LIFE INSURANCE RATES BY AGE
Finding the best rates is the goal of every life insurance shopper. It would be great if buying life insurance was like buying a TV, but unfortunately it’s a little more complex than that. The price you ultimately will pay for life insurance will depend on a variety of factors. Your age is one of those factors.
Ages For Life Insurance
No matter if you’re 20 or 80, there are financial situations that life insurance was designed to protect.
Are you married? Are you single? Is your family small or large? Your decision to purchase a life insurance policy is a major step in protecting and providing for your loved ones future.
Someone in their forties may have to secure life insurance to protect a mortgage, college for their children, and replace income. While someone in their sixties may be looking to simply cover funeral costs.
Regardless of your situation, term life insurance is an important product that will protect your loved ones or business- No matter what stage in life you’re in.
Now how much will that life insurance policy cost you?
This is the most common life insurance question. Your life insurance rates will depend on several factors. Your age is a major factor in determining your rate. The length of your life insurance policy is another factor in the premium cost.
- Your Age: Typically, life insurance premiums increase as you get older.
- Policy Type and Length: Are you buying Whole Life or Term? Is your term policy 10 years or 30?
- Health History: Have you had any health conditions that life insurance companies deem risky? Do you use tobacco?
- Sex: Statistically, women live longer than men. Women usually pay lower life insurance premiums because of this.
- Lifestyle & Occupation: Are you a teacher? SCUBA Instructor? Salesman? Skydiver? Believe it or not, it matters!
- Medical or Non Medical Life Insurance: Life insurance without a medical exam is becoming more popular. However, these policies are typically more expensive.
Use our free instant online quoter on this page to get an idea of what current rates are available and what you might pay for a life insurance policy.
Want a customized quote? Give us a call at 888-411-1329. We’ll take the time to answer your questions and research which companies will offer you the best rates based on your health, lifestyle and needs.
Remember that age, health and lifestyle are some of the major factors that make up your life insurance premium. Obviously you can’t turn back time. However, you can make some changes in your life to reduce the cost of life insurance.
A few key pointer that you can do to decrease your costs have to do with health. Because minimizing your risk of chronic health conditions like high blood pressure, cancer or diabetes can have a dramatic effect on your life insurance rate.
If you use tobacco products, it can drive up costs significantly. Simply quitting tobacco can dramatically reduce your life insurance premiums.
Here are ways to reduce your life insurance costs:
- Reducing your body weight. Life insurance companies love to see applicants maintaining a healthy weight. A lower weight reduces your risk for obesity and weight related health conditions.
- Schedule a BMI body mass index evaluation
- Do you have a high BMI? Find a dietician, trainer and/or a health professional. Develop a plan to lose excessive weight.
- Healthy Heart. With a healthy heart, you will minimize the risk of blood pressure issues, stroke, heart attack and hypertension.
- Schedule annual physicals with your primary doctor.
- Make sure to check your cholesterol, blood pressure, and triglyceride levels regularly.
- Are your levels not where they need to be? Contact a health professional and work with them to improve your levels.
- Lifestyle improvements and changes. Implement stress reduction routines, exercise routinely, and make positive changes to your diet.
- Blood Sugar. Monitor and make sure your blood sugar levels are satisfactory. This will reduce your risk of becoming diabetic.
- Make sure to get your blood sugar tested.
- Research a healthy diet and exercise routine in order to manage your blood sugar levels.
Your health is very important, but so is your lifestyle.
Life insurance companies will typically investigate your lifestyle and occupational risks. You might be completely healthy, but have a risky hobby or job.
The activities and occupation choices that your take part in will impact the life insurance premium. Affordable life insurance rates are simple to secure for a school teacher or office administrator, because those aren’t risky to life insurance underwriters.
What if you love to sky dive or have a job that is very dangerous? Life insurance companies may not offer you the lowest rates based on your specific risk. Some companies may not even offer you a policy.
In this article, we’ll break down life insurance age brackets by decade and focus on specific age groups. These specific posts will include what you may want to consider before you purchase a life insurance policy.
You’ll want to understand what the life insurance company’s underwriters are looking for before they offer you a life insurance policy.
Reminder: Your age is just one of the factors. Life insurance companies will also research your health, lifestyle and other factors to determine your final rate.
Applying with a company at a certain rate does not mean you’ll get approved at that rate. You must go through the underwriting process. This is what will ultimately determine what your final life insurance premium will be.
Now what about all of the life insurance companies available to you? How do you know which one to choose from? What about life insurance with a medical exam vs Non Medical Exam life insurance?
Which company and product is best for you and your age bracket? These and other questions need to be addressed when shopping for life insurance. Find out these answers and more by clicking on the age links below.
Ready? Let’s begin!
If you are in your thirties, you probably have started building some major milestones in your life.
You may have started a family. You’ll typically be beginning or have become established in your career in your 30s. You may have assets that will need protection as well as protecting your income.
You may have already purchased your first life insurance policy or your work provided you one. However, this coverage may be too low to sufficiently protect your family and assets.
Perhaps you’re looking to purchase your first life insurance policy or add to existing coverage.
For those in their 30s who will be purchasing their first policy- Make sure you are choosing enough coverage to protect your future income, mortgage, family’s needs, college for your children and any other debts.
10 times your annual income is often used in the life insurance industry, but sometimes this isn’t enough. Make sure to assess your needs carefully.
Life insurance premiums will go up approximately 5% every year when you’re in your thirties. If you wait until you’re in your 40s, that percentage goes up even more.
Take advantage of these lower rates now while you’re still young and hopefully healthy. Life insurance rates are still affordable in your 40s, but that depends on your health.
Changes to your health can have dramatic consequences. You won’t know how your health will change over time. Act now when your age and health are ideal.
SAMPLE RATES FOR 30 YEAR OLDS
- Life Insurance for a 30 Year Old
- Life Insurance for a 31 Year Old
- Life Insurance for a 32 Year Old
- Life Insurance for a 33 Year Old
- Life Insurance for a 34 Year Old
- Life Insurance for a 35 Year Old
- Life Insurance for a 36 Year Old
- Life Insurance for a 37 Year Old
- Life Insurance for a 38 Year Old
- Life Insurance for a 39 Year Old
When you reach your forties, you may have more to protect than your 30s. Some in their 30s have put off life insurance because they didn’t really think they had the need at that time.
Now that you’re in your 40s, your circumstances may be much different.
By the time you reach your 40s, you’re more than likely established with your career or business.
You need for more life insurance coverage may reflect your increased earnings and the need to protect your income. However, if your house is paid off and you have a large amount of savings, you may need less coverage.
Buy Life Insurance Now – Don’t Wait
It’s very important to secure a policy now, because rates will increase rapidly in your 50s. The cost of life insurance is a major concern for shoppers. Research has shown that most consumers put off buying life insurance because of a few misconceptions.
Consumers put off buying because they think life insurance will be too expensive, have other financial concerns, life insurance complexity, and don’t like thinking about their mortality.
Young and Healthy?
Mortality. It’s a topic that very few want to think about. However, securing coverage in your 40s when you’re still relatively young and healthy is very important. As you age, your chances of acquiring a health risk increases.
You’re more likely to get a health condition as you get older. Depending on your health condition, it may raise your rate slightly, significantly- or you may not even be able to secure coverage at all.
When in your 40s, you start to quickly realize that your body doesn’t function the way it did a decade ago. You start to notice:
- Aches and pains more frequently.
- Drinking and eating excessively has a more profound effect now.
- The doctor has a few more “suggestions” at the annual checkup.
Overall, these issues might be humorous for the majority of us, but it’s a reminder that we aren’t invincible. It’s also a reminder that we need to take care of ourselves. We never know when something minor may turn significant.
SAMPLE RATES FOR 40 YEAR OLDS
- Life Insurance for a 40 Year Old
- Life Insurance for a 41 Year Old
- Life Insurance for a 42 Year Old
- Life Insurance for a 43 Year Old
- Life Insurance for a 44 Year Old
- Life Insurance for a 45 Year Old
- Life Insurance for a 46 Year Old
- Life Insurance for a 47 Year Old
- Life Insurance for a 48 Year Old
- Life Insurance for a 49 Year Old
Your need for life insurance changes once again when you reach your 50s. Your children may have grown and moved out of your home.
You may no longer have a mortgage or it is almost paid off. Your life insurance policy may not be needed for these traditional situations.
However, you may need a life insurance policy in order to leave an inheritance. You may want to set up a trust or use it for your estate as a liquid asset.
Rates will have increased when you purchase life insurance in your 50s.
It will be more costly, especially if you have any health situations that are significant. However, there are so many life insurance companies available which makes this market competitive.
Each life insurance company will look at your individual situation differently.
This is a good thing, because there are niche companies for ages and health conditions. By having companies compete, you’ll get the best chance at affordable coverage.
SAMPLE RATES FOR 50 YEAR OLDS
- Life Insurance for 50 Year Olds
- Life Insurance for a 51 Year Old
- Life Insurance for a 52 Year Old
- Life Insurance for a 53 Year Old
- Life Insurance for a 54 Year Old
- Life Insurance for a 55 Year Old
- Life Insurance for a 56 Year Old
- Life Insurance for a 57 Year Old
- Life Insurance for a 58 Year Old
- Life Insurance for a 59 Year Old
When you reach your 60s you may need life insurance in order to help support family or loved ones.
Perhaps you’re just looking to cover funeral expenses or leave an inheritance. You need to be smart when buying a life insurance policy in your 60s.
When you turn 65, your life insurance choices start to dwindle.
It is very important to secure coverage before turning 65. There are many companies that don’t even offer life insurance policies over 65.
As with most products, prices are often competitive when there is competition.
When a significant amount of companies don’t offer policies over age 65, prices will be more expensive. Now these term life prices will still be less than buying whole life insurance policies.
SAMPLE RATES FOR 60 YEAR OLDS
- Life Insurance for 65+ Year Old
- Life Insurance for a 61 Year Old
- Life Insurance for a 62 Year Old
- Life Insurance for a 63 Year Old
- Life Insurance for a 64 Year Old
- Life Insurance for a 65 Year Old
- Life Insurance for a 66 Year Old
- Life Insurance for a 67 Year Old
- Life Insurance for a 68 Year Old
- Life Insurance for a 69 Year Old
Purchasing life insurance in your 70s, 80s, and 90s is very common. There are various reasons why one may not have purchased before, but now it is needed.
Postponing a life insurance purchase past age 70 will limit the type of life insurance coverage that is available. It will also limit the amount of companies that are available to shop from.
Life insurance at these ages don’t have to break the bank.
There are companies that focus on the senior market and offer affordable policies. Some of these policies have a few qualifying questions before the life insurance policy is offered.
Many of these policies are called “Final Expense” policies. These life insurance policies are focused on burial insurance and have a smaller death benefit than some other life insurance policies.
Now that doesn’t mean you can’t get great coverage. Final expense policies typically have a death benefit amount around $25,000. Some companies have a slightly higher benefit amount and some have lower.
As with all life insurance policies, make sure you have your independent agent shop from multiple companies. This will always give you the most options and chances of meeting your goals.