Life Insurance Rates by Age & Gender [2024]
Regardless of your gender, it's worth buying life insurance young. Men of all ages will pay more life insurance than women. For example, a $100,000 term life insurance policy purchased at age 25 costs a man $15 a month and a woman $13. At age 45, rates rise to $27 a month for men and $23 for women.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
UPDATED: Oct 12, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies 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 life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Oct 12, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Buy life insurance before you turn 45 to pay the lowest rates possible on both term and permanent coverage
- Term life insurance rates for seniors will be less expensive than a permanent policy but still higher than average
- Men of all ages pay more for life insurance than women
Life insurance companies use many factors to determine how much you pay for coverage. Your gender, current health and medical history, and smoking habits will all impact your rates. See how your term life insurance rate is determined for more information.
However, age will be the most significant factor when it comes to term life insurance and permanent life insurance quotes.
How are life insurance rates determined based on age? Generally, the older you are when you apply for coverage, the higher your rates will be. Studying life insurance rates by age charts can help you decide which policy type is best for you by comparing costs side by side.
Keep reading for free term and whole life insurance rate charts. We compare life insurance quotes by age, gender, and policy type so you can find reasonable rates for life insurance at any age.
Life Insurance Rates by Age
Life insurance policies fall into one of two general categories — term or whole. Term life insurance provides temporary coverage for a set period, while whole life insurance, or permanent life insurance, provides permanent coverage that lasts for as long as you live. There are dozens of different types of term life insurance, so explore which type works best for your life and your future.
Term life insurance is the most affordable option for short-term coverage. Policies will cover debts and funeral expenses should you die unexpectedly, but these benefits are only guaranteed if you die within the length of the policy term.
In comparison, whole life insurance rates will be the most expensive, as benefits are guaranteed to your beneficiaries for your entire life instead of during a set number of years.
At what age does life insurance become too expensive? You will typically see the average cost of life insurance increase after you turn 50. But once you know the difference between policy types, you can start using life insurance rate tables like the ones below.
Compare quotes for life insurance rates by age and gender to get the best coverage for your family at a price that works with your budget.
Read more: Life Insurance for Teenagers
Life Insurance Rates by Age and Gender
Men pay more for life insurance on average for all policy types. Men in their 60s pay the most for coverage, while men and women in their 20s and 30s pay the cheapest rates for life insurance.
Term life insurance rates are the least expensive for any gender. The following term life insurance rate chart provides monthly average non-smoking rates for a 20-year policy at key ages:
Term Life Insurance Monthly Rate By Age & Gender
| Policyholder Age | Male Rates | Female Rates |
|---|---|---|
| 25 | $15 | $13 |
| 30 | $15 | $13 |
| 35 | $18 | $15 |
| 40 | $21 | $19 |
| 45 | $27 | $23 |
| 50 | $36 | $29 |
| 55 | $51 | $38 |
| 60 | $85 | $60 |
| 65 | $145 | $97 |
Term life insurance rates increase significantly as you age. For example, a 65-year-old man pays over $100 more per month for coverage than a man in his 20s. See women vs. men: term life insurance rates for more details.
Your rates will also rise if you choose a larger benefit amount or longer policy term. For example, the rates shown above are for a 20-year policy, but you can often buy 30- or 40-year policies from most companies for a higher price.
The good news is that level-term life insurance rates are locked in for the life of the policy. So, you can get very affordable life insurance rates if you buy a policy at 25 or 35.
Unfortunately, if you outlive your policy and want to renew coverage or convert to whole life, you will have to pay the rates associated with your age at renewal.
How much does whole life insurance cost for a 60-year-old? This whole life insurance rate chart shows how costs can vary by age and gender:
Whole Life Insurance Monthly Rates by Age, Gender, & Coverage Level
| Age & Gender | Minimum Coverage | Full Coverage |
|---|---|---|
| Age: 25 Female | $50 | $150 |
| Age: 25 Male | $55 | $160 |
| Age: 35 Female | $65 | $170 |
| Age: 35 Male | $70 | $180 |
| Age: 45 Female | $80 | $220 |
| Age: 45 Male | $85 | $230 |
| Age: 55 Female | $105 | $290 |
| Age: 55 Male | $115 | $310 |
| Age: 65 Female | $150 | $450 |
| Age: 65 Male | $160 | $470 |
Women pay less for whole life insurance, and rates are lower for younger applicants. If you are interested in permanent life insurance coverage, buy a policy when you are young and healthy.
Like term life, permanent life insurance rates are locked in when you buy. You can secure more affordable life insurance if you buy a policy before you turn 45.
Life Insurance Rates by Age and Policy Type
What is the best type of life insurance coverage? If you’re having trouble choosing between term life insurance vs. whole life insurance, ask yourself — how much life insurance do I need?
There is no one right answer for everyone. How much life insurance you need depends on your lifestyle. There are many considerations, such as:
- Do you have children? You may want enough term life insurance (typically $100,000) to cover your mortgage or their college fund if you should pass before they grow up.
- Do you have debts? A $100,000 term policy will also ensure your debts are paid off if you die unexpectedly.
- Do you want to invest? Whole and other types of permanent life insurance provide an investment component that increases each year you pay your annual rates on time.
- Are you in poor health? Smokers and those with poor health pay more for life insurance but can find more affordable rates with no medical exam term life.
- Can you afford a funeral? Final expense insurance will cover funeral and burial costs but leaves nothing for your beneficiaries.
You may have already found out how to calculate your life insurance age to determine how much coverage you need. So, keep reading to see how rates can vary based on age and coverage type.
The first rate chart shows how term life insurance rates compare to whole life for a $100,000 policy:
Monthly Rates for No-Medical Exam Life Insurance on $250,000 and $500,000 Policies
| Policyholder Age | $250,000 Policy: Male Average Monthly Rates | $250,000 Policy: Female Average Monthly Rates | $500,000 Policy: Male Average Monthly Rates | $500,000 Policy: Female Average Monthly Rates |
|---|---|---|---|---|
| 25 | $15.97 | $13.16 | $25.37 | $19.83 |
| 35 | $17.16 | $15.10 | $27.86 | $23.75 |
| 45 | $33.22 | $26.58 | $59.16 | $46.29 |
| 55 | $80.24 | $59.55 | $151.59 | $110.00 |
Read more: How much does a $100,000 life insurance policy cost?
On average, term life insurance rates are cheaper. However, the table below demonstrates how much rates will increase if you choose to buy no medical exam term life insurance.
Monthly Rates for No-Medical Exam Life Insurance on $250,000 and $500,000 Policies
| Policyholder Age | $250,000 Policy: Male Average Monthly Rates | $250,000 Policy: Female Average Monthly Rates | $500,000 Policy: Male Average Monthly Rates | $500,000 Policy: Female Average Monthly Rates |
|---|---|---|---|---|
| 25 | $15.97 | $13.16 | $25.37 | $19.83 |
| 35 | $17.16 | $15.10 | $27.86 | $23.75 |
| 45 | $33.22 | $26.58 | $59.16 | $46.29 |
| 55 | $80.24 | $59.55 | $151.59 | $110.00 |
Insurance companies use medical exams to determine your health and risk class. Medical exams are required on all permanent life insurance policies, but term policies are more lenient.
For example, applicants can skip the exam altogether with some term life policies. They might pay higher rates than a non-smoker with good health but much less than if they had the exam. Rates will still be higher the older you are, but you’ll pay much less than you would for permanent coverage.
Final expense life insurance, also known as burial insurance, is another way older policyholders and those with preexisting medical conditions can save money. It’s a permanent policy, so coverage remains in place for your whole life. Rates on burial insurance can be as low as $50 per month.
Monthly Rates for a $10,000 Final Expense Policy
| Policyholder Age | $10,000 Policy: Male Average Monthly Rates | $10,000 Policy: Female Average Monthly Rates |
|---|---|---|
| 40 | $24.02 | $20.43 |
| 45 | $27.16 | $22.65 |
| 50 | $43.20 | $32.91 |
| 55 | $50.06 | $38.89 |
| 60 | $57.86 | $45.98 |
| 65 | $71.02 | $55.60 |
| 70 | $88.55 | $69.69 |
| 75 | $114.80 | $91.51 |
| 80 | $163.18 | $126.89 |
| 85 | $230.74 | $181.52 |
The average funeral costs between $6,000 and $8,000, so a $10,000 final expense policy would guarantee your family wouldn’t be responsible for these costs out of pocket. It’s an affordable option if you need the minimum amount of life insurance coverage possible. Term and whole life provide more coverage for long-term debts or investments.
Life Insurance Rates by Age and Tobacco Use
Along with age, your health plays a prominent role in determining your life insurance rates. One of the first things life insurers look for is tobacco use. If you smoke, you can expect to pay significantly higher rates.
The following life insurance rates table compares smoking vs. non-smoking rates for the same 20-year, $100,000 term policy used above:
Term Life Insurance Monthly Rates by Age, Gender, & Tobacco Use
| Age | Female Non-Smoker | Female Smoker | Male Non-Smoker | Male Smoker |
|---|---|---|---|---|
| Age: 25 | $13 | $19 | $15 | $23 |
| Age: 30 | $13 | $22 | $15 | $26 |
| Age: 35 | $15 | $24 | $18 | $30 |
| Age: 40 | $19 | $34 | $21 | $42 |
| Age: 45 | $23 | $48 | $27 | $59 |
| Age: 50 | $29 | $68 | $36 | $88 |
| Age: 55 | $38 | $98 | $51 | $134 |
| Age: 60 | $60 | $158 | $85 | $208 |
| Age: 65 | $97 | $258 | $145 | $324 |
Life insurance rates for smokers are between $10 and $20 more per month than non-smokers until the age of 50. After that, the difference between rates jumps to $40-$100 or more per month.
Whole life insurance remains more expensive for smokers, and smokers can expect to pay $30-$60 more per month than non-smokers:
Average Monthly Whole Life Insurance Rates by Gender & Tobacco Use
| Policyholder Age | Average Monthly Whole Life Insurance Rates for Male Non-Smokers | Average Monthly Whole Life Insurance Rates for Male Smokers | Average Monthly Whole Life Insurance Rates for Female Non-Smokers | Average Monthly Whole Life Insurance Rates for Female Smokers |
|---|---|---|---|---|
| 25 | $93.70 | $115.62 | $84.91 | $106.84 |
| 30 | $107.71 | $133.72 | $97.35 | $123.71 |
| 35 | $128.24 | $157.21 | $112.93 | $145.81 |
| 40 | $153.90 | $185.83 | $132.15 | $172.09 |
| 45 | $190.79 | $224.37 | $156.17 | $205.76 |
| 50 | $234.90 | $277.01 | $191.66 | $252.21 |
| 55 | $294.84 | $349.74 | $243.17 | $320.51 |
| 60 | $399.24 | $466.93 | $311.63 | $389.41 |
| 65 | $528.00 | $600.04 | $421.69 | $485.37 |
If you want to save the most money on life insurance, quit smoking as soon as possible and buy a policy before you turn 45. Even switching to e-cigarettes can result in tobacco rates for life insurance. See term life insurance: e-cigarette use may result in tobacco rates for more information.
You can also choose no medical exam term life insurance if you have pre-existing medical conditions.
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How are life insurance rates determined?
How is my term life insurance rate determined? Age is one of the most significant factors that determine your life insurance rates. Insurance companies use actuary tables, like Actuaries Longevity Illustrator, to estimate your life expectancy — the younger you are, the longer you are likely to live and continue making life insurance payments. Therefore, you’ll pay less for coverage when you’re younger.
However, age is only one of the variables insurers use to calculate your rates. Your age, lifestyle, medical history, coverage options, and even your career and hobbies impact how much you pay for life insurance.
Most insurance companies will consider your age and all the variables mentioned above to assign you a risk class that will ultimately determine how much you pay for coverage.
Life Insurance Risk Classes Explained
It’s important to understand life insurance rating classes are based on your mortality risk, or how likely you are to die based on your age and lifestyle. For example, skydivers are often sorted into substandard classes and pay higher rates due to their high-risk hobby.
The most common risk classes used by life insurance companies are:
- Preferred plus
- Preferred
- Standard plus
- Standard
- Substandard
Those who fall into the preferred and preferred plus categories often pay less than average for coverage, while substandard individuals pay the highest rates. Older adults may find themselves sorted into a substandard class if they’re applying for coverage at 65 or older.
Why do life insurance rates rise with age?
The older you are when you apply for a policy, the higher your risk with the insurance company. This is because your mortality risk increases as you age, and insurers automatically place you in a higher risk class than younger policyholders.
If you’re over the age of 65, consider comparing quotes for life insurance for high-risk individuals. These policies cater to individuals with high-risk careers or hobbies, histories of chronic illness, and those who aren’t within the age limits to qualify for a standard policy.
Case Studies: Illustrating Life Insurance Rates by Age and Gender
Case Study 1: John’s Term Life Insurance at Age 35
John is a 35-year-old non-smoker who is looking for affordable life insurance coverage. He wants to protect his family financially in case of his untimely death.
By comparing quotes from various insurance companies, John finds a suitable 20-year term life insurance policy with a $500,000 coverage amount. The monthly premium for this policy is $30, which fits well within his budget.
Case Study 2: Sarah’s Whole Life Insurance at Age 55
Sarah is a 55-year-old woman who is considering permanent life insurance coverage. She wants a policy that will provide lifelong protection and financial security for her loved ones.
After researching different options, Sarah decides to purchase a whole life insurance policy with a $250,000 coverage amount.
The monthly premium for this policy is $200. While it is more expensive compared to term life insurance, Sarah values the guaranteed coverage and potential cash value accumulation.
Case Study 3: Mark’s Final Expense Life Insurance at Age 70
Mark is a 70-year-old man who wants to ensure that his funeral expenses are covered and not a burden for his family. He decides to explore final expense life insurance, also known as burial insurance.
Mark compares quotes from several insurance companies and finds a $10,000 final expense policy with a monthly premium of $75. This policy provides him peace of mind, knowing that his family will not have to bear the financial burden of his funeral costs.
The Bottom Line on Life Insurance Rates by Age
The best age to buy life insurance is between 25 and 45. Life insurance rates will be cheapest when you are younger, and older adults will find that some life insurance companies do not sell policies to people over 70.
The best life insurance policy depends on your lifestyle and financial situation. Whole life insurance will be more expensive but will provide coverage for your entire life. In comparison, on average, term life coverage applies for 20-40 years but will pay for your debts should you die unexpectedly.
To find the best life insurance policy at any age, use quote comparison tools like the one below. Start comparing life insurance quotes by age and policy type to see which company offers the best rates in your area.
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Frequently Asked Questions
How do life insurance rates vary by age and gender?
Life insurance rates are influenced by several factors, including age and gender. Generally, rates tend to increase as you get older due to the higher likelihood of developing health issues or passing away. Gender can also impact rates, as statistically, women tend to live longer than men, resulting in lower premiums for females.
At what age do life insurance rates typically start to increase?
Life insurance rates typically start to increase around the age of 30. This is because as you age, the probability of developing health conditions increases, making you riskier to insure. However, the specific age at which rates start to rise may vary depending on the insurance company and policy.
Do life insurance rates differ significantly between genders?
Yes, there can be a notable difference in life insurance rates between genders. Historically, women have been offered lower rates due to their longer life expectancy. However, in recent years, some insurance companies have adjusted their pricing models to align rates more closely between genders, depending on various factors.
Are there any age brackets where life insurance rates increase significantly?
While life insurance rates generally increase as you get older, there are a few age brackets where rates tend to experience more significant increases. One such bracket is around 50-55 years old, as this is often when individuals may start experiencing health issues associated with aging, such as high blood pressure or diabetes.
Do life insurance rates continue to rise steadily as you age?
Life insurance rates typically increase as you age, but the rate of increase may vary. In general, rates tend to rise more sharply in later years, especially when entering the senior age brackets. However, it’s important to note that each insurance company has its own pricing structure and underwriting guidelines, so the exact rate of increase can differ.
Your life insurance quotes are always free.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
