life insurance

There are ways to reduce the price of life insurance, although most of it requires forethought and lifestyle choices to a degree. If you think about buying life insurance when you are young, you will be able to lock in a much lower premium for life. Often when wanting to reduce the average cost of life insurance per month, some parents will buy life insurance for their child and secure a $10,000 policy for as little as $2 per month. If that child continues to pay his premiums into adulthood and the remainder of his life, he will always have that life insurance policy for that low rate.

While you do not have control over your gender, you do have control over your lifestyle. The healthier you are the cheaper your life insurance will be. Smokers will almost always pay a higher premium for their life insurance. If you are planning on buying life insurance and you are a former smoker, you may get a reprieve so it could be beneficial to quit smoking before buying your policy.

Another way to reduce the price of life insurance is to shop around for different rates. Decide on how much coverage you would like to obtain, and then price out the difference between term life insurance and whole life insurance. Requesting quotes online from different carriers is confidential and convenient and can help you find the best offer for your life insurance needs.

To get started now, simply enter your ZIP code in the field and compare life insurance quotes now!.