Choosing the Right Life Insurance by Age

When it comes to buying life insurance, your age and health are two of the most important factors an insurer will consider when determining eligibility and pricing.

As you can imagine, the younger and healthier you are, the simpler the process (like not needing a medical exam) and the more affordable a policy will be. Typically, you get the best rates in your 20s or 30s. That’s because an insurer is taking on less risk when insuring a young person in good health.

That said, affordable and high-quality coverage is attainable across a variety of age ranges. But when you need life insurance coverage, such as when you have children or other financial dependents, it’s important not to put off buying a policy to ensure it remains affordable.

Buying Life Insurance in Your 20s

Your 20s are the best time to buy affordable term life insurance coverage (even though you may not “need it”). When you’re younger and healthier, you pose less risk to an insurer, which is why you’re offered the most affordable rates.

For example, a 27-year-old man in excellent health could purchase a 30-year, $500,000 policy for as little as $32 a month. That term length would see a 1-year-old child through college and himself close to retirement.  Life Insurance policies for people in their 20’s are going to have similarly low premiums.

Additionally, for most people, your 20s are a time when your health history is pretty immaculate. You may not have experienced any illnesses or health concerns that could later make you uninsurable.

If you’re in need of coverage or even recently married with a mortgage and children in the near future, it may be worth seriously considering buying term life insurance now to lock in a low rate for the future.

If you’re in your twenties and single with no financial dependents, life insurance is probably not something you need to allocate funds toward yet.

What Life Insurance in Your 20s Could Help Pay:

  • A mortgage or housing payments that your partner couldn’t make without your financial contribution
  • Other cosigned debts like a private student loan, which could be left to your family to pay off
  • Education and childcare expenses for children
  • Final expenses

Remember that life insurance is not a one-time purchase. You should revisit your coverage needs when you have more kids, take on more debt and numerous other life stages which have a financial impact. If you only need a small policy now, you may want to consider purchasing more coverage as your lifestyle changes, such as when you have children or after your income has increased consideration.

Buying Life Insurance in Your 30s

By the time your 30’s hit, life insurance becomes more important than ever. Chances are you’re married, own a house, have a few kids, a couple cars, and plenty of bills to pay.

With so many financial responsibilities, and great health likely still on your side, your 30s are one of the best times to assess your life insurance needs. Even if you purchased a small policy in your 20s or get life insurance coverage through your employer, it’s likely time to determine if you need more.

First, don’t rely on employer-provided policies alone. Typically, this coverage only offers a payout of one to two times your annual salary, which is far too little coverage if you have financial dependents.

Most experts suggest buying a policy that’s at least five to 10 times your annual income. The recommendation can go as high as 15 times your income if you have a spouse and children and few liquid assets.

Fortunately, ample term life insurance coverage is still very affordable in your 30s. For example, a 37-year-old woman in excellent health can purchase a 20-year, $750,000 Haven Term term policy for as little as $28 per month.

What Life Insurance in Your 30s Could Help Pay:

  • A mortgage that your spouse couldn’t pay off without your financial contribution
  • Protect a stay-at-home mom or dad who solely relies on your income
  • Day-to-day childcare expenses, along with future ones like extracurricular activities and college
  • Serve as a financial cushion to keep your family from tapping into savings to cover the bills
  • Medical bills or any final expenses

Even if you already have life insurance, your 30s are a good time to reassess your needs. If you’re earning more money now or have a larger family, you might require more coverage.

An online life insurance calculator can help you determine how much coverage is needed at this point in your life.

Buying Life Insurance in Your 40s

If you’re uninsured or underinsured, your 40s are the time to adjust your life insurance needs before rates get high.

Perhaps you have coverage through work, but worry it’s not enough. Assuming you plan to stay at your job for some time, an individual policy can help supplement what you’re already getting through your employer.

Or, maybe you purchased a term life insurance policy in your 20s with a 20-year term length that’s soon to expire and are realizing you’d like a little more time added on to provide further financial protection. This can happen if a mortgage took longer to pay off, you had your first child, or if you’d like to provide a little more of a financial cushion for your spouse or children.

Americans are living longer, and your 40s are still a time when you might be in excellent or very good physical health, therefore, coverage can still be very affordable. A 20-year, $500,000 Haven Term policy could cost as little as $46 per month for a healthy 47-year-old woman. Or, if you’re looking to add on another life insurance policy since the policy from your 20s is set to expire, a 15-year, $250,000 policy would cost a healthy 45-year-old man about $22 per month.

Not bad for much-needed financial protection.

Special Considerations:

If life insurance seems too expensive, try tweaking your policy details. Choosing a policy with a shorter term or a lower level of coverage can help you save money without preventing you from buying the coverage you need.

What Life Insurance in Your 40s Could Help Pay:

  • The remainder of a mortgage that your spouse couldn’t pay off without your financial contribution
  • Make up for a gap in coverage because of increased earnings and a lower amount of coverage from when you were bringing home a smaller salary
  • Protect a stay-at-home mom or dad who solely relies on your income
  • Day-to-day childcare expenses, along with future childcare expenses like extracurricular activities and college
  • Serve as a financial cushion to keep your family from tapping into savings to cover the bills
  • Medical bills or any final expenses

If life insurance in your 40s seems too expensive, try tweaking your policy details on the quote page. Choosing a policy with a shorter term or a lower level of coverage can make a significant impact on saving money while still getting ample coverage.

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Buying Life Insurance in Your 50s

There’s no other way to put it: buying life insurance in your 50s isn’t going to be cheap. That said, if you have few assets and financial dependents who rely on your income, you shouldn’t bypass coverage.

Research shows that most Americans significantly overestimate how much life insurance will cost, and we’re pretty sure coverage in your 50s would be one of those scenarios. A 20-year, $250,000 Haven Term policy would cost a 57-year-old woman in very good (not excellent) health about $75 per month. The price of coverage comes in higher for a man of the same age and health at $105.

While not inexpensive, if it’s providing peace of mind and necessary coverage, it’s probably worth it.

What Life Insurance in Your 50s Could Help Pay:

  • The remainder of a mortgage that took longer to pay off than expected
  • Any debts or unpaid bills you wouldn’t want your spouse to be left with
  • Make up for a gap in coverage because of a significant increase in earnings
  • Protect a non-working spouse who solely relies on your income
  • Serve as a legacy or financial cushion for your beneficiaries
  • Medical bills or any final expenses

To ensure you get the best rate in your 50s, utilize online life insurance quote comparisons like the one we have to confirm you’re selecting a competitive price. It’s also worthwhile to start the application process and see what amount you are approved for and how much it will cost.

You’ll just need to be more selective on how much coverage you get and what the term length should be. A shorter term length, such as 10 or 15 years, is going to cost you a lot less. In your 20s and 30s, it’s prudent to take a “better safe than sorry” approach and purchase more coverage. If your 50s, it’s best to get the right amount of coverage for your financial situation to make sure you’re not over-insured, and, thus, overpaying. An online life insurance calculator can recommend a few scenarios of coverage, so you pick the proper amount.

Buying Life Insurance in Your 60s

It’s not too late to buy life insurance once you’re in your 60s. Haven Life sells affordable term policies to individuals ages 18 to 65. The main difference between life insurance in your 60s and everything before then is that you likely won’t be able to buy a policy that has a term length over 20 years.

To keep costs down, and assuming you’re not putting loved ones at financial risk with this choice, it’s a good idea to stick with term lengths of 10 or 15 years.

For example, a 10-year, $250,000 Haven Term policy for a healthy 62-year-old woman will start at $72. If you’re considering, for that same woman, a 20-year policy for the maximum coverage duration, you’re looking at about $129. You can also compare prices to other insurers to see what the rates might be.

While not inexpensive, that coverage can provide a substantial financial cushion to your spouse or children.

What Life Insurance in Your 60s Could Help Pay:

  • Debts or unpaid bills you wouldn’t want your spouse to be left with
  • Protect a non-working spouse who solely relies on your income
  • Serve as a legacy or financial cushion for your beneficiaries
  • Medical bills or any final expenses

Before choosing a policy, make sure to experiment with a few different scenarios before you settle on one that meets your need. Slightly changing the term length or coverage amount could result in a significant drop is pricing, which wouldn’t be detrimental to your beneficiaries if you’re looking to provide a small financial cushion.

Additionally, seriously consider your financial situation before you buy life insurance in your 60s. You may no longer need income replacement if your debts are paid, your spouse is coasting into retirement, and you have no financially dependent children. The monthly premium could be better put toward building up additional liquid savings.

Buying Life Insurance When You Need It

Putting age aside, if you have people who rely on your income, there’s a good chance your family could benefit from the protection of a life insurance policy. As you saw above, life insurance gets more expensive the older and less healthy you become, so it’s important not to put off purchasing coverage when you need it if you want to proactive and lock in an affordable rate.

By answering a few simple questions via an online calculator, you can easily determine what the right amount of coverage is for you and get a quote for how much it will cost. Now that buying life insurance is easier than ever before, you could be only a few minutes away from peace of mind.

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