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.

Click or call to find life insurance today!