How Much Does Life Insurance Cost?
Below you'll find approximate Term-20 life insurance rates based on industry averages for age and smoking status.
With Term-20, your premiums are based on your age at the time of application and are set for two decades, providing long-term coverage. If anything happens within those 20 years, your beneficiaries receive a guaranteed sum tax free.
Disclaimer: This blog is not intended to serve as financial advice, but rather provides some general guidance on how life insurance costs are calculated. Seek guidance from a licensed financial advisor before making any financial decisions.
Rates for Male Non-Smoker
500k coverage, Term-20 insurance
20 years old
Approximately $335/year or 30.15/month.
30 years old
Approximately $338/year or 30.42/month.
40 years old
Approximately $508/year or 45.72/month.
50 years old
Approximately $1460/year or 131.40/month.
60 years old
Approximately $4600/ year or 414/month.
Rates for Female Non-Smoker
500k coverage, Term-20 insurance
20 years old
Approximately $232/year or 20.88/month.
30 years old
Approximately $245/year or 22.05/month.
40 years old
Approximately $378/ year or 34.02/month.
50 years old
Approximately $970/year or 87.30/month.
60 years old
Approximately $3270/year or 294.30/month.
The above rates are based on costs for healthy individuals. If you have existing health conditions or unfavourable lifestyle habits, your policy may be rated (a percentage higher than the standard rate, e.g., 150%).
Rates for Male Smoker
500k coverage, Term-20 insurance
20 years old
Approximately $690/ year or 62.10/month.
30 years old
Approximately $770/year or 69.30/month.
40 years old
Approximately $1660/year or 149.40/month.
50 years old
Approximately $4380/year or 394.20/month.
60 years old
Approximately $11540/year or or 1038.60/month.
Rates for Female Smoker
500k coverage, Term-20 insurance
20 years old
Approximately $380/year or 34.20/month.
30 years old
Approximately $532/year or 47.88/month.
40 years old
Approximately $1160/year or 104.40/month.
50 years old
Approximately $2714/year or 244.26/month.
60 years old
Approximately $6760/year or 608.40/month.
Note that with most life insurance carriers, you can apply for non-smoking status once you’ve quit for 1-2 years.
Curious about why thinking about life insurance and your death might make your life better? Read more here.
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