Life Insurance Rates by Age (2018) – Get Insider Term Life Rates

Most people realize that life insurance rates are greatly affected by your age.  Unfortunately, as you get older, your life insurance rates do go up in cost. However, if you are in decent health, you can get great life insurance rates at almost any time in your life. We have analyzed term life insurance rates by age and the needs which are typically covered as you mature.

Most insurance agent’s always tell you the best time to compare life insurance rates and buy a policy is while you are still young. But, most folks really do not need much life insurance until they get a little older and have more financial obligations.

How Much Does Life Insurance Cost?

Obviously, age is not all the insurance companies will evaluate when determining the price you pay for life insurance.

Many other aspects of the life insurance underwriting process will also determine what your life insurance will eventually cost you.

Life insurance underwriters typically will also evaluate the following details:

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

What is my Insurance Age?

life insurance rates by age

Before you look at life insurance comparisons and how age increases your 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 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 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 comparison software to obtain the best price for you.

How Much Does Life Insurance Cost? 

To quickly compare the average term life insurance rates cost by age click “Get Quote” with our  Life Insurance Rates by Age Calculator below: 

affordable life insurance quoteNotice, when you enter your birth date your age for your life insurance comparison 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 young 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.

People in their 20’s and 30’s normally 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 excellent health. Since, you are young and in good health, it should be easy to buy a life insurance policy at a very low cost.

So, both 20 year term life insurance and 30 year term life insurance are very popular choices for people in their  20’s and 30’s.

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

Here are sample preferred plus term life Insurance rates by age for a healthy males with coverage lasting 10, 15, and 20 years:

Term Life Insurance Rates by Age Chart

   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.
  • Check out our life insurance rate chart by age for sample pricing.

 Life Insurance Rates by Age, 40s & 50s

 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 primary reason for life insurance revolves around protecting the income to protect your spouse.

As you can see, the average term life insurance quotes over 50 years old are now starting to get more expensive. This is good time to lock in coverage while the rates are still reasonable. A popular choice for many middle aged people is 10 year term life insurance.

Middle aged people can compare life insurance rates from many different life insurance companies. A few of our companies which offer great rates for term life insurance for people in their 40s and 50s are:

  • Prudential
  • American General
  • Ohio National
  • Banner Life
  • Protective Life
  • Transamerica

Normally, Banner Life Insurance Company comes up with excellent prices for applicants taking a few medications or having a few minor health issues.term life insurance rates chart

Here are sample preferred plus term life Insurance rates by age for a healthy non-smoking males with coverage lasting 10, 15, and 20 years:

Term Life Insurance Rates by Age Chart

  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.
  • See our life insurance rate chart by age for sample pricing.

$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

How much does it cost for life insurance?

 

Finding term life insurance rates by age, plan and death benefit is a snap! Simply, click “Get Quote” with our no hassle Life Insurance Rates by Age Calculator below:affordable life insurance quote

Life Insurance Rates by Age, 60s & 70s

 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 finding affordable life insurance for seniors was next to impossible, and now getting a policy issued is not that difficult and only moderately expensive.

As you can see, the average term life insurance rates by age 70 start to get more expensive for larger term life insurance policies. This is why we normally do not feel term insurance is the best policy for many seniors.

Here are sample term life insurance rates chart is for a non-smoking healthy males with coverage lasting 10, 15, and 20 years:

Term Life Insurance Rates by Age Chart

 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 $1,577.0

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.
  • Visit our life insurance rate chart for sample pricing.

$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

Life Insurance for Seniors Over 70

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

So, what is the best type of life insurance for people over 70 years old?

Term insurance may not be the best policy for seniors only looking for a small amount of coverage to pay for final expenses.

Instead, life insurance for people over 70 should normally be permanent coverage like universal or whole life.

How much does whole life cost? Well, whole life that build excess cash value can be pretty expensive for seniors. This is why people in their 70s should consider either cheap whole life or universal life insurance polices which start at a $25,000 death benefit.

Universal life insurance for seniors over 70 years old provides a happy medium between term and whole life insurance. Guaranteed universal life is a low cost 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.

Would you like to know what the typical life insurance rates by age for both a $25,000 and  a $50,000 policy?

Here are sample universal or whole life insurance rates by age for a healthy male with coverage lasting until age 100:

Universal or Whole Life Insurance Rates by Age

Death Benefit Death Benefit
 Age $25,000 $50,000
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 $316

*The universal or whole life Insurance rates chart above are for a healthy non-smoking males with guaranteed coverage lasting until age 100.

How do I apply for Coverage?

Most term and universal life insurance is medically underwritten. Although more expensive in cost, getting life insurance no medical exam required is still possible. So, it is important check into whether you can qualify for coverage before deciding which application process to pursue.

Please do not worry if you have a medical condition! Just because you have a medical condition does not mean that you will be turned down or need to pay the highest rates. If you can demonstrate that you are following your doctor’s orders you can also receive the similar rates to healthy applicants.

Affordable Life USA pioneered the concept of selling affordable life insurance by phone, mail, and internet on a nationwide level. We assist consumers by providing affordable term and universal life insurance comparisons with easy to understand insurance planning concepts.

  • First, your general medical history is initially evaluated by our agents to determine which company may be best suited for your particular medical history.
  • Next, your life insurance needs are discussed to find an appropriate plan and amount of insurance for your needs and budget.
  • Then, most insurance companies will also require you to do 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.
  • The underwriting process can take between 3-4 weeks depending on the details of your medical history.

This process allows us to provide you with accurate life insurance comparisons based on how your medical history fits with each company’s underwriting guidelines.

How much does it cost for life insurance?

To easily compare the average term life insurance rates cost by age click “Get Quote” on our Life Insurance Rates by Age Calculator below:

affordable life insurance quoteRemember, the actual cost of your life insurance comparison 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.

Introducing Eric Van Haaften:

Eric Van Haaften

Affordable Life USA is a nationally licensed and independently operated life insurance agency. The agency was started by Eric Van Haaften, over 25 years ago, from our home office located in Grand Rapids, Michigan. Please feel free to email him at: eric@affordablelifeusa.com, or call us at 1-877-249-1358.