Wouldn’t it be great if you could review sample life insurance rates by age without providing 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 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?
When insurance companies determine your premium, they look at several key factors.
Insurers will evaluate your age, gender, tobacco use, medical history, any risky hobbies or jobs you might have, and your family’s medical history.
Remember, being upfront and honest about these factors helps us find you the best possible rates!
Your choice between term and permanent life insurance also dramatically affects what you’ll pay.
Term life insurance typically costs less because it covers you for a specific period without building cash value.
On the other hand, permanent life insurance, including whole life and universal life policies, costs more because it covers you for life and builds cash value.
What is my Insurance Age?
Before we look at specific costs, there’s something important about your insurance age that many people don’t realize.
Most people think insurance companies will use their current age as long as they apply before their birthday.
However, most insurance companies calculate premiums based on your “attained age”—the age nearest your birthday.
Once you’re past your half-birthday, they’ll consider you the age you’re about to turn, not your current age.
This is why I encourage buyers to apply for coverage before they reach their half-birthdays.
What Does Life Insurance Cost at My Age?
Want to evaluate some real numbers? Our calculator can compare the cost of life insurance from over 100 quality companies in just a few minutes!
All you need to do is share your birth date, and we can help you compare prices across different term lengths and death benefits.
When you input your birth date, something interesting happens. Your age for your life insurance comparison is rounded to the 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 twenties, you’re likely just starting your career, looking for a partner, and considering 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 obtaining life insurance as a young adult is that you are typically healthier.
Young families often purchase term life insurance because it’s a more affordable option for those with limited budgets.
As responsibilities increase, we typically see people becoming more serious about purchasing life insurance in their 30s.
Most younger buyers tend to favor 20-year and 30-year term policies to ensure sufficient protection during significant milestones like purchasing a home or starting a family.
The rate table below shows how economical it can be for those aged 20 and 30 to have coverage for 10 to 20 years.
Term Life Insurance Rates by Age Chart
| Males | $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 |
| Females | $250k | $500k | $750k | $1mm |
| Age | 10 | 10 | 10 | 10 |
| 20 | $10 | $12 | $14 | $20 |
| 30 | $11 | $13 | $16 | $21 |
| 15 | 15 | 15 | 15 | |
| 20 | $11 | $14 | $15 | $23 |
| 30 | $13 | $16 | $16 | $24 |
| 20 | 20 | 20 | 20 | |
| 20 | $14 | $19 | $19 | $33 |
| 30 | $16 | $21 | $21 | $35 |
* The term life insurance chart illustrates the average premiums for 20 and 30-year-olds.
Take note of how there is only a slight price difference between plans and death benefits for younger buyers.
Since coverage is generally affordable, many young couples with financial responsibilities purchase at least a $500,000 life insurance policy.
We encourage younger buyers to secure the largest death benefit they can afford while in good health. This proactive approach will better accommodate your evolving needs as you age.
Buying Life Insurance for young people
Young high-earning couple without kids (DINKS):
- The amount of life insurance may be smaller if 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
Due to heightened financial responsibilities, people need more life insurance in their 40s. On average, most people buy coverage around age 45.
As children approach college age, parents become concerned about how they will afford tuition if an unfortunate event occurs.
I frequently encounter couples who realize their first home no longer meets their family’s needs. This pushes them to consider a larger home, which often leads them to prioritize mortgage protection life insurance.
When clients reach their 50s, I notice a trend among empty nesters who want to safeguard their spouse’s financial well-being.
Buying life insurance over fifty can protect each other’s income and ensure peace of mind for both partners.
How much have rates changed for life insurance for middle-aged couples?
The term life insurance rates chart below is for healthy buyers aged 40 and 50 at various coverage durations.
Term Insurance Rate Chart by Age
| Males | $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 |
| Females | $250k | $500k | $750k | $1mm |
| Age | 10 | 10 | 10 | 10 |
| 40 | $10 | $16 | $22 | $25 |
| 50 | $22 | $35 | $48 | $58 |
| 15 | 15 | 15 | 15 | |
| 40 | $12 | $20 | $26 | $33 |
| 50 | $23 | $40 | $59 | $75 |
| 20 | 20 | 20 | 20 | |
| 40 | $15 | $24 | $34 | $43 |
| 50 | $26 | $49 | $76 | $98 |
As you can see, the premiums for term life insurance for those over 50 are becoming more expensive. It is highly advisable to seize the opportunity to secure coverage while rates remain affordable!
To illustrate, a 20-year policy with coverage of $1,000,000 costs more than $146 per month for a 50-year-old male. In contrast, the same plan costs only approximately $55 monthly for a 40-year-old male.
⊕
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.
- 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 debt.
If you wish to secure the cheapest term life insurance rates for people over 60, opt for a policy with a shorter duration, such as 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 if you do not live longer than your policy.
How much does term life insurance cost for people in their golden years?
Finding life insurance for seniors is pretty straightforward and only moderately expensive for those in decent health.
The chart below illustrates the average term insurance premiums for individuals aged 60 and 70. The coverage options available are for 10, 15, and 20 years.
Term Life Insurance Rates by Age
| Males | $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 |
| Females | $250k | $500k | $750k | $1mm |
| Age | 10 | 10 | 10 | 10 |
| 60 | $39 | $78 | $103 | $137 |
| 70 | $109 | $198 | $294 | $366 |
| 15 | 15 | 15 | 15 | |
| 60 | $53 | $103 | $136 | $180 |
| 70 | $157 | $298 | $443 | $545 |
| 20 | 20 | 20 | 20 | |
| 60 | $76 | $143 | $207 | $266 |
| 70 | $314 | $606 | $905 | $1,098 |
* The term life insurance cost chart demonstrates the premiums for 60 and 70-year-olds.
As you can see, the average cost of term life insurance increases significantly for larger death benefits after age 70.
Let’s look at an example from 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 policy at age 70.
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!
⊕
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.
$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 Seniors who purchase life insurance over 70 typically seek 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.
In such cases, we recommend older buyers consider lifetime coverage options like universal or whole life insurance policies.
Since the cost of whole-life coverage can be relatively high for older buyers, consider opting for guaranteed universal life insurance (GUL).
GUL policies offer guaranteed lifetime coverage and usually start with a minimum death benefit of $25,000. Discounts are available for policies above $50,000.
Some insurance companies offer lenient underwriting guidelines specifically designed for older adults. Our recommended carriers include Pacific Life, North American Life, and Protective Life.
The following tables display universal life insurance rates by age, giving you an idea of typical premiums for $25,000 and $50,000 policies.
Universal or Whole Life Insurance Rates by Age
| Males | 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 |
| Females | Death Benefit | Death Benefit |
| Age | $25k | $50k |
| 69 | $78 | $136 |
| 70 | $82 | $142 |
| 71 | $86 | $150 |
| 72 | $89 | $160 |
| 73 | $94 | $168 |
| 74 | $98 | $176 |
| 75 | $104 | $186 |
| 76 | $112 | $197 |
| 77 | $118 | $217 |
| 78 | $126 | $231 |
| 79 | $130 | $247 |
| 80 | $141 | $263 |
*The universal life insurance rates by age chart represent the average premiums for coverage to 100.
When comparing life insurance rates for a 70-year-old male to those for a 75-year-old, it’s clear that prices have increased significantly.
However, these universal life policies are much more affordable than many popular insurers selling whole life insurance to seniors on TV.
Tips for Buying Life Insurance at Any Age
Regardless of age, I’ve seen firsthand how a simple term policy can help families sleep better at night, knowing they’re protected.
We tell our clients that term life insurance is crucial because it ensures their loved ones can maintain their lifestyle and handle any debts if they are no longer around.
The best part? Getting coverage is much easier than most people think. Some of my clients no longer need that medical exam.
Companies are getting smarter about underwriting. They can often evaluate applicants over the phone, which is pretty neat.
We work with many great providers, but lately, we have been particularly impressed with Pacific Life and Lincoln Financial. They’re really ahead of the curve with their no-exam policies.
Want to hear something amazing? Pacific Life will cover you for up to $2 million without a medical exam if you’re under 70. Not too shabby!
Meanwhile, Lincoln Financial offers up to $1 million in coverage for healthy folks under 60.
However, it should mentioned that once you hit the big 6-0, most carriers want to see your medical results.
Now, I always get this question: “What if I have some health issues?” Listen, I’ve helped many clients with pre-existing conditions get great coverage. A medical condition doesn’t automatically mean sky-high premiums or a flat-out “no.”
Here’s a pro tip I share with all my clients: stick to your doctor’s orders. You’d be surprised how many people can qualify for standard rates just by showing they’re taking good care of themselves.
If you need assistance selecting a life insurance policy, please get in touch with Affordable Life USA today.
Our insurance experts are ready to provide the information and guidance necessary for a comprehensive plan that meets your needs and budget.
How Much Does Life Insurance Cost at My Age?
- Select Duration
- Select Amount
- Press Get Quote
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, buying 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.
Trending Life Insurance Topics
-
Affordable Life USA is dedicated to providing comprehensive life insurance solutions to families and business owners throughout the United States.
For over thirty years, our agency has provided a platform for comparing hundreds of life insurance policies without the stress of high-pressure sales tactics.
Our experienced team of financial planners has helped thousands of clients obtain affordable coverage through our efficient online application process.
Our founder, Eric Van Haaften, expanded our consumer-centric sales model nationally by leveraging the influence of renowned publications such as Time, Newsweek, and The Wall Street Journal.
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.
Eric Van Haaften, LUTCF
1-877-249-1358
