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Life insurance can cost less than a family streaming subscription or more than a mortgage payment. The difference usually comes down to the applicant, the amount of coverage, and whether the policy lasts for a set term or the rest of your life.
A healthy, nonsmoking 30-year-old woman paid an average of $23.10 per month for a $500,000, 20-year term policy in October 2025, according to the Policygenius Life Insurance Price Index. A man of the same age, health classification, and coverage paid an average of $29.56 per month.
Whole life coverage is substantially more expensive. Policygenius estimated the average cost of a $500,000 whole life policy at $408 per month for a 30-year-old woman — nearly 18 times more expensive than a 20-year term policy with the same death benefit.
Keep in mind that rates can differ significantly from person to person. Policy details, including the death benefit, term length, and any optional riders, can also drive up the price.
The following table shows average monthly premiums for a $500,000, 20-year term life insurance policy. Rates are for nonsmokers in a preferred health classification.
Source: Policygenius Life Insurance Price Index, U.S. monthly averages as of Oct. 1, 2025. Individual rates vary by insurer, state, and applicant.
Term life insurance provides coverage for a set number of years, such as 10, 20, or 30. If you pass away while the policy is active, the insurer pays the death benefit to named beneficiaries on the policy. If the insured outlives the term, the policy generally expires without a payout.
Age plays a major role in pricing because the odds of dying during the policy term increase over time. In the table above, the average monthly premium for a 60-year-old man was almost nine times more expensive than for a 30-year-old man, even though the policy term and death benefit were identical.
The table below shows sample monthly rates for healthy nonsmokers purchasing $500,000 of whole life insurance.
Source: Policygenius. Rates are for policies offered through MassMutual and designed to be fully paid up at age 100.
Whole life is a type of permanent life insurance designed to remain active throughout your entire life as long as required premiums are paid.
Traditional policies generally include fixed premiums, a guaranteed death benefit, and a cash value component that grows according to the contract's guarantees.
Whole life costs considerably more than term life coverage because the insurer prices the policy to cover someone's entire life, often through age 100 or 121. Participating whole life policies may also pay dividends, but those aren't guaranteed.
As you can see, term life coverage is much cheaper than whole life. At age 30, Policygenius data shows a healthy nonsmoking woman could pay about $23 per month for a $500,000, 20-year term policy or $408 for $500,000 of whole life coverage. The comparable rates for a man were about $30 and $472.