Term life insurance rates by age

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 is the age of the person taking out the policy. As your age increases, so does the price you’ll pay to buy a 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 of coverage 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.

Age Coverage   
$250,000$500,000$750,000$1,000,000
20Male$16.77$22.05$30.07$38.09
Female$14.38$19.03$25.55$32.07
25Male$16.99$22.48$30.72$38.96
Female$14.58$19.03$25.55$32.07
30Male$17.43$22.48$30.72$38.96
Female$14.99$19.46$26.19$32.92
35Male$18.06$23.34$32.01$40.67
Female$15.37$20.32$27.49$34.65
40Male$24.12$32.38$45.57$58.77
Female$19.91$28.07$39.11$50.15
45Male$38.16$56.07$81.10$106.13
Female$29.64$43.15$61.72$80.30
50Male$56.49$84.06$123.09$162.12
Female$41.23$61.67$89.50$117.33
55Male$88.05$135.31$199.96$264.62
Female$65.68$98.27$144.41$190.54
60Male$152.80$230.91$343.37$455.82
Female$103.91$156.84$232.26$307.68

Source: Sample monthly premium quotes are based on preferred health ratings of Haven Term policies offered in 2019. Term life insurance quotes can be viewed by using Haven Life’s quote tool.

So term life insurance is a lot cheaper if you get it when you’re younger. In fact, the price you’ll pay to put a policy in place more than doubles over the course of a decade. And, as you can see, the price increase between ages 40 and 45 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 policy in place the older you are.

To conclude, let’s expand the wine comparison a little. While term life insurance is like fine wine – 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 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.

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Michael Davis is a freelance writer and editor who has covered everything from fashion and music to parenting, work, and finance. He has been a chef, restaurateur and record label owner. Opinions are his own.

Haven Term is a Term Life Insurance Policy (ICC17DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In New York, Haven Term is DTC-NY 1017. Our Agency license number in California is OK71922 and in Arkansas, 100139527.

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