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Life insurance from Aflac pays a cash death benefit to your designated beneficiaries after you pass.1 Having a policy can help your end-of-life planning and give financial protection to your loved ones after you die. Understanding the cost of life insurance can help you determine the best policy for you and your family. Here, we break down the average costs of life insurance and factors that can impact cost so you can determine the best value for you.
Table of Contents
Life insurance is an insurance policy that pays a sum of money, known as a death benefit, to your chosen beneficiaries if you die while the policy is active.1 Life insurance can help beneficiaries replace your lost income, cover expenses or outstanding debts, or serve as an inheritance.
There are two primary types of life insurance:2,3
The average life insurance cost is $26 per month.4 However, rates vary significantly depending on a number of factors.
There are several key factors that may affect the cost of life insurance. Some of the most important are:
Each life insurance company has its own policies and procedures for estimating premiums. However, using our life insurance calculator can give you a general idea of what you might pay for a life insurance policy.
Term life insurance costs are mainly influenced by the age of the policyholder, their gender, and how long the specified term is. The specific costs can depend on the insurance company you choose, but a few factors can help you understand potential term life insurance costs.
In general, term life insurance is more expensive the older you are. Additionally, term life insurance is more expensive for men than women because men tend to have shorter life expectancies.4
The average term life insurance annual rates for a $500,000, 20-year term life policy for nonsmokers are:4
| Age | Men | Women |
|---|---|---|
| 20 | $213 | $176 |
| 30 | $215 | $185 |
| 40 | $331 | $280 |
| 50 | $815 | $640 |
| 60 | $2,351 | $1,650 |
| 70 | $9,702 | $7,994 |
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Get StartedIn a whole life insurance plan, the term length is non-existent, so the length of the plan typically won't change the cost of this permanent life insurance. However, the same influences of age and gender also apply to whole life insurance costs.
A whole life insurance plan usually will need to be paid for in full for beneficiaries to access all the benefits. We recommend chatting with an insurance agent to help determine how beneficiaries can complete the plan's payments if needed. Additionally, the overarching face value of your plan will impact the total life insurance cost.5
The average annual rates for a $500,000 whole life insurance policy for nonsmokers are:4
| Age | Men | Women |
|---|---|---|
| 20 | $2,933 | $2,635 |
| 30 | $4,013 | $3,693 |
| 40 | $5,853 | $5,298 |
| 50 | $8,785 | $7,850 |
| 60 | $14,183 | $12,288 |
| 70 | $25,153 | $20,973 |
Here are some ways you can help find a life insurance policy that will fit within your budget needs:
The amount of life insurance you need can depend on factors such as your debts, income, number of dependents, and how long you want to be covered. For instance, it is usually recommended that you apply for a policy worth 10 times your income if you want to help provide your loved ones with financial stability after your passing. Or, if you have a mortgage or other long-term debts, you should get a coverage amount that would help loved ones be able to pay these debts off if you unexpectedly pass away.
Depending on your unique needs and goals, Aflac offers both term and whole life insurance plans, depending on your unique needs and goals. Speaking to an agent can help clarify what your life insurance costs could be like.
Get a quote today to see how an Aflac life insurance plan could fit into your budget. Understanding potential monthly costs can help you plan for the future better.
Get Started
Permanent life insurance ensures the financial protection of your loved ones. Find out what permanent life insurance is and the different types of policies available.
The rates you'll pay for term life insurance depend on your age and other factors. Find out how rates vary with age and how to find the best term life insurance plan for you.
Permanent life insurance ensures the financial protection of your loved ones. Find out what permanent life insurance is and the different types of policies available.
The rates you'll pay for term life insurance depend on your age and other factors. Find out how rates vary with age and how to find the best term life insurance plan for you.
1 Investopedia - Life Insurance What It Is, How It Works, and How To Buy a Policy. Updated February 24, 2025. Accessed February 28, 2025. https://www.investopedia.com/terms/l/lifeinsurance.asp.
2 Investopedia - Term Life Insurance What It Is, Different Types, Pros and Cons. Updated November 26, 2024. Accessed February 28, 2025. https://www.investopedia.com/terms/t/termlife.asp.
3 Investopedia - Whole Life Insurance Definition How It Works, With Examples. Updated November 25, 2024. Accessed February 28, 2025. https://www.investopedia.com/terms/w/wholelife.asp.
4 Nerd Wallet - Average Life Insurance Rates for February 2025. Updated February 28, 2025. Accessed February 26, 2024. https://www.nerdwallet.com/article/insurance/average-life-insurance-rates.
5 Value Penguin - Average Cost of Life Insurance by Age, Term & Coverage. Updated December 27, 2024. Accessed February 28, 2025. https://www.valuepenguin.com/average-cost-life-insurance.
6 Nerd Wallet - The Cost of Whole Life Insurance, and Why It's So High. Updated September 11, 2024. Accessed February 28, 2025. https://www.nerdwallet.com/article/insurance/cost-of-whole-life-insurance.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans – A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac WWHQ | Tier One | 1932 Wynnton Road | Columbus, GA 31999
Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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