Life Insurance Rates by Age (2017) – Get Insider Term Life Rates

Most people realize term life insurance rates are greatly affected by your age. Most insurance agent’s always tell you the best time to buy a policy while you’re still young. We have broken down term life insurance rates by age and the needs which are typically covered as you get older.

Many aspects of the life insurance underwriting process can be modified by people who are attempting to qualify for the lowest premiums for life insurance. Unfortunately, as you get older, your life insurance rates go up. Life insurance rates are based on life expectancy, and the older you get, the less life you are likely to have remaining.

 Obviously, age is not all the insurance companies will evaluate when determining the price you pay for life insurance. Life insurance underwriters typically will also evaluate the following details:

  • Age (life insurance age)
  • Gender
  • Tobacco use
  • Your general health
  • Family history
  • Policy Type: term or permanent life insurance
  • Death benefit required
  • Hazardous activities/occupations

What is my Insurance Age?

Before you can look at how age increases premium, you definitely need to understand how your insurance age is calculated. 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 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 then later if you have an upcoming birthday.

  • Actual Age is the utilized by only a few insurance companies and is for most people used to describe their current insurance age.
  • Attained Age or Age Nearest once you are past your half birthday, they consider you to be the age you will be on your next birthday.

Fortunately, if you’re using Affordable Life US you can give us your birth date and we can use our life insurance calculator to obtain the best price for you.

To find your exact life insurance rates by age use  Instant Life Insurance Quote.  When you enter your birth date your age for your quote is rounded to your nearest age with some companies, and remains the same with others carriers.

 Life Insurance Rates by Age, 20s & 30s

Term Life Insurance Rates by Age, 20s & 30s

In your 20’s many people are just starting to consider life insurance. Most young people are more focused on starting their career, finding a spouse, and starting a family.

Life insurance can often take a backseat compared to paying off student loans, starting to invest, and buying your first home.

Applicants in their 20’s and 30’s generally buy life insurance because they wish to protect their spouse, a child, their income, or to cover a mortgage. Most people buy life insurance in their 30s because of their families. Protecting your family is a worry that can be easily be eliminated with the purchase of life insurance.

Buying life insurance in your 20’s and 30’s  comes with the advantage of normally being in good health. Since, you are young and in good health, life insurance can also secured easily at a very low cost.

If you look at the life insurance rates by age below, you may be surprised by how economical life insurance can be for younger buyers.

Term Life Insurance Rates by Age Chart for Males (Preferred)

 Insurance Age $250,000 $500,000 $750,000 $1,000,000
10 year 10 year 10 year 10 year
Age 20 $10.00 $14.00 $19.00 $21.00
Age 30 $12.00 $15.00 $20.00 $22.00
15 year 15 year 15 year 15 year
Age 20 $11.00 $16.00 $21.00 $25.00
Age 30 $12.00 $17.00 $22.00 $26.00
20 year  20 year  20 year  20 year 
Age 20 $13.00 $21.00 $28.00 $35.00
Age 30 $14.00 $22.00 $29.00 $37.00

Example: 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 each support themselves independently.

But, if you do have a large mortgage you should cover the balance with a life insurance policy on each other in case either of you should die.

 Simply, purchase the amount of life insurance coverage needed to pay off your mortgage if either spouse should pass away.

 Life Insurance Rates by Age, 40s & 50s

Purchasing life insurance in your 40s is where most people begin to get serious about life insurance. The children are approaching college and tuition and mortgages are usually major concerns.

Many couples have often outgrown their first house and need a larger one to accommodate growing children. Mortgage protection life insurance is usually high on the priority list.

Most people are in the prime of their careers in their 40’s and 50s.  Many parents begin to experience empty nest syndrome, as children start their own lives.  So, the prime reasons for life insurance center around protecting the income to protect your spouse.

As you can see, the average term life insurance rates by age 40 are now starting to get more expensive. This is good time to lock in coverage while the rates are still reasonable.

Great rates can be found for term life with companies like Banner Life Insurance, Protective Life, and  Transamerica. Normally, Banner Life comes up with excellent prices for applicants taking a few medications or having a few minor health issues.

Term Life Insurance Rates by Age Chart for Males (Preferred)

 Insurance Age $250,000 $500,000 $750,000 $1,000,000
10 year 10 year 10 year 10 year
Age 40 $12.00 $19.00 $25.00 $29.00
Age 50 $24.00 $42.00 $63.00 $75.00
15 year 15 year 15 year 15 year
Age 40 $13.00 $21.00 $31.00 $36.00
Age 50 $33.00 $61.00 $87.00 $111.00
20 year 20 year 20 year 20 year
Age 40 $19.00 $30.00 $44.00 $55.00
Age 50 $43.00 $79.00 $116.00 $146.00

Example: middle-age couple, 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, figure 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 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

        $1,000,000 Total Life Insurance Required

 Life Insurance Rates by Age, 60s & 70s

The primary reasons for people purchasing term life insurance in their 60s is to protect their income for their spouse. Medicare does not start until your mid to late 60s, and health insurance is often expensive for most people by this time.

It used to be that buying life insurance for seniors was next to impossible, and now getting a policy issued is not that difficult and only moderately expensive.

As people reach their 70s, the need for life insurance tends to change. Most seniors try to cover burial expenses, provide for college tuition for grandchildren, and cover potential medical expenses for surviving spouses.

The average term life insurance rates by age 70 start to get more expensive for larger term life insurance policies. Not to mention, term insurance may not be the best policy for seniors only looking for a small amount of coverage to pay for final expenses.

Instead, people in their 70s should consider universal life insurance polices which start at a $25,000 of death benefit.

Universal life insurance is low cost permanent cash value life insurance policy with guaranteed premiums and death benefits which last for your entire lifetime.

These polices offer cheaper premiums compared to the AARP whole life rates by age advertised on their website. Companies which offer liberal underwriting and also offer great rates for seniors include carriers like North American Life, Midland, and Protective Life.

Term Life Insurance Rates by Age Chart for Males (Preferred)

 Age $250,000 $500,000 $750,000 $1,000,000
10 year 10 year 10 year 10 year
Age 60 $60.00 $113.00 $171.00 $214.00
Age 70 $172.00 $319.00 $475.00 $610.00
15 year 15 year 15 year 15 year
Age 60 $82.00 $152.00 $226.00 $288.00
Age 70 $236.00 $463.00 $690.00 $890.00
20 year  20 year  20 year  20 year 
Age 60 $115.00 $211.00 $321.00 $406.00
Age 70 $407.00 $819.00 $1,226.00 $1,577.00

Example: senior couple, dual income, adult children, and a mortgage:

First, you should consider two policies to protect each others income to provide for the surviving spouse, and also payoff 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           –   $400,000  (subtract)

        $200,000 Total life Insurance Required

How do I apply for Coverage?

Term life insurance is medically underwritten, so it is important check into whether you can  qualify for coverage.

First, your general medical history is initially evaluated to determine which company may be best suited for your particular medical history. Most companies also require a brief insurance examination.

Your medical information and exam are submitted to several highly rated companies to determine which carrier would be willing to offer coverage at the most competitive rate class.

This process allows us to provide accurate life insurance quotes based on how your medical history fits with each insurance company.The underwriting process can take between 3-4 weeks depending on the details of your medical history.

Do you need exact life insurance rates based on your age today?

You can use our term life insurance cost calculator, Instant Life Insurance Quotes, to find quotes based on your current insurance age.

Remember, your actual cost will be based on your age, heath, and the amount of coverage you need. If you need help determining the best option for your family, please do not hesitate to call us at 1-877-249-1358.

Eric Van Haaften, LUTCF is the president of Affordable Life USA. We are a nationally licensed life insurance agency focused on finding our clients custom planning solutions at excellent prices. 1-877-249-1358.