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Find affordable life insurance with SelectQuote for as low as $9/month.
It’s normal to assume that life insurance is expensive, but the truth is, you may be able to get coverage at an affordable rate. We can compare coverage and rates to determine what policy is right for you.
Find affordable life insurance with SelectQuote for as low as $9/month.
It’s normal to assume that life insurance is expensive, but the truth is, you may be able to get coverage at an affordable rate. We can compare coverage and rates to determine what policy is right for you.
Affordable Life Insurance: Term Life Insurance
Term life insurance is arguably one of the most affordable life insurance options, especially compared to whole or permanent life insurance. As the name suggests, you have the option to choose your term length so you only buy it for as long as you need it. The cost of term life insurance is determined by a number of factors, including things such as term length, coverage amount, age, gender, health and lifestyle.Average Term Life Insurance Rates
| 10 Years | 15 Years | 20 Years | 25 Years | 30 Years |
| 10 Year Term Life | |||
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25 Years Old Female | $8.78 | $11.44 | $15.72 |
| 25 Years Old Male | $10.15 | $13.79 | $19.90 |
| 35 Years Old Female | $9.24 | $12.32 | $19.03 |
| 35 Years Old Male | $10.26 | $14.16 | $21.77 |
| 45 Years Old Female | $15.38 | $24.21 | $41.04 |
| 45 Years Old Male | $17.16 | $28.10 | $46.73 |
| 55 Years Old Female | $29.53 | $50.01 | $90.87 |
| 55 Years Old Male | $38.45 | $67.53 | $123.17 |
| 15 Year Term Life | |||
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25 Years Old Female | $9.74 | $13.25 | $19.15 |
| 25 Years Old Male | $10.26 | $14.53 | $22.65 |
| 35 Years Old Female | $10.78 | $15.15 | $21.37 |
| 35 Years Old Male | $11.90 | $16.24 | $26.92 |
| 45 Years Old Female | $21.80 | $34.32 | $59.41 |
| 45 Years Old Male | $22.66 | $35.77 | $67.13 |
| 55 Years Old Female | $35.19 | $61.56 | $116.34 |
| 55 Years Old Male | $48.28 | $87.21 | $166.29 |
| 20 Year Term Life | |||
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25 Years Old Female | $11.39 | $16.40 | $23.97 |
| 25 Years Old Male | $12.83 | $19.29 | $31.44 |
| 35 Years Old Female | $12.45 | $18.06 | $30.53 |
| 35 Years Old Male | $13.76 | $21.64 | $34.84 |
| 45 Years Old Female | $22.10 | $37.82 | $67.99 |
| 45 Years Old Male | $27.32 | $47.40 | $87.89 |
| 55 Years Old Female | $48.87 | $84.99 | $158.95 |
| 55 Years Old Male | $62.47 | $117.29 | $221.63 |
| 25 Year Term Life | |||
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25 Years Old Female | $14.48 | $22.45 | $35.43 |
| 25 Years Old Male | $16.88 | $27.08 | $45.36 |
| 35 Years Old Female | $17.23 | $28.13 | $50.14 |
| 35 Years Old Male | $21.54 | $34.58 | $61.24 |
| 45 Years Old Female | $34.25 | $58.91 | $106.20 |
| 45 Years Old Male | $43.85 | $75.38 | $137.27 |
| 55 Years Old Female | $89.06 | $147.50 | $277.32 |
| 55 Years Old Male | $124.95 | $215.00 | $388.90 |
| 30 Year Term Life | |||
| Age / Sex | $250,000 Coverage Amount | $500,000 Coverage Amount | $1M Coverage Amount |
|---|---|---|---|
| 25 Years Old Female | $15.47 | $24.56 | $39.85 |
| 25 Years Old Male | $18.44 | $28.90 | $50.90 |
| 35 Years Old Female | $18.49 | $30.46 | $53.12 |
| 35 Years Old Male | $21.46 | $35.80 | $64.51 |
| 45 Years Old Female | $34.64 | $61.62 | $116.45 |
| 45 Years Old Male | $43.56 | $79.40 | $151.20 |
| 55 Years Old Female | $94.98 | $177.17 | $334.04 |
| 55 Years Old Male | $124.29 | $232.24 | $459.37 |
Table rates are based on 10-year, 15-year, 20-year, 25-year, and 30-year term policies for men and women in excellent health from one or more of the trusted companies we represent. 10-year term rates were pulled on 8/2021 and other rates were pulled on 5/2021. Your price could vary depending on your health, issuing company and other factors. Not available in all states.
How to Find Affordable Life Insurance
In order to find the most affordable life insurance policies, you’ll need to shop around. At SelectQuote, we make it easy. We can shop some of the most trusted life insurance companies and compare prices and coverage for you, providing you with your best options in just minutes.
1. Buy Term Life Insurance Early
Buying life insurance when you’re young is the best way to receive the cheapest life insurance rates. While life insurance is a good investment at any age, the sooner you shop for life insurance, the easier it is to lock in a favorable rate on your policy.2. Secure the Right Amount of Coverage
The right amount of life insurance varies from person-to-person. Oftentimes, people find that 10-12 times their income is enough coverage. However, that approach may not work for everyone. To understand how much coverage you need, you’ll want to consider how much you can afford, who depends on you financially, and what your future financial needs may be.Our life insurance coverage calculator can help give you an idea of how much coverage would be good for you.
3. Compare & Shop Term Life Insurance Rates
The best way to find the most affordable term life insurance rates is by shopping around. With the variety of factors that go into determining life insurance rates, each life insurance company has a different approach. At SelectQuote, we can do the comparison and shopping for you. We’ll make sure you understand all of your life insurance options.4. Take Advantage of Group Life Insurance
A popular benefit offered by many employers, group life insurance is similar to guaranteed issue life insurance and is typically easy to qualify for. While group life insurance can be an affordable option, it doesn’t typically provide the amount of coverage you people need and can have an increased rate due to unhealthy individuals also partaking in the policy. Group life insurance through your employer also only covers you while you’re still an employee at the company.5. Consider the Ladder Strategy
Life insurance laddering means stacking multiple term life insurance policies of various lengths so that they expire over time, giving you coverage when you need it most and tapering off when you don’t. This can be an affordable option in comparison to purchasing one 30-year policy. The ladder strategy can be an effective way to lower the cost of your life insurance over time.Average Monthly Life Insurance Premiums for Ladder Strategy Vs. Single Policy
Average Monthly Life Insurance Premiums for Ladder Strategy Vs. Single Policy
Cost of single policy $19,123.20
Overall cost of 3 laddered policies $11,122.80
With the ladder strategy, you save $8,000.40
