The life life insurance average cost average cost is influenced by many factors, but most importantly, it’s based on how long you live. In other words, premiums are based on actuarial tables, which compare your age and health with statistics of how long people in your same age and health category have lived, explains life insurance website Quotacy.

The amount of coverage you choose plays a role in the policy’s costs as well. Most experts recommend getting at least 10 times your annual income in coverage. Term life policies are typically the most affordable options, which allow you to decide how long you want your policy to last, such as 10, 20 or 30 years. Permanent life insurance, which has a cash value component that lets you withdraw funds or borrow against the policy, tends to be more expensive.

The Bottom Line: Exploring the Average Cost of Life Insurance

Other influencing factors include your family’s medical history and your own pre-existing health conditions, such as diabetes or heart disease. Smokers also pay higher premiums. So does having a dangerous job, such as mining or being a firefighter, or participating in high-risk activities, such as skydiving.

The type of policy you choose also affects your life insurance rates, as do any additional riders you may add on. Choosing a company with a solid track record can help you get a more competitive rate, but it’s important to remember that not all insurers report their premium data publicly. This is likely because the process of collecting private health information can jeopardize policyholders’ privacy.