Older individuals generally have higher premiums due to shorter life expectancy. Males may also have higher premiums than females. For instance, a 30-year-old male may pay around $18 per month, while a 30-year-old female may pay about $15 per month for $500,000 in coverage.

Cost Breakdown of $50,000 Life Insurance Term Life Insurance: For a 30-year-old non-smoker, a 20-year term might cost around $10 to $15 per month. However, for a 50-year-old smoker, the cost might jump to $40 to $60 per month.

The average cost of a $100,000 whole life insurance policy is about $88 a month, or $1,056 a year, based on our analysis of whole life insurance quotes for a 30-year-old nonsmoker in good health. Whole life insurance offers permanent coverage, meaning it typically lasts your lifetime as long as you pay your premiums.