2025 Guide on How Does Age Affect Life Insurance
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
If you want to know how does age affect life insurance, you came to the right place!
It is never too early to think about life insurance. If you are a senior consumer, it is important that you understand how your age affects the type of life insurance policy that would be best for you.
In this blog post, we will talk about why it’s important to buy term life insurance as opposed to whole life or other policies before getting into more detail on the different types of terms and what could happen if you don’t have any coverage at all.
We’ll also explore ways in which seniors can save money on their policies and tips for filing claims should something happen to them. Let’s get started!
Table of Contents
How Do Life Insurance Vary By Age?
Above all, the biggest impact on life insurance rates is age and health. For instance, the older you get the closer you are to mortality and the higher your rates go if not locked in.
Furthermore, senior citizens’ term length will be shorter than say a consumer in there 40’s. The result is higher monthly premiums.
Life insurance coverage is important for all ages. Anyone that wants to continue to care for their family after they’re gone should get life insurance. It’s never too early — you never know what may happen to you tomorrow. Without life insurance, family members will be left to pay debts, mortgages, final expenses, which can put a financial burden without financial security.
A term life policy is the most basic kind of policy you can get. It will merely provide death benefits. Coverage is temporary: choose from coverage terms of 5, 10, 15, 20, or 30 years. A term life policy is your best chance at getting cheap life insurance, regardless of age.
A permanent life policy will have more options and flexibility than a term life policy and will cover you for your entire life. Permanent life policies have cash value build-up investment opportunities as well. Of course, if you are having trouble getting accepted, you can always go with a guaranteed acceptance life insurance plan.
For instant quotes fill out the form on the left for the best prices with the highest-rated carriers.
Best Life Insurance Rates By Age
Obviously the younger and healthier you are the better one life insurance rates will be. In fact, your age will determine the types of life insurance that is best depending on your goals.
For instance, when starting out with a family the average consumer wants to keep costs down so a great option for purchasing life insurance in your 30’s may be a term or universal life insurance policy.
Unsurprisingly, the older you are when you get life insurance, the more expensive it will be.
However, life insurance companies have different rates per age, another reason to compare several companies. Make sure you’re only working with reliable companies, like Banner Life Insurance.
So, don’t wait. The longer you wait, the more expensive your life insurance will be, and the longer that your family is at risk. Let’s take a look at life insurance for different age groups below:
For Those In Their 20s
In your 20s, anyone can expect cheap term life rates and very high acceptance rates. In fact, opting for life insurance in your 20s is often driven by the desire to cover student loans co-signed by parents. Additionally, it’s advisable not to delay purchasing life insurance. As a result, waiting until later in life could lead to encountering health issues, necessitating a costly rated policy or opting for no medical exam life insurance. Learn more about term life insurance in your 20s and check prices with an independent agent like PinnacleQuote.
For Those In Their 30s
Given that financial stability generally improves beyond your 20s, affording more extensive coverage becomes feasible. Importantly, for many in their 30s, obligations like mortgage payments and financially dependent children make life insurance a crucial investment. Specifically, a 30-year term policy could effectively provide coverage until all children are financially independent. Ideally, this coverage aligns with reaching the retirement age of 65.
For Those In Their 40s
Addressing those in their 40s, it’s critical to acknowledge that this age group often possesses significant assets needing protection. Moreover, with the 50s approaching — a period when life insurance costs typically rise — it’s wise to secure insurance sooner. Health concerns, such as diabetes, become more prevalent in this age bracket. Therefore, purchasing life insurance now is prudent. This decade marks a gradual increase in life insurance premiums, and you can expect to pay considerably more than in your 20s and 30s, even for a 15-year term.
Term Life Insurance Rates For Seniors
[50-75 Years Of Age]
Again, the average costs of life insurance over the age of 50 increases dramatically when comparing your 60’s, 70’s and 80’s. We will go over the rate difference by age more specifically later in this article. Here is a more specific goal by age as you get into your senior age of 50-75.
- For Those In Their 50s — At this age, children may be out of the house and providing for themselves. Perhaps your home is paid for as well. You may want to look into business life insurance. Rates are more expensive at this age but significantly cheaper than for those in their 60s. Learn more about term life in your 50s.
- For Those In Their 60s — Once you hit your 60s, you’re taking a gamble by not having life insurance. Without life insurance, your family will need to pay for any of your debts, or at least your final burial expenses. That’s the last thing you want. If you’re below the age of 65, affordable plans are still available. Either way, it’s time to get a term life policy. Learn more about life insurance for those over the age of 60.
- For Seniors — With modern medicine, people are living so much longer. Now, even seniors need to renew their life insurance. Insurance companies are beginning to understand this, and it is becoming more and more possible to get affordable life insurance as a senior.
Life Insurance Rates By Age and Gender
To demonstrate, we will look at the rates by age for a healthy male and female. We will use our NinjaQuoter life insurance calculator that we link to the best rates available.
Sample Term Life Insurance Rates By Age
Monthly Rates For A MALE In Excellent Health On a 10yr term
|
Age |
$100k of Coverage |
$250k of Coverage |
$500k of Coverage |
|---|---|---|---|
|
20 |
$7.13 |
$9.56 |
$13.68 |
|
30 |
$7.13 |
$9.56 |
$13.68 |
|
40 |
$8.29 |
$11.63 |
$18.09 |
|
50 |
$14.07 |
$23.06 |
$41.49 |
|
60 |
$28.39 |
$59.85 |
$112.00 |
|
70 |
$79.36 |
$178.06 |
$319.34 |
|
80 |
$243.60 |
$599.81 |
$1,193.50 |
Monthly Rates For A FEMALE In Excellent Health On A 10yr Term
|
Age |
$100k of Coverage |
$250k of Coverage |
$500k of Coverage |
|---|---|---|---|
|
20 |
$6.84 |
$8.73 |
$11.95 |
|
30 |
$6.84 |
$8.73 |
$11.95 |
|
40 |
$7.89 |
$10.81 |
$16.09 |
|
50 |
$12.63 |
$20.34 |
$35.06 |
|
60 |
$23.26 |
$41.91 |
$75.24 |
|
70 |
$55.48 |
$107.62 |
$198.52 |
|
80 |
$195.21 |
$478.84 |
$951.56 |
FAQs
How Do Life Insurance Vary By Age?
Above is a great example of a life insurance rate calculator that specifically tells you how important it is to buy life insurance young and as young as possible.
How To Save Money When Buying Life Insurance?
There is no question, buy life insurance at a young age, stay healthy, and have a game plan!
What are people looking for in life insurance?
They are looking to protect their family from financial burdens in the event of ones death. For instance, final expense, mortgages, income replacement! We want to make sure our loved ones do not miss a beat if the day comes where we will not be here. Life insurance does that clearly!
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Conclusion
As you get older, your life insurance rates go up. It’s just a fact of life that we all have to face eventually.
With the right coverage and the best quotes out there, it doesn’t need to be too expensive for you or your family.
Check out our website today where we’ll give you more information on how age impacts life insurance rates as well as some different factors that cause these changes in pricing over time so that you can find the perfect fit for your needs!
