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How to choose the right life insurance policy by age

Affordable and high-quality life insurance coverage is available across a variety of age ranges. Here's how to find the policy that fits your needs.

When it comes to when you should get 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 more affordable a policy will be. Typically, you get the best rates in your 20s or 30s, as you might learn from a life insurance quote. 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 available 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 help ensure it remains affordable. Read on to learn about life insurance rates by age.

In this article:

If you’re in your 20s

Your 20s are the best time to buy affordable term life insurance coverage. Generally, when you’re younger and healthier, you pose less risk to an insurer, so you’re offered the most affordable rates.

Life Insurance policies for people in their 20s typically have a lower premium payment, so you are looking at a low monthly rate, and term policies are often available for up to 30 years.

Life insurance proceeds in your 20s could help your beneficiaries pay:

If you’re in your 30s

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

With so many financial responsibilities, and good health likely still on your side, your 30s are one of the best times to assess your life insurance needs to get a good life insurance rate.

Life insurance proceeds in your 30s could help your beneficiaries pay:

If you’re in your 40s

If you’re uninsured or underinsured, your 40s are the time to adjust your life insurance needs before rates get high. Age matters to insurers, and you want to make sure you find an insurance provider with affordable life insurance options that align with your individual needs.

Perhaps you have group life insurance through work, but worry it’s not enough. Or maybe you purchased a term life insurance policy in your 20s that’s soon to expire and are realizing you’d like a little more time added on to provide further financial protection. Whatever the case, 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.

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

Life insurance proceeds in your 40s could help your beneficiaries pay:

Life insurance needs aren't one-size-fits-all.

Calculate your needs

If you’re in your 50s

There’s no other way to put it: Buying life insurance in your 50s will cost more. That said, if you have few assets and financial dependents who rely on your income, you shouldn’t bypass coverage.

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

Life insurance proceeds in your 50s could help your beneficiaries pay:

If you’re 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. Even a shorter policy can provide a substantial financial cushion to your spouse or children.

Life insurance proceeds in your 60s could help your beneficiaries pay:

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 you become, so it’s important not to put off purchasing coverage when you need it if you want to be proactive and lock in an affordable rate.

By answering a few simple questions through an online calculator, you can easily estimate what the right amount of life insurance coverage is for you and get a quote for how much that coverage may 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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About Louis Wilson

Louis Wilson is a freelance writer whose work has appeared in a wide array of publications, both online and in print. He often writes about travel, sports, popular culture, men’s fashion and grooming, and more. He lives in Austin, Texas, where he has developed an unbridled passion for breakfast tacos, with his wife and two children.

Read more by Louis Wilson

Our editorial policy

Haven Life is a customer-centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our editorial policy

Haven Life is a customer centric life insurance agency that’s backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual). We believe navigating decisions about life insurance, your personal finances and overall wellness can be refreshingly simple.

Our content is created for educational purposes only. Haven Life does not endorse the companies, products, services or strategies discussed here, but we hope they can make your life a little less hard if they are a fit for your situation.

Haven Life is not authorized to give tax, legal or investment advice. This material is not intended to provide, and should not be relied on for tax, legal, or investment advice. Individuals are encouraged to seed advice from their own tax or legal counsel.

Our disclosures

Haven Term is a Term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a Simplified Issue Term Life Insurance Policy (ICC19PCM-SI 0819 in certain states, including NC) issued by the C.M. Life Insurance Company, Enfield, CT 06082. Policy and rider form numbers and features may vary by state and may not be available in all states. Our Agency license number in California is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best Company as A++ (Superior; Top category of 15). The rating is as of Aril 1, 2020 and is subject to change. MassMutual has received different ratings from other rating agencies.

Haven Life Plus (Plus) is the marketing name for the Plus rider, which is included as part of the Haven Term policy and offers access to additional services and benefits at no cost or at a discount. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners). For more information about Haven Life Plus, please visit: https://havenlife.com/plus

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