How Much Does Life Insurance Cost?
Updated for 2026 — national average costs with state-by-state breakdowns
What Does Life Insurance Include?
Life insurance provides financial protection for your family. Term life is the most affordable option, while whole life builds cash value but costs significantly more.
The national average cost for life insurance is $50 per month. Most homeowners pay between $20 and $200, though costs can vary significantly based on your location, the scope of work, and other factors outlined below.
What Affects the Price?
Policy Type
20-year term: $20-$60/mo. Whole life: $150-$500/mo (for same coverage)
Coverage
$250K: $15-$30/mo. $500K: $25-$50/mo. $1M: $40-$90/mo (healthy 35-year-old, term)
Key Cost Factors
- ✓Term vs whole life
- ✓Coverage amount
- ✓Age and health
- ✓Tobacco use
- ✓Term length
- ✓Riders and add-ons
💡 Tips to Save Money
- 1.Term life is 5-10x cheaper than whole life and sufficient for most people
- 2.Buy younger — rates increase significantly with age
- 3.Maintain good health to qualify for preferred rates
- 4.Compare quotes from multiple providers
📈 Life Insurance Cost Trends (2022–2026)
Prices have increased +19.0% over the last 5 years
| Year | National Avg | YoY Change |
|---|---|---|
| 2022 | $42 | — |
| 2023 | $44 | +4.8% |
| 2024 | $47 | +6.8% |
| 2025 | $48 | +2.1% |
| 2026 | $50 | +4.2% |
Based on national averages adjusted for annual inflation. Actual costs vary by location and project scope.
Life Insurance Cost by State
Costs vary significantly by state due to labor rates, cost of living, and local market conditions. Click any state for a detailed breakdown.
| State | Low | Average | High |
|---|---|---|---|
| Alabama | $16 | $41 | $164 |
| Alaska | $26 | $64 | $256 |
| Arizona | $19 | $48 | $190 |
| Arkansas | $16 | $40 | $160 |
| California | $27 | $68 | $270 |
| Colorado | $22 | $54 | $216 |
| Connecticut | $24 | $61 | $244 |
| Delaware | $21 | $53 | $210 |
| District of Columbia | $25 | $63 | $250 |
| Florida | $20 | $49 | $196 |
| Georgia | $18 | $45 | $180 |
| Hawaii | $28 | $71 | $284 |
| Idaho | $18 | $46 | $184 |
| Illinois | $21 | $53 | $210 |
| Indiana | $18 | $44 | $176 |
| Iowa | $17 | $43 | $172 |
| Kansas | $17 | $43 | $170 |
| Kentucky | $17 | $42 | $168 |
| Louisiana | $17 | $44 | $174 |
| Maine | $20 | $51 | $204 |
| Maryland | $23 | $57 | $230 |
| Massachusetts | $26 | $65 | $260 |
| Michigan | $18 | $46 | $184 |
| Minnesota | $20 | $51 | $204 |
| Mississippi | $16 | $39 | $156 |
| Missouri | $17 | $44 | $174 |
| Montana | $19 | $48 | $190 |
| Nebraska | $18 | $44 | $176 |
| Nevada | $20 | $51 | $204 |
| New Hampshire | $22 | $56 | $224 |
| New Jersey | $25 | $63 | $250 |
| New Mexico | $18 | $45 | $180 |
| New York | $26 | $66 | $264 |
| North Carolina | $18 | $45 | $180 |
| North Dakota | $18 | $45 | $180 |
| Ohio | $18 | $45 | $180 |
| Oklahoma | $17 | $42 | $166 |
| Oregon | $22 | $55 | $220 |
| Pennsylvania | $20 | $51 | $204 |
| Rhode Island | $23 | $57 | $230 |
| South Carolina | $17 | $44 | $174 |
| South Dakota | $17 | $43 | $170 |
| Tennessee | $17 | $43 | $172 |
| Texas | $19 | $47 | $186 |
| Utah | $19 | $48 | $190 |
| Vermont | $22 | $54 | $216 |
| Virginia | $21 | $53 | $210 |
| Washington | $23 | $57 | $230 |
| West Virginia | $16 | $40 | $160 |
| Wisconsin | $19 | $47 | $188 |
| Wyoming | $18 | $46 | $184 |
Frequently Asked Questions
How much life insurance do I need?
A common guideline is 10-15x your annual income. Consider debts, childcare costs, and future expenses like college.
🏙️ Life Insurance Cost by City
Compare life insurance costs in the most popular US cities:
View all 219 cities →
Related Cost Guides
💬 What Did You Pay?
Real costs reported by homeowners for Life Insurance
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