Life insurance rates largely remain steady in October
Life insurance rates remained mostly steady in October, with an average monthly premium decrease of about 18 cents, according to the Policygenius Life Insurance Price Index (PLIPI). That’s an even lower month-over-month decrease compared to last month, when rates decreased by about 24 cents.
Compared to the same period last year, the cost of life insurance has now decreased by 0.22% — an average decrease of 56 cents per monthly premium. Despite this slight year-over-year decrease, life insurance rates have remained stable for more than a year, which gives potential buyers the opportunity to lock in affordable rates.
US monthly averages as of October 1, 2024
Term life insurance for non-smokers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for non-smokers in a Preferred health classification. Quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
|---|---|---|---|---|
25 years old | Female | $14.29 | $21.37 | $33.40 |
Male | $17.42 | $27.87 | $45.51 | |
30 years old | Female | $14.96 | $22.94 | $36.73 |
Male | $17.97 | $29.26 | $48.67 | |
35 years old | Female | $16.68 | $26.27 | $43.24 |
Male | $19.34 | $31.91 | $53.59 | |
40 years old | Female | $21.29 | $35.29 | $60.44 |
Male | $25.10 | $42.97 | $75.00 | |
45 years old | Female | $28.88 | $49.94 | $89.43 |
Male | $36.04 | $63.83 | $117.24 | |
50 years old | Female | $42.98 | $78.42 | $139.10 |
Male | $55.50 | $102.89 | $187.96 | |
55 years old | Female | $59.87 | $110.66 | $205.32 |
Male | $81.21 | $152.73 | $280.49 | |
60 years old | Female | $103.34 | $195.25 | $354.27 |
Male | $143.14 | $269.63 | $500.32 |
US monthly averages as of October 1, 2024
Term life insurance for smokers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for smokers in a Preferred health classification. Quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age | Gender | $250,000 coverage amount | $500,000 coverage amount | $1 million coverage amount |
|---|---|---|---|---|
25 years old | Female | $35.59 | $61.88 | $105.25 |
Male | $43.76 | $77.65 | $133.29 | |
30 years old | Female | $38.28 | $66.87 | $115.42 |
Male | $46.82 | $82.59 | $142.86 | |
35 years old | Female | $45.18 | $81.16 | $139.27 |
Male | $54.51 | $97.32 | $174.50 | |
40 years old | Female | $63.13 | $115.38 | $207.25 |
Male | $78.45 | $146.69 | $267.18 | |
45 years old | Female | $91.37 | $171.36 | $309.43 |
Male | $121.76 | $232.07 | $427.07 | |
50 years old | Female | $138.24 | $262.21 | $463.57 |
Male | $188.79 | $356.31 | $661.00 | |
55 years old | Female | $203.59 | $384.09 | $698.22 |
Male | $288.91 | $543.49 | $1,010.11 | |
60 years old | Female | $322.48 | $623.31 | $1,121.07 |
Male | $460.90 | $884.22 | $1,626.35 |
Methodology: The prices displayed above are based on internal actuarial rate tables for nine life insurance carriers that offer policies through the Policygenius marketplace (Brighthouse Financial, Corebridge Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, and Transamerica). The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term, coverage amount) as of October 1, 2024. Monthly averages are based on nine products available through Policygenius for the indicated profile; rates for those products may vary by state, and not all nine products are available in all states. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria. The index is updated each month.
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