Rates by Age
Would you like to review sample life insurance rates by age with no personal information required?
No problem!
We have analyzed term life insurance rates by age and the needs which are typically covered as you mature.
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.
Most insurance agents 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.
During our review, we will answer the following common life insurance questions:
• How does your insurance age affect your life insurance premium?
• Why do you need life insurance in their 20s and 30s?
• Why do people buy coverage in their 30s and 4os?
• What are the reasons for insurance in your 50s and 60s?
• What needs you should be considering in your 60s and 70s?
• Do the life insurance needs of senior citizens change?
• How do you apply for coverage?
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 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
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 than 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.
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.
Young people are also often delaying the life events which would usually require purchasing a life insurance policy. They are getting married later in life, having children at older age, and postponing buying a home.
Fortunately, if you’re using MyTermLifeGuy you can give us your birth date and we can use our life insurance comparison software to obtain the best price for you.
But, there are still plenty of people who buy life insurance in their 20’s and 30’s. In fact, over 50% of millennial’s own life insurance according to a market study conducted by LIMRA.
Millennial’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 20’s and 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 for young people usually 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.
The term life insurance rates chart below offers pricing example on the best life insurance for age 20 and over. This sample contains non-smoking rates on life insurance for a 20 year old male, and a 30 year old male, with coverage lasting between 10 and 20 years.
Take notice how there is not much difference between the 10 year term prices, and the 20 year term life insurance cost.
Speak to an Agent
This should always be the first thing you do. A trusted agent knows that your history of abuse does not have to stand in the way of finding an affordable life insurance policy.
Every carrier uses different guidelines to assess risk: if you’re taking measures and adhering to the following steps, you will certainly be able to find an affordable insurance policy to suit your needs.
Term Life Insurance Rates Chart Ages 20 to 30
| 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: LIFE INSURANCE FOR YOUNG PEOPLE
HOW MUCH DOES IT COST FOR LIFE INSURANCE?
Finding term life insurance rates by age, plan and death benefit is a snap!
• 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 above for sample pricing.
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.
Normally, Banner Life Insurance Company comes up with excellent prices for middle aged people taking a few medications or having a few minor health issues.
The term life insurance rates chart below offers sample pricing on the best life insurance for age 50 and over.
This sample contains non-smoking rates on life insurance for a 50 year old male, and a 60 year old male, with coverage lasting 10, 15, and 20 years.
Life Insurance Rates by Age Chart 40 to 50
| 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 |
* Average life insurance cost for a 40 and 50 year old male
EXAMPLE: LIFE INSURANCE FOR MIDDLE AGED PEOPLE
Middle-aged 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.
| Income | Life Insurance | Mortgage Balance | Life Insurance | College Education | Life Insurance |
| $500.000 (x5 years) | $500.000 | $400.000 | $400.000 | $100.000 | $100.000 |
Total of $1,000,000 Life Insurance Required
Finding term life insurance rates by age, plan and death benefit is a snap!
LIFE INSURANCE FOR MIDDLE AGED PEOPLE
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 you’re 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.
The term life insurance rates chart below offers sample pricing on the best life insurance for seniors over 60 and age 70.This sample contains non-smoking rates on life insurance for a 60 year old male, and a 70 year old male with coverage lasting 10, 15, and 20 years.
As you can see, the average term life insurance rates by age 70 start to get more expensive for larger term life insurance policies.
| 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 |
* Average life insurance cost for a 50 and 60 year old male
EXAMPLE: LIFE INSURANCE FOR PEOPLE OVER 60
Senior couple, dual income, adult children, and a mortgage
• First, you should consider two policies to protect each other’s 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 above for sample pricing.
| Income | Life Insurance | Mortgage Balance | Life Insurance | Pension/Social Security | Life Insurance |
| $50.000 (x5 years) | $250.000 | $300.000 | $300.000 | – | $400.000 (substract) |
Total of $200,000 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 always be the best life insurance for elderly people 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 to cover final expenses such as burial costs or to pay off bills.
How much does whole life cost? Well, whole life insurance can be pretty expensive for seniors.
This is why people in their 70s should consider a universal life insurance policy which typically start at a $25,000 death benefit.
Universal life insurance for seniors offers a happy medium between term and whole life insurance. Similar to whole life, guaranteed universal life has a premium and death benefit which will last for your entire lifetime.
Would you like to know what the typical life insurance rates by age for both a $25,000 and a $50,000 policy for ages 70 and older?
| 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 represents the average life insurance cost for males age 70- 80, 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.
Gold Coast Life Insurance 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.