How much does term life insurance cost?
Direct Answer
A healthy 35-year-old non-smoker pays about $26 per month for a 20-year, $500,000 term life policy in 2026. The same policy costs roughly $20 at age 30, $42 at age 45, and $108 at age 55. Smokers pay 2–4× more. Rates are locked for the entire term.
Cost scenarios
| Scenario | Cost | Notes |
|---|---|---|
| Age 30, $500k, 20-year, non-smoker | $20 / month | |
| Age 35, $500k, 20-year, non-smoker | $26 / month | |
| Age 45, $500k, 20-year, non-smoker | $42 / month | |
| Age 55, $500k, 20-year, non-smoker | $108 / month | |
| Age 35, $1M, 30-year, non-smoker | $58 / month |
What changes the price
The biggest drivers are age (premium roughly doubles every 10 years you wait), smoker status, height/weight ratio, and any pre-existing conditions. Term length matters less than people think — a 30-year term is usually only 30–40% more expensive than a 20-year term at the same age.
Frequently Asked Questions
- Is term or whole life cheaper?
- Term is 10–15× cheaper for the same coverage. Whole life bundles a savings/investment component into the premium, which is why a $500k whole-life policy can cost $400+ per month versus $26 for term.
- How much coverage do I need?
- A common rule of thumb is 10–12× your annual income, plus any outstanding mortgage. A more precise method is DIME: Debt + Income (years until kids are independent × salary) + Mortgage + Education.
Sources
- NAIC Consumer Information on Life Insurance , National Association of Insurance Commissioners. Verified May 10, 2026.
Related quick-reads
- Quick answerHow much life insurance do I really need?
- Should I…?Term vs Whole Life Insurance: Which Should I Buy?
- Best picksBest Term Life Insurance Companies for 2026
- By the numbersU.S. Debt, Tax & Insurance Statistics (2026)
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