The average cost per month for life insurance will differ based on age, gender, and whether you’re a non-smoker or smoker. Canstar reports, based on a $500,000 benefit payout, a non-smoking woman in her 40s would pay $64.22 per month on average ($118.08 per month for smokers), and a non-smoking man in his 40s would pay $ $79.92 per month on average ($163.54 per month for smokers). $52.39 AgeFemale Non-smokerFemale SmokerMale Non-smokerMale Smoker20s$32.71$52.39$48.53$77.6930s$35.49$59.09$46.35$84.3040s$64.22$118.08$79.92$163.54Early 50s$123.10$224.40$164.84$330.82Late 50s$204.31$355.57$302.45$579.45Source: www.canstar.com.au. Table prepared 27/05/2020. Data from the Canstar 2020 Direct Life Insurance Star Ratings (May 2020). Monthly premiums based on $500,000 of cover.