Average Cost of a $100,000 Life Insurance Policy
Typically, a man between the ages of 40 and 50 can expect to pay from $30 per month to $65 per month for a $100,000 30-year term life insurance policy. A woman will pay from $24 to $47 per month for the same $100K policy.
Get Your Own $100,000 Life Insurance Rates!
Your own $100,000 life insurance cost will depend mostly on your gender, age, health, and medical history. But, there are other factors at play, like risky activities you partake in, your smoking habits, and surprisingly, your driving record.
Choose your age bracket for an affordable $100,000 life insurance policy quote:
A $100,000 life insurance policy - term or whole - is probably not enough coverage for most people, but it is a fair amount of money that will go a long away in helping your family in case you, or the person being insured, dies.
It will pay for funeral expenses or final expenses, help pay for college tuition, help pay down the mortgage, and maybe there will be some left over to pay outstanding bills.
Will $100,000 Be Enough Life Insurance Coverage?
This is difficult to answer without knowing your particular situation, but a good rule of thumb is, that you should get 5 to 10 times the amount of your annual salary in life insurance.
So, for example, if you make $50,000 dollars per year, you should get a policy in the amount of $250,000 to $500,000. But, if you can only afford around $100K, don't wait much longer and get your policy as soon as possible - the longer you wait, the costlier it will be.
Example rates for a 30 year term $100k life insurance policy for a man.
The monthly premium quotes below are for a male who is in fair health and is a non-smoker. Note, however, that a man or woman in poor health and a smoker will pay significantly higher premiums.
| AGE / Gender | $100,000 |
| 30 Year Old Man | $18.95 |
| 35 Year Old Man | $22.14 |
| 40 Year Old Man | $29.90 |
| 45 Year Old Male | $44.35 |
| 50 Year Old Male | $64.33 |
| 55 Year Old Male | $86.77 |
10/30/2024 - These premiums are just estimates. Your costs will most likely be different.
Example rates for a 30 year term, $100,000 life insurance policy for a woman.
The following premium costs per month are for a female who is in fair health and is a non-smoker.
| AGE | $100,000 |
| 30 Year Old Woman | $16.37 per month |
| 35 Year Old Woman | $18.54 per month |
| 40 Year Old Female | $23.55 per month |
| 45 Year Old Woman | $31.61 per month |
| 50 Year Old Female | $46.85 per month |
| 55 Year Old Woman | $73.52 per month |
10/30/2024 - These average premiums are just estimates. Your costs will most likely be different.
Average costs for a $100K 10 year life insurance policy for women, non-smoking, in fair health:
Female seniors aged 65 to 75
| AGE | $100,000 |
| 65 year old woman | $38.72 |
| 66 year old woman | $43.51 |
| 67 year old woman | $47.70 |
| 68 year old woman | $53.37 |
| 69 year old woman | $59.12 |
| 70 year old woman | $67.32 |
| 71 year old woman | $75.67 |
| 72 year old woman | $85.69 |
| 73 year old woman | $95.67 |
| 74 year old woman | $108.37 |
| 75 year old woman | $115.52 |
Average female rates as off 10/30/2024 - your exact monthly premiums will most likely be different.
Typical rates for a $100000 10-year term policy, for a man, non-smoker, in good health:
Male seniors aged 65 to 75
| $100,000 (monthly) | $100,000 (yearly) | |
| 65 year old man | $63.67 monthly | $764.04 per year |
| 66 year old man | $71.35 per month | $856.20 yearly |
| 67 year old male | $82.55 monthly | $990.00 per year |
| 68 year old man | $92.88 per month | $1114.33 yearly |
| 69 year old man | $104.69 monthly | $1256.29 per year |
| 70 year old man | $116.53 per month | $1398.11 yearly |
| 71 year old male | $136.86 monthly | $1642.32 per year |
| 72 year old male | $152.51 per month | $1830.13 yearly |
| 73 year old male | $172.11 monthly | $2065.32 per year |
| 74 year old male | $194.16 per month | $2329.93 yearly |
| 75 year old male | $220.52 monthly | $2645.14 per year |
Average male rates as off 10/30/2024 - your average monthly premiums will most likely be different.
The prices shown in the table above are for men and women in regular health, and will change if you smoke, are overweight, or have certain medical issues. It's best to ask your insurance advisor on the phone.
If you are taking medication for high blood pressure (hypertension), diabetes, or high cholesterol, you still may qualify for the regular rates above. But, you'll have to show the insurance company that any medical conditions are well under control and your health is good. A visit from a medical professional and a blood test will be needed.
If you can't find an affordable 100K policy, you could try going with a 50K death benefit. It will still cover some of the basic final expenses and some debt.
If you are an occasional cigar smoker, some companies may give you non-smoker prices, but it will be evaluated on an individual basis.
In case you cannot qualify for a regular life insurance policy, you can always try a no medical exam policy. These are more expensive, but you will qualify much easier.
Undecided Between a Term or Whole Life Insurance Policy?
Here's a simple comparison table to help you choose:
| Comparison | Term Life Insurance | Whole Life Insurance |
|---|---|---|
| Coverage Duration | Provides coverage for a set period of time | Provides coverage for your entire lifetime, as long as premiums are paid |
| Premium Costs | Lower premiums, especially at younger ages | Higher premiums, but policy builds cash value over time |
| Cash Value | No cash value component | Has a cash value component that accumulates over time, can be borrowed against or withdrawn |
| Expiration | Expires at the end of the term, unless renewed | Does not expire as long as premiums are paid |
| Flexibility | Can be adjusted as needs change | Generally less flexible, coverage amount and premiums are fixed |
| Purpose | Best suited for temporary needs | Useful for long-term financial planning, estate planning, or as a supplementary retirement income source |
Get a Whole or Term Life Insurance Quote!
Can I lower my life insurance rates?
Yes, you can. You can make some changes to your life to lower the rates.
For example:
- If you are a smoker or chew tobacco, quit! This will lower your rates by 3 to 4 times.
- Get in shape and lose weight - a lower BMI will lower your rates.
- Drink less alcohol.
- Get prices from different insurance companies - life insurance prices often vary quiet a bit.