The average annual cost of life insurance is $631, which works out to about $53 per month. This amount is determined by a variety of criteria, including coverage selected and term length. However, your premiums can be considerably higher or lower depending on your age, gender, smoking habits, and general health.
63% of people think they can’t afford life insurance, and 50% overestimate its cost. Millennials, in particular, overestimate the cost by 213%, and they tend to be uninsured at a rate of about 40%.