Average Life Insurance Rates for 2021
The average life insurance rates across the U.S. are holding steady in 2021, presenting you with a prime opportunity to lock in benefits at a great price.
Overall, there are two types of life insurance: term life and whole life. Term life policies are usually more affordable than whole life policies, but choosing the best type depends on several factors.
Although the general rule of thumb is this: the cost of life insurance is a good indicator of the level of death benefits your loved ones will receive.
The problem is that you may end up with more questions than answers when shopping online for the best rates.
How long do you need to carry life insurance coverage? If you need a whole life plan, how will that affect the cost of life insurance?
This article will give you the background you need to compare prices accurately and fairly.
Summary of average life insurance rates for 2021
If you go online and search for accurate information about the price of life insurance, you're going to be disappointed with the results. There really isn't very reliable information on how much life insurance costs on average, which should give you pause.
You have to ask yourself, “why isn't there pricing information available?” it would certainly be more transparent and fair for you if you could look at rates ahead of time before speaking with an insurance agent.
Along those lines, you may not know that insurance rates vary from state to state. The reason is that every state has the power to set its own laws regulating any form of insurance, including life plans, so life insurance coverage needs to satisfy those requirements first.
The general rule of thumb is that life insurance coverage doesn't include risky activities, unlike auto insurance and home insurance. As far as life insurance companies are concerned, your current health status and age are better proxies to set the price of life insurance premiums.
Let's begin by looking at the average life insurance rates for term life coverage in each state before moving on to the cost of whole life coverage.
Alabama
Term life insurance
- Average monthly premium: $50
- Average annual premium: $602
Alaska
Term life insurance
- Average monthly premium: $55
- Average annual premium: $655
Arizona
Term life insurance
- Average monthly premium: $51
- Average annual premium: $615
Arkansas
Term life insurance
- Average monthly premium: $49
- Average annual premium: $584
California
Term life insurance
- Average monthly premium: $56
- Average annual premium: $668
Colorado
Term life insurance
- Average monthly premium: $54
- Average annual premium: $645
Connecticut
Term life insurance
- Average monthly premium: $60
- Average annual premium: $724
Delaware
Term life insurance
- Average monthly premium: $55
- Average annual premium: $657
Florida
Term life insurance
- Average monthly premium: $52
- Average annual premium: $627
Georgia
Term life insurance
- Average monthly premium: $53
- Average annual premium: $630
Hawaii
Term life insurance
- Average monthly premium: $57
- Average annual premium: $687
Idaho
Term life insurance
- Average monthly premium: $50
- Average annual premium: $597
Illinois
Term life insurance
- Average monthly premium: $53
- Average annual premium: $631
Indiana
Term life insurance
- Average monthly premium: $49
- Average annual premium: $593
Iowa
Term life insurance
- Average monthly premium: $50
- Average annual premium: $601
Kansas
Term life insurance
- Average monthly premium: $50
- Average annual premium: $601
Kentucky
Term life insurance
- Average monthly premium: $50
- Average annual premium: $599
Louisiana
Term life insurance
- Average monthly premium: $50
- Average annual premium: $597
Maine
Term life insurance
- Average monthly premium: $53
- Average annual premium: $641
Maryland
Term life insurance
- Average monthly premium: $59
- Average annual premium: $712
Massachusetts
Term life insurance
- Average monthly premium: $60
- Average annual premium: $718
Michigan
Term life insurance
- Average monthly premium: $51
- Average annual premium: $610
Minnesota
Term life insurance
- Average monthly premium: $53
- Average annual premium: $639
Mississippi
Term life insurance
- Average monthly premium: $48
- Average annual premium: $581
Missouri
Term life insurance
- Average monthly premium: $49
- Average annual premium: $590
Montana
Term life insurance
- Average monthly premium: $50
- Average annual premium: $601
Nebraska
Term life insurance
- Average monthly premium: $50
- Average annual premium: $603
Nevada
Term life insurance
- Average monthly premium: $51
- Average annual premium: $607
New Hampshire
Term life insurance
- Average monthly premium: $59
- Average annual premium: $708
New Jersey
Term life insurance
- Average monthly premium: $61
- Average annual premium: $732
New Mexico
Term life insurance
- Average monthly premium: $49
- Average annual premium: $588
New York
Term life insurance
- Average monthly premium: $56
- Average annual premium: $675
North Carolina
Term life insurance
- Average monthly premium: $51
- Average annual premium: $617
North Dakota
Term life insurance
- Average monthly premium: $50
- Average annual premium: $603
Ohio
Term life insurance
- Average monthly premium: $50
- Average annual premium: $599
Oklahoma
Term life insurance
- Average monthly premium: $50
- Average annual premium: $598
Oregon
Term life insurance
- Average monthly premium: $52
- Average annual premium: $627
Pennsylvania
Term life insurance
- Average monthly premium: $55
- Average annual premium: $658
Rhode Island
Term life insurance
- Average monthly premium: $55
- Average annual premium: $660
South Carolina
Term life insurance
- Average monthly premium: $51
- Average annual premium: $615
South Dakota
Term life insurance
- Average monthly premium: $49
- Average annual premium: $591
Tennessee
Term life insurance
- Average monthly premium: $51
- Average annual premium: $609
Texas
Term life insurance
- Average monthly premium: $53
- Average annual premium: $633
Utah
Term life insurance
- Average monthly premium: $53
- Average annual premium: $636
Vermont
Term life insurance
- Average monthly premium: $55
- Average annual premium: $655
Virginia
Term life insurance
- Average monthly premium: $57
- Average annual premium: $682
Washington
Term life insurance
- Average monthly premium: $55
- Average annual premium: $655
West Virginia
Term life insurance
- Average monthly premium: $49
- Average annual premium: $590
Wisconsin
Term life insurance
- Average monthly premium: $51
- Average annual premium: $607
Wyoming
Term life insurance
- Average monthly premium: $50
- Average annual premium: $601
This list of prices is critical to understanding why the price of insurance varies so much. What you'll see online from “experts” in insurance is that whole life insurance “costs about the same,” but that's simply not the case.
As you can see, no matter where you live in the country, you can find affordable term life insurance companies, but you need to have a way to compare the rates side-by-side too.
The situation becomes more complicated when shopping for whole life insurance, not term life coverage.
What about the average cost of whole life insurance?
There's information available online about the average cost of term life policies, but there's significantly less information about the average price of whole life policies, but why?
One reason is that whole life policies can be much more pricey than term life policies, so you may not be able to afford the best policies.
Another reason is that insurance companies want to showcase their most affordable products. As the old saying goes, “if you have to ask the price, you can't afford it.”
But you need reliable information, not conjecture. That's why this article goes over what information is currently available at the time of this writing.
What can, in fact, impact the price of whole life insurance is your:
- Age
- Gender
- Overall health
- Smoking status
That doesn't give you much to go on, but it's a start when shopping for insurance online, regardless of whether or not it's life coverage or auto and home coverage.
At the time of this writing, a 40-year man in good health can expect to pay $6,042 annually for whole life coverage; 40-year-old women can expect a price tag of $5,413 annually.
Where can you go to compare rates on life insurance?
Finding life insurance doesn't have to take a long time if you visit LifePlans.com to compare prices and benefits.
The bottom line is this: it's way too tricky and time-consuming to find accurate, trustworthy information online without a platform at your disposal to see rates side-by-side.
Otherwise, you'll need to search and compare prices manually for life insurance one at a time but not when you go to LifePlans.com.
LifePlans.com is an easy-to-understand, easy-to-use online platform that provides all of the most vital details of an insurance plan.
In the end, it's a much simpler way to shop around for life coverage without difficulty. All you need to do is fill out a short questionnaire and primary contact information to start seeing quotes.
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