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Term Life Insurance Rates in 2023

Term Life Insurance Rates in 2023

Are you considering getting term life insurance to secure your family's future? Not only is it a highly effective solution, but it's also surprisingly affordable. With this type of insurance policy, you'll receive a substantial payout, making it a straightforward and uncomplicated form of coverage. Moreover, the process of purchasing it is also quick and easy. Get peace of mind knowing your loved ones are protected, without breaking the bank.

Term life insurance policies offer certain advantages but also come with two main drawbacks. The coverage is temporary and does not accrue cash value. If these factors are manageable for you, we will guide you through an informative overview, including average policy costs for both genders at varying ages, factors influencing your rates, and how to calculate coverage needed.

If you're interested in learning about rates, the quickest and most effective way is to get a personalized quote. Our calculator can provide a term life quote tailored to your needs in just a few minutes, and it's completely free with no strings attached. Give it a try!

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Average Annual Life Insurance Premium

To determine your life insurance rates, factors such as your age and health play a significant role. However, your employment situation, weight, smoking habits, and family medical history may also affect the cost of your policy. Be mindful of these variables when considering life insurance coverage.

For a policy with a death benefit of $500,000, the average annual life insurance premium is1:

  • 20 years old = $250
  • 30 years old = $400
  • 40 years old = $600
  • 55 years old = $950
  • 65 years old = $1700

Life Insurance Isn't as Expensive as You Think

Did you know that most people overestimate the cost of term life insurance? According to the Life Insurance Marketing and Research Association (LIMRA), many believe the price to be three times higher than it actually is.

Younger Americans tend to overestimate the cost even more, thinking it's five times the actual cost. However, you can get $1,000,000 of life insurance for less than $40 a month.

Curious about rates? We've compared EGGRS top rated insurers against the top insurance companies. Checkout this guide to choosing term life insurance.

Average Monthly Costs for Term Life Insurance

Age plays a significant role in determining the cost of life insurance. Simply put, as you age, insurance rates are likely to rise. Understanding this factor can help you make informed decisions about your coverage options.

The term life insurance quotes below are for a 20-year term life insurance policy with a death benefit of $250,000, $500,000, $750,000, and $1,000,0002.


Death Benefit | Monthly Premium

$250k | $10.95

$500k | $16.37

$750k | $21.79

$1m    | $22.98


Death Benefit | Monthly Premium

$250k | $12.30

$500k | $19.08

$750k | $25.86

$1m    | $30.54


Death Benefit | Monthly Premium

$250k | $12.45

$500k | $18.20

$750k | $24.54

$1m    | $30.53


Death Benefit | Monthly Premium

$250k | $3.80

$500k | $21.64

$750k | $29.70

$1m    | $33.93


Death Benefit | Monthly Premium

$250k | $21.24

$500k | $36.95

$750k | $52.67

$1m    | $67.85


Death Benefit | Monthly Premium

$250k | $26.19

$500k | $46.67

$750k | $67.24

$1m    | $87.81


Death Benefit | Monthly Premium

$250k | $45.37

$500k | $84.36

$750k | $123.78

$1m    | $158.80


Death Benefit | Monthly Premium

$250k | $61.24

$500k | $114.71

$750k | $169.3

$1m    | $221.55

Rates valid as of 2023.

Factors that Affect Term Life Insurance Rates

To accurately estimate the cost of life insurance, it's crucial to consider several factors that impact premiums. Understanding these key factors will help you make informed decisions about your coverage and ensure you're getting the best value for your investment.


Age makes the biggest impact on how much you pay for life insurance. Generally speaking, younger people pay less because they are seen as being at a lower risk of death. But as you get older, your chances of developing health problems go up, which means you may end up paying more for coverage. 

Coverage Amount

When deciding on your life insurance policy, keep in mind that the amount of coverage you choose will impact your premiums. Higher coverage equals higher premiums. So, take the time to assess your needs and select the coverage amount that offers enough protection for your family while keeping your costs in check.

How much coverage do you actually need?

Determining how much life insurance you should invest in is a highly personal choice, dependent on your individual circumstances and financial responsibilities. Nonetheless, various methods exist to help you calculate the necessary coverage.

Multiply Your Income by 10

Take your annual salary, add a "0" at the end, and there's your amount. For example, $50,000 salary equals $500,000 coverage.

Multiply Your Income by 10 + College for Each Child

How much should you add? Account for somewhere between $100,000 and $150,000 per child.

Use the DIME Formula

DIME stands for Debt, Income, Mortgage, and Education. Total them all up, subtract any savings or existing life insurance, and that's your estimated amount of coverage.

  • Debt: Total all your debts other than your mortgage, and add about $7,000 for funeral expenses.
  • Income: Take your salary and multiply by the number of years you think your family needs protection – or at least as long as you have children at home.
  • Mortgage: Look at your last statement and get the payoff amount. If you have a 2nd mortgage or HELOC (Home Equity Line of Credit), add that in too.
  • Education: The anticipated cost for sending each of your children to college: between $100,000 and $150,000 per child.
Human Life Value

The HLV calculation provides you with a rough estimate of your "human life value", which factors into how much insurance you need. Try our Human Life Value Calculator!

Human Life Value Calculator | EGGRS Term Life Insurance

Family History

Did you know that your family's medical history can also affect the cost of your life insurance? Insurance providers take a close look at your family's health history when determining the risk level and price of your policy. To avoid any surprises, make sure to share this information during the underwriting process. This will help ensure that you receive accurate pricing for your life insurance coverage.


On average, women have a longer life expectancy than men, making them less of a risk for insurance companies. As a result, women typically pay lower premiums than men.

Health Condition

Insurance companies use a medical underwriting process to evaluate your health, which can include reviewing your medical history, conducting a medical exam, and factoring in other health-related factors. If you have preexisting health conditions like diabetes, Psoriasis, Lupus, MS, heart disease, GI diseases or cancer, you may be considered a higher risk and have to pay higher premiums.

Lifestyle Habits

Did you know that some of your lifestyle habits can affect the price you pay for life insurance? Smoking, drinking excessively, and engaging in activities like skydiving or rock climbing are considered higher risk and can result in higher premiums. Why? These habits increase the likelihood of accidents or health issues.

Type of Policy

it's important to know that different policies will impact your cost in different ways. Generally speaking, term life insurance is the most budget-friendly option because there's a set term and no cash value accumulation. In contrast, whole life and universal life insurance typically come with higher premiums due to their lifetime coverage and investment features. Understanding these differences can help you make an informed decision when choosing the right policy for your needs and budget.

Request a Quote for term life insurance

No agent, no exam, and it takes less than 15 minutes start to finish. Once the application is submitted, you will receive your online quotes instantly. EGGRS is a California based insurance solution company and works with only the most highly rated insurers.

Request a quote today!

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1 Average Cost of Life Insurance

2 Average Monthly Cost for Term Life Insurance


EGGRS Full LogoEGGRS understands the importance of preparing for unexpected changes while keeping your busy schedule in mind, so we have created an efficient process that anyone can follow.

Our ideal, uncomplicated process allows you to do everything online, including requesting life insurance coverage and receiving it within 20-30 business days. Our services include term life insurance, risk differentiating underwriting, request a quote, and free calculators. Contact EGGRS for more information!

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