Wouldn’t it be great if you could review sample life insurance rates by age without having to provide any personal information? Well, now you can!
We’ve carefully analyzed term life insurance rates by age, and the typical insurance needs people have at different stages of their lives.
We’ll discuss how life insurance rates vary according to age, from young adults just getting started in adulthood to those approaching retirement age. Read on for everything you need to know!
Quick Navigation Links
- ⇓ How does your age affect your life insurance premium?
- ⇓ Why do you need life insurance in your 20s and 30s?
- ⇓ Why do people buy coverage in their 40s and 5os?
- ⇓ What are the reasons for insurance in your 60s and 70s?
- ⇓ How to buy life insurance for seniors over 70?
- ⇓ How do you apply for coverage at your age?
- ⇓FAQs: Life Insurance Rates By Age
How Much Does Life Insurance Cost?
Naturally, our age alone is not the only factor insurance companies consider when determining your life insurance premium.
There are several other factors involved in the underwriting process that will impact the final cost of your policy.
These include your gender, tobacco use, medical history, involvement in hazardous activities or occupations, and your family’s medical history.
Additionally, whether you choose term or permanent life insurance coverage and the required death benefit amount will also affect the cost of your policy.
What is my Insurance Age?
Before you begin to look at the average life insurance cost of life insurance by age, you need to understand how your insurance age is computed.
Many applicants falsely assume premiums will be based on their current age (actual age) as long as the application is completed before their birthday.
This may not always be the case because most life insurance companies use your attained age (age nearest) for calculating your insurance age.
If you have been procrastinating about buying a life insurance policy, it may be time to act sooner rather than later if you have an upcoming birthday.
- Actual age is utilized by only a few insurance companies and describes their current insurance age for most people.
- Attained Age or Age Nearest, once you are past your half birthday, they consider you the age you will be on your next birthday.
What Does Life Insurance Cost at My Age?
Our calculator can compare the average life insurance cost per month from over 100 quality companies in just a few minutes!
Please enter your birth date, and use our life insurance comparison software to compare samples on different term lengths and face amounts.
When you enter your birth date, you will notice that your age for your life insurance comparison is rounded to your nearest age with some companies and remains the same with other carriers.
Life Insurance Rates by Age
Term Life Insurance Rates by Age, 20s & 30s
You may wonder if getting life insurance in your 20s is necessary. Well, the answer depends on your circumstances.
In your 20s, you’re likely just starting your career, maybe looking for a partner and possibly thinking about starting a family.
With all these things going on, life insurance may not be at the top of your priority list compared to paying off student loans, saving for future investments, or buying a home.
However, statistics show that many young adults do have life insurance coverage. According to LIMRA’s market study, 34% of Gen Z and 45% of millennials own a life insurance policy.
One advantage of getting life insurance as a young adult is that you are generally healthier and less prone to health issues.
This means that premiums for term policies can be more affordable for those just starting out with limited budgets.
With increasing responsibilities, people generally become more serious about buying life insurance in their 30s.
Millennials, in particular, favor 20-year and 30-year term life policies to ensure coverage for extended periods.
These policies offer sufficient protection during significant milestones like purchasing a home or starting a family.
To give you an idea about costs, the term life insurance rate chart below shows how economical it can be for people aged 20 and over.
This sample provides the average cost of life insurance with coverage durations ranging from 10 to 20 years.
Term Life Insurance Rates by Age Chart
| $250k | $500k | $750k | $1mm | |
| Age | 10 | 10 | 10 | 10 |
| 20 | $11 | $14 | $19 | $21 |
| 30 | $12 | $15 | $20 | $22 |
| 15 | 15 | 15 | 15 | |
| 20 | $11 | $16 | $21 | $25 |
| 30 | $12 | $17 | $23 | $26 |
| 20 | 20 | 20 | 20 | |
| 20 | $13 | $21 | $29 | $35 |
| 30 | $15 | $22 | $29 | $37 |
* The term life insurance rate chart represents the average life insurance cost for a 20 and 30-year-old non-smoking male.
Take note that the average monthly cost of life insurance for young folks shows minimal variation.
Since insurance coverage is affordable, many young couples with financial responsibilities buy at least a $500,000 life insurance policy.
So, it just makes common sense for younger people to buy more coverage and lock in their rates for longer.
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Buying Life Insurance for young people
Young high-earning couple without kids (DINKS):
- The amount of life insurance may be smaller; if both the husband and wife have excellent-paying jobs and can support themselves independently.
- But, if you have a large mortgage, you should cover the balance with a life insurance policy on each other in case you die.
- Purchase the amount of life insurance coverage needed to pay off your mortgage if either spouse should pass away.
Term Life Insurance Rates by Age, 40s & 50s
People need more life insurance in their 40s due to heightened financial responsibilities. On average, people tend to buy life insurance around 45.
As children approach college age, parents become concerned about how they will afford tuition if an unfortunate event occurs.
Additionally, many couples find that their first house no longer suits their growing family and search for a larger home. This often prompts them to prioritize mortgage protection life insurance.
As individuals reach their fifties, they typically experience the peak of their earning potential.
However, once their children have grown up and become self-sufficient, many empty nesters prioritize their spouses’ financial security.
Consequently, married individuals often seek life insurance over 50 to safeguard each other’s income.
How much have rates changed for life insurance for middle-aged couples?
The term life insurance rates chart below is for healthy males aged 40 and 50 at various coverage durations.
Term Life Insurance Rates by Age Chart
| $250k | $500k | $750k | $1mm | |
| Age | 10 | 10 | 10 | 10 |
| 40 | $12 | $19 | $25 | $29 |
| 50 | $24 | $42 | $63 | $75 |
| 15 | 15 | 15 | 15 | |
| 40 | $13 | $21 | $31 | $36 |
| 50 | $33 | $61 | $87 | $111 |
| 20 | 20 | 20 | 20 | |
| 40 | $19 | $30 | $44 | $55 |
| 50 | $43 | $79 | $116 | $146 |
As you can observe, the average quotes for term life insurance for individuals over 50 years old are becoming pricier.
To illustrate, a 20-year policy with a coverage of $1,000,000 costs more than $146 per month for a 50-year-old male. In contrast, the same plan only amounts to approximately $55 per month for a 40-year-old male.
Seizing this opportunity to secure coverage while rates remain affordable is highly advisable!
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Buying Life Insurance for middle-aged people
A middle-aged couple with one income, children, and a mortgage
- Your first calculation should be based on the death benefit required to generate an income to provide for your surviving spouse and children by funding the cost of your children’s college tuition.
- Next, determine the additional amount needed to pay off any outstanding mortgage balance.
- In the event of your death, this total death benefit will provide your spouse and children with immediate funds to replace your income, pay for college, and pay off the mortgage.
$100,000 Income (x 5 years) = $500,000 Life Insurance
$400,000 Mortgage Balance = $400,000 Life Insurance
$100,000 College Education = $100,000 Life Insurance
Total of $1,000,000 Life Insurance Required
Term Life Insurance Rates by Age, 60s & 70s
Many seniors purchase term insurance before retiring to ensure financial security, whether it be for replacing a high income or settling any outstanding mortgage.
If you wish to secure the best term life insurance rates over 60, it is advisable to opt for a policy with a shorter duration policy of 10 or 15 years.
A 10-year life insurance policy tends to be the least expensive option and can effectively meet specific needs.
Some seniors want to create a nest egg for a surviving spouse and adult children. In this situation, longer-running 20-year term insurance may work out, provided that you do not live longer than your policy.
How much does term life insurance cost for people in their golden years?
It used to be that finding life insurance for seniors was next to impossible, and now getting a policy issued is pretty straightforward and only moderately expensive.
The term life insurance rates chart below offers the average life insurance premiums for a 60-year-old male and a 70-year-old male.
These senior term life insurance rates are based on a man who is in good health and does not smoke. The coverage options available are for 10, 15, and 20 years.
Term Life Insurance Rates by Age Chart
| $250k | $500k | $750k | $1mm | |
| Age | 10 | 10 | 10 | 10 |
| 60 | $62 | $113 | $171 | $214 |
| 70 | $172 | $319 | $475 | $610 |
| 15 | 15 | 15 | 15 | |
| 60 | $82 | $152 | $226 | $288 |
| 70 | $238 | $463 | $690 | $890 |
| 20 | 20 | 20 | 20 | |
| 60 | $115 | $211 | $321 | $406 |
| 70 | $409 | $819 | $1,226 | $1,577 |
* The term life insurance cost chart demonstrates the average life insurance cost for a 60-year-old male and a 70-year-old male (non-smoking).
As you can see, the average cost of term life insurance by age 70 starts to get much more expensive for more significant term life insurance policies.
Now take another look at the above life insurance rate tables!
A $750,000 term life insurance policy costs only $321 per month at age 60, compared to $1,266 for a 20-year term life insurance at 70 years old.
What is the reason for the additional cost?
The probability of a life insurance claim being paid is higher because your policy will run further into your life expectancy!
Seniors who are contemplating term coverage should always take the time to compare prices with universal life insurance rates at their current age.
Opting for a universal life insurance policy ensures that you will be covered for your entire lifetime, and surprisingly, it does not come with a significantly higher price tag than term coverage.
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Life insurance for people over sixty
Senior couple, dual-income, adult children, and a mortgage
- First, you should consider two policies to protect each other’s income from providing for the surviving spouse and pay off any outstanding mortgage balance.
- Since you are older and may have other income streams, you can subtract any other income sources that will be available, like your surviving spouse’s income, retirement accounts, pensions, and social security.
- Visit our life insurance rate chart above for sample pricing.
$50,000 Income (x 5 years) = $250,000 Life Insurance
$300,000 Mortgage Balance = $300,000 Life Insurance
Pension, Social Security – $40,000 (subtract)
$510,000 Total life Insurance Required
Life Insurance Rates for Seniors Over 70
Life Insurance Rates for Seniors Over 70 The financial planning considerations and requirements for life insurance among seniors aged 70 and above often go through a transformation.
Seniors that purchase life insurance over 70 typically look for coverage that can help with funeral costs, offer financial security to a surviving spouse, and transfer wealth to their children.
Because term insurance expires, it is not the best choice for seniors wanting to cover final expenses or leave a legacy for their children.
Older individuals should consider lifetime coverage options like universal or whole life insurance policies in such cases.
Since the cost of whole-life coverage can be relatively high for individuals in this age group, consider opting for guaranteed universal life insurance (GUL) instead.
GUL policies offer a middle ground between term and whole life insurance.
GUL policies offer guaranteed lifetime protection and usually start with a minimum death benefit of $25,000, with discounted premiums available for policies above $50,000.
Some insurance companies offer lenient underwriting guidelines specifically designed for older adults. Notable carriers include Pacific Life, North American Life, Midland, and Protective Life.
For an idea of typical rates at different ages for $25,000 and $50,000 policies, refer to the following tables displaying life insurance rates by age!
Universal or Whole Life Insurance Rates by Age
| Death Benefit | Death Benefit | |
| Age | $25k | $50k |
| 69 | $78 | $158 |
| 70 | $84 | $164 |
| 71 | $90 | $174 |
| 72 | $94 | $183 |
| 73 | $101 | $195 |
| 74 | $106 | $207 |
| 75 | $112 | $220 |
| 76 | $119 | $233 |
| 77 | $128 | $251 |
| 78 | $137 | $270 |
| 79 | $147 | $290 |
| 80 | $160 | $319 |
*The universal or whole life insurance rates by age chart represents the average cost of whole life insurance for males aged 70 – 80, with coverage to age 100.
Look at the rates for a 70-year-old male compared to life insurance for a 75-year-old.
Wow, the prices have really escalated but are still way less expensive than many popular insurers selling their whole life to older people on TV.
Tips for Buying Life Insurance at Any Age
There are two ways to buy a life insurance policy; life insurance with no medical exam required and life insurance with a medical exam needed.
Buying life insurance without a medical exam is more straightforward than buying coverage by taking a physical exam.
No-medical-exam life insurance policies streamline the application process using a telephone evaluation instead of a medical exam.
Companies like Pacific Life and Lincoln Financial are excellent options if you could benefit from the no-exam application process.
It would help if you were healthy and between the ages of 18-60 and only applied for death benefits up to $1,000,000 with Lincoln.
While you can buy up to a tw0-million-dollar life insurance policy with Pacific Life without doing a medical exam to age 69!
Many insurance companies will request a medical examination before approving your policy.
While the underwriting process constantly changes, individuals over 60 typically undergo medical underwriting.
Worrying is unnecessary if you’re older or have minor medical conditions. Having a pre-existing condition doesn’t automatically result in rejection or higher premiums.
You can qualify for similar rates as healthy applicants following your doctor’s recommendations.
If you need more help choosing a life insurance policy, we invite you to contact us today.
Our insurance experts are here to provide all the information and guidance needed to find a comprehensive plan that fits your situation and goals.
FAQs: Life Insurance Rates by Age
FAQs: Life Insurance Rates by AgeDo life insurance rates go up as you get older? Yes, they do. Life insurance premiums typically increase as you age due to the likelihood of health issues and mortality.
At what age do most people buy life insurance? The average age at which people purchase life insurance in the United States is around 35, often coinciding with significant milestones like getting married or becoming a parent.
What is the most affordable age to purchase life insurance? Typically, purchasing a policy in your twenties offers the lowest rates since younger individuals are generally healthier and pose less risk to insurers.
When should you no longer carry life insurance? Unless you wish to create an estate for children, you can discontinue your coverage once you have fulfilled all significant financial responsibilities. This typically happens when you reach retirement age, your children have completed their college education, and you have paid off your mortgage.
At what age can you no longer get life insurance? The age at which you can no longer obtain life insurance varies among insurance companies. Still, generally speaking, policies are not issued to individuals who are 80 years old or older.
How Much Does Life Insurance Cost at My Age?
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Eric acquired his love for quantitative analysis while getting his business degree from Ferris State University, which provided a solid foundation for his analytical approach to financial planning.
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