Life insurance tends to be much less expensive than people think - especially millennials. A study found that almost half of millennials overestimate the cost of life insurance by up to 500%.  In reality, the average monthly policy payment for a term life insurance plan costs less than a night at the movies for a healthy 30-year-old. Costs do increase over time, however, so your policy will always be cheaper when you're younger. A life insurance agent can help you find a life insurance company and policy that meets your budget and needs.