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Term life insurance is cheaper than most people assume. A healthy 30-year-old can get $500,000 of coverage for about $20 to $30 a month. Less than a streaming bundle and a pizza.
The catch is that the price climbs with every birthday. After 40, rates roughly double each decade. So the real question isn’t whether life insurance is affordable. It’s whether you buy it now or pay double later.
Term life insurance rates by age in 2026
These are average monthly premiums for a 20-year term policy with $500,000 of coverage, for buyers in excellent health, based on 2026 rate research from Buy Side and SelectQuote:
| Age | Women | Men |
|---|---|---|
| 30 | $18 | $22 |
| 40 | $25 | $30 |
| 50 | $60 | $78 |
| 60 | $156 | $226 |
For buyers in average (not excellent) health, MoneyGeek’s 2026 data runs higher: people in their 20s pay roughly $18 to $25 a month, in their 30s $23 to $35, at 40 about $47 for women and $59 for men, and at 50 about $102 and $137. By 60, a $500,000 policy averages $286 a month for women and around $395 for men.
Doubling the coverage to $1 million roughly doubles the premium. A healthy 40-year-old man pays about $30 a month for $500,000 and about $51 for $1 million.
What actually moves the price
Age is the biggest factor, but it’s not the only one:
- Health. Blood pressure, cholesterol, BMI, and medical history all feed into underwriting. Two 40-year-olds can pay very different rates. If you’re uninsured and skipping checkups, getting basic care first can pay for itself here; our guide to seeing a doctor without insurance covers the cheapest options.
- Tobacco. Smokers pay far more than non-smokers for the same coverage. Most insurers also count vaping and chewing tobacco.
- Gender. Men pay more than women at every age because of shorter average life expectancy.
- Term length. A 30-year term costs more per month than a 20-year term at the same age, because the insurer’s risk window is longer.
- Coverage amount. More coverage costs more, but the price per thousand dollars of coverage drops as you buy more.
Term vs whole life: the cost gap
Term life covers you for a set number of years and then ends. Whole life covers you for life and builds cash value. That cash value comes at a steep price: whole life premiums run many times higher than term for the same death benefit.
For most families buying income protection, term is the right call. You’re paying for a death benefit during the years your family depends on your income, not an investment product.
How much coverage do you need
A common rule of thumb is 10 times your annual income. If you earn $70,000, that’s $700,000 in coverage. Add more if you have a mortgage, young kids, or a spouse who would need years of support. Subtract what you already have through an employer plan, which is usually one to two times your salary and disappears if you leave the job.
How to pay less
Buy younger rather than waiting. Compare quotes from several insurers instead of taking the first offer. If your blood pressure or weight is borderline, improving those numbers before you apply can move you into a better rate class. And don’t apply right after a new diagnosis if you can avoid it; underwriting prices in whatever your records show.
The cheapest life insurance policy is the one you buy while you’re young and healthy. Every year you wait, the same coverage costs more.
