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If you’re in the market for health insurance, it can be difficult to know exactly how much money you’ll be spending on a plan. While policies tend to vary dramatically from person to person, it’s possible to determine the average life insurance rates for people of your age and lifestyle.

Learn About Life Insurance Coverage

Average life insurance rates can give you a ballpark estimate of how much you might spend on a plan, but they can also be misleading, as determining exactly how much insurance you’ll need depends on your answers to specific lifestyle questions. Nevertheless, knowing these figures can help you plan for you and your family’s financial future.

The easiest way to find an average life insurance rate for you is to compare prices from different providers, but with so many of them out there, it can be an exhausting endeavor. Thankfully, without looking at a single specific plan, we know that $500,000 worth of term life insurance for a 40-year-old nonsmoker will cost anywhere from $20-$50 a month. Of course, this is only one example, and the differences between term and whole life insurance, as well as those between plans for smokers and nonsmokers, can be huge.

Term vs. Whole Life Insurance: What’s the Difference?

Term life insurance is less expensive per month because it is only purchased for a specific period of time (lasting between 5 and 30 years depending on your age). This is a great option for families with children, as it’s important to know they will be cared for if you die at a younger age than expected. Term life insurance allows you to buy more with less money, albeit for a specific period of time.

Whole life insurance is different. While term life insurance is great for young people, it doesn’t ensure indefinite coverage. When you’ve reached an advanced age, insurance companies typically only allow you to purchase whole life insurance, which is more expensive because it will cover your loved ones until the end of your life, whenever that may be. Whole life insurance appeals to older people because it builds cash value, providing you with retirement money or a financial nest egg if you should need it before you die.

Understanding the differences between term and whole life insurance informs the reasons behind the large cost difference. A healthy 40-year-old man might pay $350 a year for term life insurance, but he could pay up to $3,000 a year for whole life insurance. Again, this is only one example, but it is representative of the average life insurance rates that you will face in the future.

To help discover the average costs for a person of your sex, life habits, and future goals, HealthMarkets Insurance Agency offers service from a dedicated team of licensed representatives who will not only evaluate the cost, but also pinpoint a plan that works for you. Find a local life insurance agent to prepare for a better tomorrow.


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