Life Insurance Rates by Age

Age is one of the most important factors when it comes to life insurance. You can’t control it, but you can shop around.

Written by Sarah Archambault / June 8, 2022

Quick Bites

  • Life insurance makes sense for a lot of us at different ages and stages of life.
  • Your age will be a major determining factor in your premium and policy.
  • Rates are also affected by the type of insurance you buy, as well as your health, hobbies and more.

Life insurance provides your loved ones with financial security when you die and can be appropriate at many times in life.

Your age is part of what determines the price you pay for your policy, alongside health, gender and length of the policy. Generally the older you are, the more expensive you are to insure. This is why it’s a good idea to get insurance when you’re younger, if possible. [1,3]

Let’s go through some kinds of policies available and the impact of your age on the plans.

Term life insurance rates and ages

Term life insurance lasts for a limited amount of time, generally 10 to 30 years. As long as you pay your premium on time, you’re insured, which means your beneficiaries will get a pay out if you die within the term.

Term policies tend to be pretty affordable, though the older you get when you initiate a policy, the higher the monthly premiums get. [2]

Note that if you outlive the term of your policy, you get nothing from it. [2]

Average term life insurance rates by age

Let’s take a look at average rates for a 20-year term life insurance policy for healthy non-smokers ages 25 to 55. [2]

AgeGender$250,000 coverage $500,000 coverage
25Female$14.21$21.10
Male$17.18$26.97
35Female$16.55$25.53
Male$18.85$30.32
45Female$28.87$47.94
Male$35.55$60.80
55Female$61.56$109.12
Male$84.92$151.65

Whole life insurance rates and ages

Whole life insurance lasts until you die, as long as you make your payments. Also called permanent insurance, it has a death benefit and also comes with what’s known as a cash value–a portion of your monthly premium that gets invested in different ways depending on the details of the policy. [5]

Whole life insurance is significantly more expensive than term life rates, in part because it also acts as a savings account.

Average term life insurance rates by age

Let’s take a look at average rates of a whole life insurance policy for healthy non-smokers, ages 25 to 55 for a policy from a national insurance company. [5]

AgeGender$250,000 coverage$500,000 coverage
25Female$175$346
Male$199$393
35Female$243$481
Male$288$571
45Female$360$716
Male$435$866
55Female$589$1,173
Male$692$1,380

Choosing a life insurance policy that works best for your budget and financial planning isn’t a one-size-fits-all approach. It may be helpful to shop around for quotes or talk to an insurance expert that can help you review your options and customize your coverage.

5 Benefits of Life Insurance

5 Benefits of Life Insurance

Life insurance can help protect your family when you pass away and even earn you money while you are alive.

Find out more

“Term insurance is the least expensive way to provide coverage for a temporary need, but can become the most expensive type of coverage if held to life expectancy,” says Seth Buckley, president of Buckley Financial, a concierge life insurance planning firm based in North Falmouth, Mass. “For many clients, a combination of term and permanent coverage makes the most sense to meet their needs and budget.”

Article Sources
  1. “What is life insurance?” Policygenius. https://www.policygenius.com/life-insurance/https://www.policygenius.com/life-insurance/term-life-insurance/
  2. “Term life insurance: What is it & how does it work?” Policygenius. https://www.policygenius.com/life-insurance/term-life-insurance/
  3. “Average life insurance rates by age, gender, policy type, and coverage amount.” Policygenius. https://www.policygenius.com/life-insurance/life-insurance-rates/
  4. “The Policygenius Life Insurance Price Index May 2022.” Policygenius. https://www.policygenius.com/life-insurance/life-insurance-price-index/may-2022/
  5. “Whole life insurance: What is it & how does it work?” Policygenius. https://www.policygenius.com/life-insurance/whole-life-insurance/

About the Author

Sarah Archambault

Sarah Archambault

Sarah is a personal finance writer with a passion for providing real world money advice. She loves learning new ways to save and spend money wisely and help others figure out how to make smarter financial decisions. She’s created and edited content for the likes of Credit Karma and Experian along with insurance companies, banks and other financial institutions.

Full bio

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