Families in Philadelphia earn a median $60,521 a year, and the typical owned home is worth $253,600. A simple rule puts the need for a typical family here at about $750,000. Term life is usually the lowest cost way to get there.
Philadelphia by the numbers
- Median household income
- $60,521Lower than the Pennsylvania median of $77,545
- Typical home value
- $253,600Lower than the Pennsylvania median of $277,600
- Homes owned
- 52%57% of owned homes have a mortgage
- Households with kids
- 23%702,646 households in all
- Age 65 and older
- 15%Median age 35.7
- Veterans
- 45,1183.6% of adults
Living in Philadelphia
Philadelphia is the largest city in Pennsylvania, with 1,573,916 residents and a median age of 35.7. That is younger than the state as a whole, so more families here are in the years when term life matters most.
The median household here earns $60,521, below the US median of $81,604. The typical home costs about 4.2 times that income.
Compared with nearby Allentown (44 miles away), homes in Philadelphia are worth about the same ($253,600 vs $242,400), and fewer households have kids at home.
The biggest hands on job group here is health care, at 13.2% of workers. Health care workers on shifts and contracts can lose group coverage between jobs.
Who works in Philadelphia
The biggest groups of hands on and front line jobs here, as a share of all workers. Some of these jobs can change your price, and some companies treat them better than others.
What fits families in Philadelphia
57% of owned homes in Philadelphia still have a mortgage. If your family would struggle to make that payment without you, size a policy to the loan. More on mortgage protection
23% of households here have kids under 18. Term life covers the years they depend on you for the lowest price. More on term life
15% of people in Philadelphia are 65 or older, lower than the Pennsylvania rate. A small policy keeps funeral costs off the family. More on final expense
About 45,118 veterans live in Philadelphia. VGLI is not your only choice. More on veterans
Final expense and burial insurance in Philadelphia
About 242,200 people in Philadelphia are 65 or older. A small final expense policy, also called burial insurance, pays for the funeral so the family does not have to.
| Age | Women, $10,000 | Men, $10,000 |
|---|---|---|
| 60 | $33 | $43 |
| 70 | $53 | $70 |
| 80 | $98 | $134 |
National sample rates, Choice Mutual, Rates valid as of March 9, 2026. Not a quote. Funeral costs and help in Pennsylvania
Pennsylvania rules that protect you
- Free look: 10 days to return a new policy for a refund
- Grace period: 31 days if you miss a payment
- Guaranty protection: up to $300,000 in death benefits
- Help line: Pennsylvania Insurance Department, 1-877-881-6388
Common questions in Philadelphia
How much life insurance do I need in Philadelphia?
A quick rule of thumb: 10 years of income plus what you owe on your home. With Philadelphia's median household income of $60,521 and a typical home value of $253,600, that lands near $750,000 for a typical family. Your number depends on your debts, kids and savings. Our calculator does the math.
Can I get life insurance in Philadelphia without a medical exam?
Often, yes. Many companies approve healthy people with health questions and records instead of an exam. Older buyers can also look at simplified issue or guaranteed issue final expense plans.
Do I need an agent licensed in Pennsylvania?
Yes. An agent must hold a Pennsylvania license to sell you a policy. You can check a license with the Pennsylvania Insurance Department at 1-877-881-6388.
What does a funeral cost near Philadelphia?
Local prices vary by funeral home. Nationally, the median funeral with viewing and burial was $8,300 in 2023, and $6,280 with cremation (NFDA). Under the FTC Funeral Rule, any funeral home in Philadelphia must give you an itemized price list.
Source: FTC Funeral Rule · NFDA price study
What happens if my insurance company fails in Pennsylvania?
The Pennsylvania Life & Health Insurance Guaranty Association protects Pennsylvania policyholders up to $300,000 in death benefits, per insured person.
Source: Pennsylvania Life & Health Insurance Guaranty Association · NOLHGA: how you are protected
Near Philadelphia
Allentown (44 mi), Pittsburgh (257 mi)
Sources
Local numbers are Census American Community Survey 2024 one year estimates for Philadelphia, PA. The coverage figure is a rule of thumb, not advice.
