Life Insurance Rates Comparison Chart

Our life insurance rates comparison charts cover several variables like the policy type, age, health, and demographics. Get $100,000 in coverage for as little as $6.92/month by using our FREE tool.

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Schimri Yoyo is a financial advisor with active life and health insurance licenses in seven states. Born in Haiti. Reared in Brockton, MA. Matured in Philadelphia. Schimri is a proud graduate of Arcadia University, having earned both a Masters in Special Education and an MFA in Creative Writing from the castle-riddled campus in Glenside, PA. By personality and by profession, Schimri is an educator...

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UPDATED: Sep 20, 2020

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In addition to all of the great resources you’ll find in our Life Insurance Learning Center, a life insurance rates comparison chart can help you decide which policy type is best for you by comparing costs side-by-side.

Life insurance rates vary greatly between policy types. They are also influenced by age and health factors. It’s hard to decide on coverage when you aren’t sure how much a policy will ultimately cost you.

To show you how different policy choices impact your premiums, we’ve put together several handy rate comparison charts so you can see how all of your options stack up.

Don’t wait — Before you get started with the life insurance rates comparison chart, you can use the FREE tool above to get instant quotes from multiple insurers at once. Click now.

Life Insurance Types Comparison Chart

You shouldn’t buy a life insurance policy until you’ve compared all of your options. But, how do you compare life insurance?

Before you dive into costs and life insurance quote comparisons, you need to understand the different policy types. Your three main options are term life insurance, whole life insurance, and final expense insurance.

First, let’s take a look at the various types of term and whole life insurance available.

Types of Term Life and Whole Life Insurance Plans

The following table compares the basic features of all three.

Term Life vs Whole Life vs Final Expense Insurance Policy Features
Policy FeaturesTerm Life InsuranceWhole Life InsuranceFinal Expense Insurance
Cash ValueNoneTax-deferred growthNone
CostLess expensiveMore expensiveModerately expensive compared to benefit
Death BenefitCan be level, increasing, or decreasingLevelCan be level, graded, or modified (limited face values $2,000–$25,000)
Length of CoverageSet term, usually one to 30 yearsLifetimeLifetime
Online PurchaseSome policies available for direct purchaseNot availableSome policies available for direct purchase
Online QuotesReadily availableNot easily availableReadily available
Policy LoansNoneLoans can be taken against cash valueNone
PremiumLevel (except an increasing term policy); paid monthly or annually for the life of the termLevel; can be paid for the life of the term or at a higher rate for a shorter periodLevel
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For more in-depth information, be sure to check out our complete guides that can help you decide if term or permanent life insurance is better for you.

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Overview: Life Insurance Rate Comparison Charts

Once you know the difference between policy types, you can start asking the general questions that brought you to this page:

  • What is the average life insurance cost per month?
  • What is the best and most affordable life insurance?
  • What are the best life insurance rates by age?

The following charts will help you answer those questions by comparing rates between policy types and options. You should also be able to find answers to more specific questions like:

  • How much does a $500,000 life insurance policy cost?
  • How much is life insurance for a 55-year-old?

You may have already used a life insurance cost calculator to determine how much coverage you need. Now you can see how the prices vary between your coverage options.

So, what is the average rate for life insurance? Below, you’ll find a term life insurance rate comparison chart, a whole life insurance rates comparison, final expense insurance rates, plus a look at how tobacco use influences your life insurance costs.

(Note: On each chart, you’ll see that female rates are lower than male rates because women have a longer life expectancy than men.)

Term Life vs Whole Life Rate Comparison

Life insurance policies fall into one of two general categories, term or whole. Term insurance provides temporary coverage for a set period while whole insurance provides permanent coverage for as long as you live.

(For more information, read our guides on Term Life Insurance Quotes and Permanent Life Insurance.)

The following term life insurance rates comparison chart provides monthly average non-smoking rates for a 20-year policy at key ages.

Average Monthly 20-Year Term Life Insurance Rates by Age & Gender
Policyholder Age$100,000: Male$100,000: Female$250,000: Male$250,000: Female$500,000: Male$500,000: Female
25$14.53$12.70$23.27$18.72$34.79$27.39
30$14.96$13.22$24.59$20.44$37.39$29.59
35$17.57$15.40$26.09$22.19$40.04$32.19
40$21.40$18.62$33.72$28.49$54.79$45.69
45$26.54$22.97$45.47$37.42$79.19$66.14
50$36.02$29.32$69.59$54.59$126.14$96.99
55$50.98$38.11$105.72$78.97$203.14$143.99
60$84.91$60.20$183.79$131.17$355.39$248.84
65$144.51$97.44$323.42$220.99$625.09$432.84
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Now, compare those rates with the ones on the following whole life insurance rates by age chart.

Average Monthly Whole Life Insurance Rates by Age & Gender
Policyholder Age$100,000: Male$100,000: Female$250,000: Male$250,000: Female$500,000: Male$500,000: Female
25$93.70$84.91$225.12$203.14$444.14$400.19
30$107.71$97.35$260.14$234.24$514.19$462.39
35$128.24$112.93$311.47$273.19$616.84$540.29
40$153.90$132.15$375.62$321.24$745.14$636.39
45$190.79$156.17$467.84$381.29$929.59$756.49
50$234.90$191.66$578.12$470.02$1,150.14$933.94
55$294.84$243.17$727.97$598.79$1,449.84$1,191.49
60$399.24$311.63$988.97$769.94$1,971.84$1,533.79
65$528.00$421.69$1,310.87$1,045.09$2,615.64$2,084.09
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You can see that premiums on whole policies range anywhere from 200 to 600 percent higher than 20-year term policies at the same age and with an equal face value.

(Note: These charts only go to age 65. If you’re looking for term life insurance rates for seniors, read our guide: Senior Plan Life Insurance.)

Smoking vs Non-Smoking Rate Comparison

Your health plays a large factor 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 table compares smoking versus non-smoking rates for that same 20-year, $100,000 term policy.

Average Monthly Term Life Insurance Rates by Gender & Tobacco Use
Policyholder AgeMale Non-SmokerMale SmokerFemale Non-SmokerFemale Smoker
25$14.53$22.88$12.70$19.40
30$14.96$26.19$13.22$21.66
35$17.57$30.10$15.40$24.27
40$21.40$41.76$18.62$33.58
45$26.54$59.07$22.97$47.59
50$36.02$88.39$29.32$67.86
55$50.98$133.98$38.11$97.96
60$84.91$207.84$60.20$158.17
65$144.51$324.42$97.44$257.96
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Now compare smoking versus non-smoking for a $100,000 whole policy.

Average Monthly Whole Life Insurance Rates by Gender & Tobacco Use
Policyholder AgeMale Non-SmokerMale SmokerFemale Non-SmokerFemale Smoker
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
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Not only will smoking always result in a higher rate, but some insurers won’t even approve smokers over a certain age. Others limit coverage amounts.

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Exam vs No Exam Rate Comparison

To determine your health, most life insurers require a medical exam before approving your policy or setting your rate.

Some insurers offer a no exam policy, which could be beneficial to those with pre-existing medical conditions or an aversion to medical procedures. A no exam policy represents a greater risk to the insurer. They pass that risk along to you in the form of increased premiums.

The following tables show the average sample term life insurance rates chart by age for exam versus no exam life insurance policies. All rates are for non-smokers.

Average Monthly Term Life Insurance Rates for Non-Smokers With Exam
Policyholder Age & Gender10-Year/
$100,000 Policy
20-Year/
$100,000 Policy
10-Year/
$250,000 Policy
20-Year/
$250,000 Policy
10-Year/
$500,000 Policy
20-Year/
$500,000 Policy
10-Year/
$1,000,000 Policy
20-Year/
$1,000,000 Policy
20-Year-Old Female$6.92$7.66$8.79$10.00$12.18$13.92$17.50
$21.75
20-Year-Old Male$7.17$9.14$9.62$13.17$14.07$20.74$21.29$34.79
30-Year-Old Female$6.92$8.41$8.79$12.12$12.42$18.19$18.84$29.43
30-Year-Old Male$7.17$9.31$9.62$13.42$14.07$20.69$21.29$35.53
40-Year-Old Female$7.94$10.43$10.87$15.44$16.55$25.26$26.20$43.94
40-Year-Old Male$8.37$11.27$11.71$18.18$18.20$29.36$29.06$52.78
50-Year-Old Female$12.86$18.83$20.48$31.67$35.56$55.78$62.27$103.55
50-Year-Old Male$14.16$22.88$23.81$42.79$41.76$78.75$75.71$146.03
60-Year-Old Female$23.44$37.43$42.18$77.92$76.05$140.83$139.92$269.92
60-Year-Old Male $28.63$54.68$60.13$111.56$112.83$211.13$214.36$406.93
70-Year-Old Female$55.47$128.19$108.34$265.90$200.43$531.87$369.79$1016.72
70-Year-Old Male$79.36$172.38$179.62$406.56$319.34$812.58$609.92$1553.16
80-Year-Old Female$195.21N/A$478.84N/A$951.56N/A$1848.87N/A
80-Year-Old Male$243.60N/A$599.81N/A$1193.50N/A$2275.00N/A
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Compare those rates with the rates for no exam.

Average Monthly Term Life Insurance Rates for Non-Smokers Without Exam
Policyholder Age & Gender10-Year/
$100,000 Policy
20-Year/
$100,000 Policy
10-Year/
$250,000 Policy
20-Year/
$250,000 Policy
10-Year/
$500,000 Policy
20-Year/
$500,000 Policy
20-Year-Old Female$8.04$8.96$10.34$13.09$13.12$18.70
20-Year-Old Male$9.41$9.92$13.92$14.57$18.27$20.88
30-Year-Old Female$8.10$9.14$10.34$13.31$13.05$19.14
30-Year-Old Male$9.41$9.92$13.92$14.79$18.27$21.32
40-Year-Old Female$9.93$12.12$13.96$18.99$17.70$29.67
40-Year-Old Male$10.75$12.67$16.25$21.67$23.75$36.92
50-Year-Old Female$15.87$20.16$22.87$36.46$38.08$65.87
50-Year-Old Male$17.87$24.63$27.67$51.68$45.70$96.06
60-Year-Old Female$27.47$42.26$48.22$90.37$83.13$173.03
60-Year-Old Male$36.14$64.34$68.32$147.70$127.32$286.85
70-Year-Old Female$166.39N/A$406.65N/AN/AN/A
70-Year-Old Male$221.36N/A$544.08N/AN/AN/A
80-Year-Old FemaleN/AN/AN/AN/AN/AN/A
80-Year-Old Male$655.72N/AN/AN/AN/AN/A
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As you can see, no exam rates are higher at every age. Depending on your health, taking the exam could show the insurer that you’re a lower risk and earn you a lower rate.

Term Life vs Final Expense Rate Comparison

Final expense insurance (sometimes called burial insurance) is a special type of whole life policy. They offer the same guaranteed, lifetime coverage of a traditional whole policy, but with much smaller face values.

Face values typically range from $2,000–$25,000, with no medical exam required. The average funeral costs around $7,500, according to the National Funeral Directors Association.

Because final expense policies guarantee acceptance with no medical exam, the insurer assumes you are in a high-risk category. As a result, companies charge high premiums relative to the low death benefits in order to quickly cover their costs and turn a profit. Final expense policies can sometimes cost 10 times as much as comparable term policies.

Take another look at the average monthly rates for a 20-year term policy:

Average Monthly 20-Year Term Life Insurance Rates by Age & Gender
Policyholder Age$100,000: Male$100,000: Female$250,000: Male$250,000: Female$500,000: Male$500,000: Female
25$14.53$12.70$23.27$18.72$34.79$27.39
30$14.96$13.22$24.59$20.44$37.39$29.59
35$17.57$15.40$26.09$22.19$40.04$32.19
40$21.40$18.62$33.72$28.49$54.79$45.69
45$26.54$22.97$45.47$37.42$79.19$66.14
50$36.02$29.32$69.59$54.59$126.14$96.99
55$50.98$38.11$105.72$78.97$203.14$143.99
60$84.91$60.20$183.79$131.17$355.39$248.84
65$144.51$97.44$323.42$220.99$625.09$432.84
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Now look at how much a much smaller $10,000 final expense policy costs every month:

Average Monthly Final Expense Life Insurance Rates by Gender: $10,000 Policy
Policyholder Age$10,000 Policy: Male$10,000 Policy: Female
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
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Many people can get 10 times the term coverage for the same price as a final expense policy. The only drawback is that a term policy expires. You could die after your term ends and receive no payout, whereas a final expense policy will pay no matter when you die.

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Top Life Insurance Companies by Market Share

When looking for reputable insurers, the best thing to do is to start with the top insurers in the country. They represent the oldest and largest companies in the industry.

To help in your search, start with the current top-10 providers of life insurance by market share, according to the Insurance Information Institute.

While not all of these companies will be the best fit for you, this list represents some of the best life insurance insurance companies available.

Sample Annual Life Insurance Rates

To give you a general idea of how much life insurance will cost you every year, we’ve put together this chart comparing a 20-year, $100,000 policy to a $100,000 whole life policy.

Average Annual Term vs Whole Life Insurance Rates: $100,000 Policy
Policyholder Age & Tobacco UseAverage Annual Term Rates: MaleAverage Annual Term Rates: FemaleAverage Annual Whole Rates: MaleAverage Annual Whole Rates: Female
25-Year-Old Non-Smoker$178.54$160.57$1,124.40$1,018.92
35-Year-Old Non-Smoker$185.04$165.91$1,538.88$1,355.16
45-Year-Old Non-Smoker$267.89$240.25$2,289.48$2,918.04
55-Year-Old Non-Smoker$524.95$406.94$3,538.08$5,060.28
65-Year-Old Non-Smoker$1,273.12$880.66$6,336.00$2,445.24
Average Annual Rates for Non-Smokers$485.91$2,235.31$2,965.32$2,445.24
25-Year-Old Smoker$321.76$248.75$1,387.44$1,282.08
35-Year-Old Smoker$360.23$286.18$1,886.52$1,749.72
45-Year-Old Smoker$637.51$493.20$2,692.44$2,469.12
55-Year-Old Smoker$1,364.09$991.63$4,196.88$3,846.12
65-Year-Old Smoker$3,245.05$2,235.31$7,200.48$2,445.24
Average Annual Rates for Smokers$1,185.73$851.01$3,472.80$3,034.32
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We’ll dive deeper soon, but you can already see the large differences between term and whole rates, and those for smokers versus non-smokers.

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Life Insurance Rates Comparison Chart: The Bottom Line

There is no universal answer to the question “Which life insurance is best?” The best life insurance policy depends on your personal financial situation. For example, with term life insurance, the cheapest rates won’t do you any good if you have estate planning needs, as you’ll require permanent coverage.

Rather than trying to figure out what the best life insurance companies are, the thing to do is decide which type of coverage you need, then start looking for the best rate on that type of policy.

We created these charts to help you do just that. How did we do? Do you still have questions? If so, be sure to read one of our many guides on every type of policy discussed here.

Now that you’ve used our life insurance rates comparison charts to get a better idea of how much coverage will cost, you can use our FREE tool below to get instant personal quotes from multiple insurers at once. Get started now!

References:

  1. https://www.iii.org/publications/commercial-insurance/rankings
  2. https://www.who.int/gho/publications/world_health_statistics/2019/en/
  3. http://www.nfda.org/news/statistics

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