Life insurance premiums are determined by age, health status, tobacco use, coverage amount, policy type, and term length. A healthy 35-year-old non-smoker can typically purchase a $500,000 20-year term policy for $25–$35 per month. The same coverage in a whole life policy might cost $300–$500 per month. Premiums rise significantly with age and health conditions — a 50-year-old pays two to three times more than a 35-year-old for equivalent coverage.