How much does a $500,000 20-year term policy cost at 40?

For a healthy non-tobacco 40-year-old, roughly $25 to $40 a month in the best health class and $34 to $55 a month in the standard class, based on 2026 industry rate tables. Tobacco roughly doubles it. The carrier sets the final price when it underwrites.

Why does the price go up every birthday?

Term life is priced on the chance of death during the term, which rises with age. Rates step up at each birthday, typically 5 to 8 percent a year in your 30s and 40s and faster after 50, so the same policy costs less the earlier you lock it in.

What is the cheapest kind of life insurance?

Level term. It covers a fixed number of years with no cash value, which is why it costs a fraction of whole or universal life for the same death benefit. Final expense policies are cheap in dollars because the amounts are small, but per dollar of coverage they cost more than term.

Written by PolicyChat Life, a licensed life insurance agency. Estimates come from the same pricing tables our chat, Sage, uses; they are not quotes. Updated 2026-09-18.

Last updated September 2026 · PolicyChat Life.

How much does life insurance cost?

Short answer. A healthy 40-year-old pays roughly $25 to $55 a month for $500,000 of 20-year term, depending on health class. A 70-year-old pays roughly $78 to $108 a month for a $15,000 final expense policy. Tobacco roughly doubles either. Everything else, your ZIP, your job, your credit, barely moves the number.

Price is the first thing people ask about life insurance, and it is the question most sites make you fill out a form to answer. The tables below are dated industry estimates from the same pricing our chat uses. They are not quotes; the carrier confirms the price when it underwrites your application.

The three things that set your price

Age. The biggest factor by far. Rates step up at every birthday, which is why the tables below are by age.
Health class. Carriers sort applicants into classes: Preferred Plus, Preferred, Standard, and Standard with a rating. Controlled high blood pressure or cholesterol usually still lands in Preferred or Standard. A serious condition moves you to a guaranteed-acceptance policy instead.
Tobacco. Current use, or quitting less than a year ago, roughly doubles the premium. Most carriers treat you as a non-smoker after 12 months tobacco-free. Vaping and nicotine patches count.

Term length and coverage amount matter too, but they are choices, not facts about you: a 30-year term costs about half again as much as a 20-year term, and price scales almost linearly with the amount.

What does not matter much

Your ZIP code (it decides which carriers can write you, not the price), your job unless it is unusually risky, your credit, and your gender to a small degree (women pay somewhat less because they live longer).

How to read the tables

Each cell is a monthly range for a non-tobacco applicant. The low end is what the most competitive carrier for that profile tends to charge; the high end is typical. If you are between ages, expect a number between the rows.

20-year term, monthly premium by age (estimates, updated 2026-09-18)

20-year level term, non-tobacco. Preferred Plus = best health class; Standard = typical with a controlled condition. Industry estimates from published carrier rate tables, monthly premium, not a quote. The carrier confirms the price when it underwrites.

Age	$250,000		$500,000		$1,000,000
	Preferred Plus	Standard	Preferred Plus	Standard	Preferred Plus	Standard
25	$8–$10	$9–$14	$12–$20	$17–$29	$23–$38	$33–$55
30	$8–$12	$10–$17	$14–$24	$20–$34	$27–$46	$38–$66
35	$9–$14	$13–$20	$18–$28	$26–$40	$34–$53	$49–$76
40	$12–$19	$17–$27	$24–$38	$34–$55	$46–$72	$66–$104
45	$18–$28	$26–$40	$36–$56	$52–$80	$68–$106	$98–$153
50	$28–$44	$40–$63	$56–$88	$80–$126	$106–$167	$153–$240
55	$44–$72	$63–$104	$88–$144	$126–$207	$167–$274	$240–$393
60	$80–$120	$115–$172	$160–$240	$230–$345	$304–$456	$437–$655
65	$140–$220	$201–$316	$280–$440	$402–$632	$532–$836	$765–$1,202
70	$247–$388	$355–$557	$493–$775	$709–$1,115	$938–$1,473	$1,348–$2,118

Tobacco roughly doubles these numbers. Example, $500K Standard, tobacco: 25: $41–$69 · 30: $48–$83 · 35: $62–$97 · 40: $83–$131 · 45: $124–$193 · 50: $193–$304 · 55: $304–$497 · 60: $552–$828 · 65: $966–$1,518 · 70: $1,702–$2,675.

Final expense (simplified issue), monthly premium by age (estimates, updated 2026-09-18)

Simplified-issue whole life (health questions, no exam), non-tobacco, blended male/female. Industry estimates from published carrier rate tables, monthly premium, not a quote. The carrier confirms the price when it underwrites.

Age	$10,000	$15,000	$25,000	$15,000, tobacco
50	$24–$33	$36–$50	$60–$82	$49–$67
55	$28–$38	$42–$57	$70–$95	$57–$77
60	$33–$45	$50–$68	$82–$112	$67–$91
65	$40–$55	$60–$82	$100–$138	$81–$111
70	$52–$72	$78–$108	$130–$180	$105–$146
75	$72–$98	$108–$147	$180–$245	$146–$198
80	$104–$142	$156–$213	$260–$355	$211–$288
85	$155–$210	$232–$315	$388–$525	$314–$425

See your own number. Sage sizes the coverage, asks three plain health questions, and shows the price range you'd actually get, before anyone asks for your phone number.

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PolicyChat Life is a licensed life insurance agency. Every policy comes with a free-look period, usually 10 to 30 days depending on your state, with a full refund.