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Term life insurance rates by age
Term life insurance rates increase with age. Here’s how you can save by shopping early.
To understand the relationship between life insurance rates and age, just remember that a policy is like fine wine, in ways both good and bad.
The good: Life insurance, like wine, can calm your nerves. A policy soothes you by helping solve the problem of what would happen to your family’s finances if you died unexpectedly; wine does its thing by stopping you from worrying about stuff for a while – a pleasant but temporary fix.
The bad: Life insurance, like fine wine, gets more expensive as you age.
How to get affordable life insurance rates
One of the main things that affects the price of life insurance coverage is the age of the person taking out the policy. As your age increases, so does the price you’ll pay to buy a life insurance policy.
Another factor that impacts your life insurance rates is what type of policy you purchase. Term life insurance, which is what Haven Life sells, is one of the simplest and most affordable types, and often appeals to many young families looking for coverage. For the sake of this piece, we’ll focus on term life insurance quotes.
Sample 20-year term life insurance rates by age for people in excellent health
Don’t have time to price out how term life insurance quotes rise exponentially with age? View the chart below, which illustrates the price of a 20-year Haven Term policy for men and women in excellent health at various ages. It’s clear that shopping early for term life insurance can save you money.
|20||Male||$ 12.07||$ 18.73||$ 24.97||$ 30.54|
|Female||$ 10.82||$ 14.82||$ 19.10||$ 22.91|
|25||Male||$ 12.09||$ 18.73||$ 24.97||$ 30.54|
|Female||$ 10.82||$ 14.86||$ 19.16||$ 23.03|
|30||Male||$ 12.48||$ 19.04||$ 25.44||$ 30.82|
|Female||$ 10.87||$ 15.16||$ 19.60||$ 24.55|
|35||Male||$ 13.11||$ 20.72||$ 27.95||$ 34.08|
|Female||$ 11.86||$ 17.50||$ 23.13||$ 29.03|
|40||Male||$ 17.33||$ 28.42||$ 39.50||$ 49.15|
|Female||$ 14.99||$ 24.11||$ 33.03||$ 40.82|
|45||Male||$ 26.03||$ 42.49||$ 60.61||$ 80.00|
|Female||$ 21.03||$ 36.45||$ 51.55||$ 66.57|
|50||Male||$ 76.75||$ 151.00||$ 223.38||$ 296.71|
|Female||$ 54.81||$ 106.19||$ 156.15||$ 208.27|
|55||Male||$ 116.12||$ 230.00||$ 341.87||$ 456.12|
|Female||$ 92.96||$ 181.33||$ 268.87||$ 360.96|
So a term life insurance policy is a lot cheaper if you get it when you’re younger. In fact, as you get older, the price you could pay for coverage can almost double. And, as you can see, the price increase for term life insurance coverage between ages 45 and 50 is a lot higher than the increase between 35 and 40.
The bottom line is that although life insurance rates vary across the industry, you will definitely pay more to put a life insurance policy in place the older you are.
To conclude, let’s expand the wine comparison a little. While a term life insurance policy is like fine wine – the price of coverage grows with age – you should actually treat it more like regular-priced wine. Ninety-eight percent of wine, including most of the reasonably-priced stuff, isn’t meant to be aged: It’s less expensive now. Term life insurance is the same. It’s an affordable insurance product that makes sense to buy the younger you are; waiting does you no favors. (To be sure, not all young people need life insurance. Simply, you should not put off buying coverage once you need it because it will cost you money. When do you need it? The moment you buy a home, get married, have a child or, overall, whenever you have people in your life who depend on you financially.) You may not be able to prevent the march of time, but this is one way you can help limit its effect on your wallet.
Remember that quotes are only estimates. Fortunately, it’s simple to apply online with Haven Life and get your personalized-to-you rate.
About Michael DavisRead more by Michael Davis
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.
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.html
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