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Average Male Life Insurance Premium

Average Male Life Insurance Premium
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For this brief review, we used to compare term life insurance rates quoted to males under age 60 living in New York City. A $100,000 term life policy was chosen to facilitate further rate comparisons. Applicants were assumed to be in average health, with no pre-existing medical conditions.

Average Male Insurance Rates at Age 20

For 20-year-old males, the overall lowest annual premium was $127 for 10-year term life insurance. Compulife identified 2 large insurers that sell term life policies for that rate, namely First Americas Life of New York and Transamerica Financial Life.

Term insurance premiums can increase significantly at the end of any 5-year term. Therefore, the most cost-effective annual rate over the long term is the $151 that Genworth Life and William Penn Life of New York charges 20-year-old men for 30-year term life insurance.

Below are the average yearly rates quoted for 20-year-old men in average health.

  1. Average annual premium for 5 year term … US$144 per $100,000
  2. Average annual premium for 10 year term … $133
  3. Average annual premium for 15 year term … $154
  4. Average annual premium for 20 year term … $166
  5. Average annual premium for 25 year term … $216
  6. Average annual premium for 30 year term … $187

Average Male Insurance Rates at Age 30

As is the case for 20-year-old males in this study, First Americas Life of New York and Transamerica Financial Life provide the lowest term life rate for men age 30 year. Both companies charge an annual premium of $127 for a 10-year term life policy.

For men age 30, term life insurance with a level premium for 30 years is 60% higher than the average rate for a 5-year term.

Below are average term life insurance rates for New York males at age 30.

  1. Average annual premium for 5 year term … US$152
  2. Average annual premium for 10 year term … $134
  3. Average annual premium for 15 year term … $157
  4. Average annual premium for 20 year term … $172
  5. Average annual premium for 25 year term … $229
  6. Average annual premium for 30 year term … $250

Average Male Insurance Rates at Age 40

Male applicants who reach age 40 can expect life insurance premium quotes that are on average 40% higher than the rates they would have seen at age 20.

Below are average term life insurance rates for New York males at age 40.

  1. Average annual premium for 5 year term … US$195
  2. Average annual premium for 10 year term … $170
  3. Average annual premium for 15 year term … $208
  4. Average annual premium for 20 year term … $235
  5. Average annual premium for 25 year term … $356
  6. Average annual premium for 30 year term … $375

Average Male Insurance Rates at Age 50

The annual insurance rates for a $100,000 term life policy for 50-year-old men are at least twice as expensive as the premiums quoted for male applicants age 20. This applies to all policies, from 5 to 30-year terms.

Below are average term life insurance rates for New York males who reach age 50.

  1. Average annual premium for 5 year term … US$353
  2. Average annual premium for 10 year term … $310
  3. Average annual premium for 15 year term … $409
  4. Average annual premium for 20 year term … $467
  5. Average annual premium for 25 year term … $762
  6. Average annual premium for 30 year term … $825

Average Male Insurance Rates at Age 55

The cost of term insurance rises even more dramatically when men attain age 55. The average insurance rates for a $100,000 term life policy for 55 year olds cost roughly 4 times more than the average premiums charged to men age 20. In just 5 more years at age 60, term life premiums quickly become more than 5 times more expensive than rates for 20 year olds.

Below are average term life insurance rates for New York males age 55.

  1. Average annual premium for 5 year term … US$510
  2. Average annual premium for 10 year term … $455
  3. Average annual premium for 15 year term … $610
  4. Average annual premium for 20 year term … $750
  5. Average annual premium for 25 year term … $1,174
  6. Average annual premium for 30 year term … $1,306

Findings from Review of Male Term Life Rates

From ages 20 to 55, average life insurance premiums are lowest for 10-year term policies. Because life insurance rates can increase substantially at the end of the 10-year policy term, this does not mean that 10-year term policies save the most premium dollars over the long term.

The 30-year-term life insurance quoted to 20-year-old men appears to be the most cost-effective buy that meets longer term insurance needs. With annual premiums as low as $151 per $100,000 of coverage, young men can lock in a competitive rate that will provide coverage up to the male applicant’s 50th birthday.

Otherwise, consumers can safely expect that annual premiums will rise as they grow older or choose longer policy terms to replace their existing policies after the initial coverage term expires.

Save up to $500 on your Average Life Insurance Rate today! Enter your ZIP code