What’s the average life insurance cost? Rates by age, sex, type – Get your quote now

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Life insurance is surprisingly affordable. The average cost of life insurance is $ 44 per month, according to S&P Global data. Through all life insurance policies – including the most expensive and guaranteed life insurance policies to pay for your entire life, as well as cheaper fixed-term life insurance policies – which drop to $ 538 in premiums per year , or about $ 44 a month. In 2019, life insurance companies grossed over $ 151 billion in premiums in over 280 million policies. But life insurance isn't suitable for everyone. While an average amount can give you an idea of ​​what you will pay for, there are many factors that go into life insurance. One of the biggest considerations is whether you want full-term or full-term coverage. There are two main types of life insurance: full life insurance and term life insurance. They both pay differently and have very different costs associated with them. According to Policygenius data, the average costs for a whole life policy are between five and nine times higher than a term life policy rate. These prices are based on a male in excellent health with a policy of $ 250,000, 20 years and a policy of $ 100,000 for a lifetime. Age Average term life insurance rate per month Whole life insurance rate per month How much more expensive is whole life insurance? 20 years $ 15.90 $ 85.455.4 times more expensive 30 years $ 16.14 $ 122.207.6 times more expensive 40s $ 21.75 $ 196,259.0 times more expensive 50s $ 47.86 $ 233,944.9 times more expensive insurance on life Considered the cheapest and most practical option, this life insurance offers sufficient coverage for a number of years, generally between 10 and 30 years. These policies are meant to cover you for a certain period of time, for example when you have young children or debt like a mortgage to pay. After the number of years has expired, the policy expires. Whole life insurance Whole life insurance is a permanent policy that will remain in effect and pay when you die. This type of policy is much more expensive than a lifetime policy, but payment is guaranteed in the end. Typically it is used to leave inheritances, but it can be expensive. Sex plays an important role in the life insurance rate. For the same insurance policy, a woman and a man will pay different amounts of coverage each month. Here's how this difference builds up between two 35-year-old non-smokers of different genders for the same $ 250,000 life policy for 30 years: Life Insurance Company 35-year-old female quote 35-year-old male quote monthState Farm $ 28 , 00 / month $ 30.02 / month National $ 23.14 / month $ 26.26 / month Omaha mortgage $ 21.29 / month $ 24.51 / month Average cost $ 23.68 / month $ 26.48 / month On average, a life insurance policy for the same policy from these quotes would cost $ 2.80 more per month for a man. For the entire 30 year period, this equates to $ 1,008 more than a woman's policy. Life insurance changes according to your age. The price you pay per month for coverage increases with each passing year. Business Insider has obtained quotes from four major insurance companies for people looking for $ 250,000 worth of coverage over a 30-year period, both in excellent health. The average of these four quotes is listed below for each age group: average age female quote average male quote25 $ 20.10 / month $ 23.05 / month30 $ 21.86 / month $ 23.07 / month35 $ 24, 19 / month $ 26.48 / month40 $ 34.77 / month $ 40.21 / month45 $ 48.52 / month $ 61.40 / month50 $ 60.31 /month$8181.72/month The most noticeable difference lies in the ages older than the sample premiums – after the age of 35, the premiums increase significantly. The earlier you get coverage, the less you can pay each month. Waiting for life insurance coverage won't make it cheaper, as the data above shows. Average annual premiums for term life insurance throughout the United States are shown below. StatusAverage PremiumAverage Premium Life Insurance Monthly Alabama $ 602 $ 50Alaska $ 655 $ 55Arizona $ 615 $ 51Arkansas $ 584 $ 49California $ 668 $ 56Colorado $ 645 $ 54Connecticut $ 724 $ 60Delaware $ 657 $ 55 Department $ 53 $ Columbia $ 36 $ Columbia $ 36 $ 627 $ 52Georgia $ $ 630 53Hawaii $ 687 $ 57Idaho $ 597 $ 50Illinois $ 631 $ 53Indiana $ 593 $ 49Iowa $ 601 $ 50Kansas $ 601 $ 50Kentucky $ 599 $ 50Louisiana $ 597 $ 50Maine $ 641 $ 53Maryland $ 712 $ 59Massachusetts $ 718 $ 60Michigan $ 610 $ 51Minnesota $ 639 $ 53Mississippi $ 581 $ 48Missouri $ 590 $ Montana $ 601 $ 50Nebraska 603 $ 50Nevada $ 607 $ 51 New Hampshire $ 708 $ 59 New Jersey $ 732 $ 61 New Mexico $ 588 $ 49New York $ 675 $ 56 North Carolina $ 617 $ 51 North Dakota $ 603 $ 50Ohio $ 599 $ 50Oklahoma $ 598 $ 50 Oregon $ 627 $ 55 $ 51 $ 51 $ Carolina $ 615 $ 51 South Dakot $ 591 $ 49Tennessee $ 609 $ 51Texas $ 633 $ 53Utah $ 636 $ 53Vermont $ 655 $ 55 $ Virginia $ 682 $ 57Washington $ 655 $ 55 West Virginia $ 590 $ 49Wisconsin $ 607 $ 51Wyoming $ 601 $ 50 The above data is were obtained from S&P Market Intelligence. The data show an estimated average annual premium for life insurance policies per family. There are more than just an age, gender and type of insurance that can affect rates. Your lifestyle and health history may also affect the price you pay. Here are some things that could make your coverage more expensive than someone else your age. History of Smoking Smoking can slightly increase life insurance rates. Life insurance research from the insurance company shows that life insurance is 100 to 300 times more expensive for smokers. According to his data, a 45-year-old male smoker with a 20-year policy and $ 500,000 would pay $ 289 per month for coverage, while a non-smoker would pay around $ 52. A history of risky business their insurance rates are more tall than others. It is not uncommon for insurers to ask for your history with these activities, your travel history and your future plans. A bad driving record could also add to the cost of life insurance. History of Health and Medicines Life insurance companies can check your health history and drug history in two ways: a medical records database and your medical examination. As with health insurance, the rate you pay may be affected by pre-existing conditions.