This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. An insurance premium is the monthly payment you make to stay enrolled with your insurance carrier. However, you can find rates as low as $13 a month if you’re young and healthy or if you buy a policy with a lower face value. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). We’ve compiled an overview of the best companies to partner with for $50,000 of life insurance coverage, broken down by types of policies. The average monthly cost of health insurance (including employer and employee contributions) for an individual in 2018 was $574 per month and family coverage averaged $1,634. Additionally, gender life insurance rate charts used the same insurers and included applicants in excellent health. The price you pay for life insurance will depend on your own circumstances and what type of life insurance you opt for. Lifestyle, occupation, your current state of health, your medical history and your family’s medical history will also have an impact on the price you will need to pay. The Average Cost of Life Insurance in Canada Per Month is less if you use the right agent. Our opinions are our own. According to the Centers for Disease Control and Prevention, life expectancy in the United States is 81.2 years for women and 76.2 years for men. How much does life insurance cost on average? Rates vary based on age and gender. As you can see, the shorter the term length, the cheaper life insurance premiums you will have to pay each year. The following life insurance rates are based on a $500,000 term life policy for a 40-year-old applicant in the super preferred class. All financial products, shopping products and services are presented without warranty. Age, again, plays a role because the older you are, the more at risk you are of developing an illness. This is based on data provided by Quotacy for a 20-year term life … Key differences between term and whole life insurance, The Differences Between Term and Whole Life Insurance. NerdWallet is a free tool to find you the best credit cards, cd rates, savings, checking accounts, scholarships, healthcare and airlines. So a woman will always pay less for life insurance compared with a man of the same age and health with similar risk factors. Start here to maximize your rewards or minimize your interest rates. Another major factor that will impact the cost of your life insurance is the existence of pre-existing health conditions. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Additionally, gender life insurance rate charts used the same insurers and included applicants in excellent health.\u003C\/p\u003E\n\n\u003Cp\u003EData from this study showing the cost by policy term length was sourced from Northwestern Mutual Life Insurance. Rates will continue to increase as you age due to a decrease in your total life expectancy. To get an insurance quote over the phone, call: (855) 760-0699 | Agents available 24 hours a day, 7 days a week! We have other types of life insurance products that may suit your needs, for different monthly costs. The term life insurance quotes below are for a 20-year term life insurance policy with a death benefit of $500,000. Your rate is set when you sign the policy, and it won’t change during the term of the policy. Data from this study showing the cost by policy term length was sourced from Northwestern Mutual Life Insurance. Life insurance premiums are based primarily on life expectancy, so many factors help determine rates, including gender, age, health and whether you smoke. The following life insurance rates are based on a $500,000, 20-year term life policy. The average 20-year term life insurance policy can cost more than $126 a month. Average Costs of Whole Life Insurance. Wondering how insurance premiums are decided? Read more, Lacie Glover is an insurance editor and writer and a NerdWallet authority on insurance. However, when asked, "When should you purchase a life insurance policy?" We started our evaluation by showing the change in average life insurance rates for different age groups. This is based on data provided by Quotacy for a 20-year term life policy, which is the most common term length sold. Furthermore, a 10-year policy can be useful for someone who may not require long-term insurance. Life insurance companies mostly base their rates on your age and health status, but they also factor in your job, your weight, whether you smoke and even your family health history. Whole Life Insurance Rates Comparison. If anything should happen to you, the supporting income that you earn will be difficult for your family to replace if you don't have sufficient coverage. Find out where you can get coverage for less. Find out where you can get coverage for less. The whole life insurance rates by age charts below are examples of what you can expect to pay for a typical policy. Costs shown are for a man in excellent health. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Average cost of life insurance There isn’t an average cost of life insurance. 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insurance, When you get your first full-time job/promotion. 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