A $1 million term life insurance policy cost varies by age, gender, health, and term length. For a 30-year-old non-smoking woman, a 10-year policy averages $19/month, while a 20-year term costs $28/month. Men generally pay more, with a 30-year-old man paying about $35/month for 20 years. Costs rise with age and longer terms; a 50-year-old man pays around $141/month for 20 years. No-exam policies are available for healthy individuals under 50.