How Much Does Term Life Insurance Cost?

Key Takeaways:
  • The cost of a term life plan will vary due to factors like age, gender, health, lifestyle, amount of coverage being purchased, and more.
  • Everyday Life’s term life plans are extremely affordable, as they update your coverage over time to prevent you from overpaying for coverage you don’t really need!

One of the most common questions people ask about life insurance is “How much does term life insurance cost?” Term life insurance is the most affordable type of life insurance, partially because it’s the simplest form of life insurance available. When you purchase a term life policy, you agree to pay a monthly premium in exchange for a certain amount of coverage that lasts for a set period of time (typically between 10 to 30 years, although Everyday Life’s term life plans can last up to 40 years). If you pass away during this time, the insurance company pays out the coverage amount to your beneficiaries.

Because there is a good chance that you will outlive your coverage, term life insurance companies don’t take on as much of a risk insuring you as permanent life companies do (permanent life offers coverage no matter when you die), so these plans are cheaper. However, the cost that an individual will pay for term life coverage is tough to determine without getting a quote, just because the price of premiums depends so much on individual life factors and circumstances.

Your age is one factor that will influence cost. A younger adult will need more coverage because they – statistically speaking – have greater debt and younger dependents, but their rate per thousand (cost of $1,000 of coverage) is lower because they are – statistically speaking – less likely to pass away during the term than an older adult. For example, the average 25-year-old will pay less for a term life plan than a 45-year-old will.

Other factors that influence how much term life insurance will cost include: gender (men pay more than women, on average), health factors (weight, medications, chronic disease, smoking, exercise, and family history – the poorer your health, the higher premiums will be), lifestyle factors (the more dangerous your hobbies and career, the more you’ll pay), and more. People who purchase underwritten life insurance products will pay less, on average, than people who purchase products that are not underwritten.

Everyday Life’s term life plans are designed to save you even more on term life insurance. Instead of offering one bulk amount of coverage for the life of the plan, we use predictive technology to create a policy that automatically adapts to fit your changing life circumstances. Because your need for life insurance is different in different life stages, your coverage will change with you – your monthly premiums will go down with your coverage, and you will never pay for more than what you absolutely need. This is called policy stacking; before us, this was too complicated to do without the help of a financial advisor, but now you can do it affordably and entirely online. The result is big savings! The average Everyday Life customer starts saving 25% right away, and you could see 50% or more in savings with our policy compared to a typical term life plan. Take our Needs Assessment right now to get your personalized recommendation (you don’t need to provide any contact information).

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Understand How Underwriting Affects Cost

The term “underwriting” tends to scare away some would-be life insurance buyers, either because they have concerns about being approved or because they don’t realize what that entails and think it is much more invasive than it actually is. Underwriting is a risk-assessment process. In most cases, you must undergo a medical exam and provide certain details about your life circumstances and history. Underwriting is not unique to term life insurance; it is a common practice used to decide whether to give people mortgages, loans, credit cards, and more – you may have even participated in the underwriting process before without realizing that was what it was.

If a term life insurance plan isn’t underwritten, you don’t have to provide those personal details, but that convenience comes with a cost. Some people think that they will get a cheaper rate if they don’t reveal certain details, but that is not usually the case. Plans that aren’t underwritten tend to be more expensive because they assume more risk.

It is important for term life shoppers to know that a life insurance quote is just an estimate – the premium price you pay isn’t final until the application or underwriting process is complete. You have to qualify first, so don’t only rely on quick quotes to give you an idea of how much term life insurance will cost. This is one reason why Everyday Life Insurance works hard to only recommend the plans that you are likely to be approved for!

How Much Does Term Life Insurance Cost With Everyday Life?

Term life plans are guaranteed cost, meaning that once you enter into an agreement with the insurance company, your premiums cannot be raised due to illness or other life circumstances – they have to stay the same for the life of the policy. That saves you money, but Everyday Life takes saving you money one step further by actually decreasing your coverage and premiums over time.

For example, take Jaime – she’s married and a stay at home mom of three young kids. She and her husband just bought a new house. Right now, if she purchases term life insurance with us, she’ll need a lot of coverage to replace her value and provide for her husband and kids if anything happens to her. But in a few years, her kids will be older and her mortgage debt will be lower. In a few more years, her kids will likely have moved out and her mortgage will be nearly paid off – she and her husband will have built up the savings they need to replace her value if anything happens to her. It doesn’t make sense for Jaime to pay the same rate for coverage over the years, since her life is changing so much, so Everyday Life would phase down the coverage she’s paying for over time, perhaps every 10 years. This could save her tens of thousands of dollars compared to a bulk coverage policy!

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