Life insurance rates are constantly changing, and each person’s life insurance policy is different. For instance, rates can vary by age, gender, health, employment, weight and family health history, as well as whether or not the insured smokes, does drugs or drinks alcohol. While typical economic indicators are less likely to affect life insurance rates, general trends like your country’s life expectancy may affect the price of your policy.
Your life insurance policies should be a part of your financial plan. Talk to a local financial advisor about your long-term plans.
Average Life Insurance Rates for 2023
As we mention above, the life insurance rate you receive will depend on a number of variables. These factors can be quite basic, with men, for example, paying slightly higher rates than women.
According to a 2023 study by ValuePenguin, here are the average life insurance rates for males and females, ages 30, 40 and 50:
2022 Average Life Insurance Rates by Gender
| Age | Gender | Average Annual Cost for a $500,000 Policy |
| 30 years old | Male | $396 |
| Female | $336 | |
| 40 years old | Male | $600 |
| Female | $492 | |
| 50 years old | Male | $1,416 |
| Female | $1,104 |
Smoking is another major factor that affects your life insurance rate. This should come as no surprise, as smoking has been linked to a number of serious health issues. Again, ValuePenguin’s 2023 report breaks down the price differences between smokers and non-smokers by age.
2023 Average Life Insurance Rates for Smokers & Non-Smokers
| Age | Average Monthly Cost for Smokers | Average Monthly Cost for Non-Smokers |
| 25 years old | $86 | $31 |
| 30 years old | $92 | $33 |
| 35 years old | $117 | $38 |
| 40 years old | $179 | $50 |
| 45 years old | $277 | $78 |
| 50 years old | $426 | $118 |
| 55 years old | $663 | $190 |
| 60 years old | $1,007 | $318 |
| 65 years old | $1,528 | $593 |
How Are Life Insurance Rates Determined?
There are several important factors that go into how companies price their life insurance policies. First, they look at a variety of factors, including both general and extremely specific ones. Your age and gender play a large role in determining your price for life insurance. This is in addition to other major health factors, such as whether you smoke, how dangerous your job is and where you live.
The cost of life insurance also heavily depends on the size of the policy you’re looking to take out. In turn, larger and broader policies are more expensive. Your life expectancy shrinks as you age, so life insurance also becomes more expensive the older you are. Men also pay more for life insurance than women.
Bottom Line
Life insurance rates ultimately depend on the individual that the policy covers. However, it’s still important to be up to date on what the average rates for life insurance are so you can make an informed decision.
Life insurance rates mainly tend to change based on age and overall health. In turn, figure out where your rates should fall among the average rates for other Americans like you.
Insurance Tips
- Life insurance can be complicated, and you don’t want to leave your loved ones in a less than ideal situation should they need to make a claim. A financial advisor can help you pick and manage your policy, and finding one doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- When searching for life insurance, you may find yourself asking how much coverage you really need. Try using SmartAsset’s free life insurance calculator to figure that out.
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