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Compare the Best Life Insurance Rates by Age [with 6 Charts]

life insurance rates by age 2016

At TermLife2Go, our mission is to empower our clients through knowledge and expertise to find the best life insurance rates. We go about this differently than most agencies. Our focus is on the various niches within the marketplace. By knowing the niches of each company, we can align our clients with the best life insurance companies available, based on the client’s need and the niche filled by each company. Call us today to experience the TermLife2Go difference.

Life Insurance Rates by Age

We have broken down the following universal and term life insurance rates by age. Notice how premiums increase dramatically from age 40 to age 50. That is why there is no better day than today to save on the cost of life insurance.

For those who desire the lowest life insurance rates, a physical exam will be required. Knowledge is power, so before you take your exam, consider reading our life insurance medical exam tips and exploring what life insurance medical exams test for.

(life insurance rates by age- ages 20-80 where applicable-not all term lengths are available for all ages)

For those considering no exam versus taking an exam, you can get up to a million dollar life insurance policy requiring no medical exam. Find out more about the best no medical exam life insurance companies.

When Should I Get Life Insurance?

Have you made the decision that it is time to buy life insurance? The most important part of deciding if you should get life insurance is simply making the decision that the time is now. After all, according to a 2015 LIMRA study, 54 percent of Americans say it is unlikely they will purchase life insurance in the next 12 months.

The idea of “when should someone buy life insurance” will often dictate which insurance company is going to be the best fit. For example, are you looking to protect a 30 year mortgage, a new born child, or just protect lost wages until retirement? You have to know what your deciding factor is that is motivating you to even consider that it is time to purchase life insurance.

We’ll often be asked, “when should I buy life insurance?”,  to which we’ll respond,

“Yesterday, since every day you get older you run the risk of dying without coverage, or paying too much, because the age you are when deciding to get life insurance is the number #1 determinate on how much you’ll pay for life insurance.”

About Term Life Insurance

Ask the person sitting in the cubicle next to you, your neighbor, your grandma, your third cousin on your mother’s side of the family, or your pastor, and virtually everyone will tell you that if you are considering life insurance, term is definitely the way to go.

However, in our experience, anytime everyone is thinking the same way is the time to start thinking contrary to the masses. With that said, let’s talk about the benefits of term life.

Benefits of Term Life

Probably the most important benefit is the cost of term life insurance vs whole life insurance. Because term ends at a specific date instead of lasting your whole life, the price tag is lower, making term more accessible for millions of Americans.

Accessibility is good. We will often recommend term life to our clients. However, you should always consider the instances when whole life insurance is better than term life.

Another benefit of term besides price is its flexibility. You can tailor the policy to a specific need, such as the age of your youngest child, or the length of your mortgage.

And term life insurance comes with living benefit riders that make it very appealing, especially for those who are young and need a ton of coverage, without the hefty price tag of whole life insurance.

Term Life Insurance Riders

Accelerated Death Benefit or Terminal Illness Rider: Gives you access to a portion of your death benefit while you are still living if you are diagnosed terminally ill.

Conversion Option: Allows you to convert all or a portion of your term policy to a permanent policy, without proof of insurability (no medical exam or health questions).

Chronic Illness: Eligible for a portion of the death benefit if you are unable to perform two of the six ADLs (activities for daily living) without help from another person or be mentally impaired.

Compare Term Life Insurance Rates

Each life insurance rate chart below is based on how much the life insurance costs per month, sorted by term length. For a more personalized quote, you can compare life insurance rates using our quote form or simply give us a call. Most likely you will be pleasantly surprised at how affordable life insurance is, since a recent study noted that 80 percent of consumers are misinformed about how much term life insurance costs, with Millennials overestimating the cost by 213%, and Gen Xers overestimating the price by 119%.

Please note: we are providing some basic information to help our visitors gain insight into the world of life insurance and including some sample term life insurance quotes and sample universal life insurance quotes to give you a ball park of what you may qualify for if you are considered a preferred best rate class. The below sample rates are in no way reflective of what you will actually qualify for.

*Sample 10 Year Term Life Insurance Rates

The ten year term is an interesting option. You will find that the average cost of life insurance will be lower on the 10 year term. The low price should be attractive for anyone who needs low cost life insurance to cover SBA loans or to meet the requirements of a divorce settlement.

Ages$250,000$500,000$1,000,000$2,000,000
209.6214.1821.2938.67
309.6214.0721.4642.18
4012.2118.5530.856.18
5025.9945.6883.3161.17
6067.11127.05232.93472.05
70198365.09729.491451
80803.861541.932980.435955.42

*All quotes are based on a preferred plus male as of February 12, 2016.

Best 10 year term life insurance rates above from Prudential Life, Protective Life, Mutual of Omaha, AIG Life, AXA Equitable, Lincoln Financial

 

*Sample 15 Year Term Life Insurance Rates

This is a great option for the dad or mom (or both) that have young kids in the house but are not planning on adding to the family. If your youngest is three, a fifteen year term will provide coverage until he or she turns 18.

The advantage of choosing a shorter term length is you can increase the face amount substantially and really save on the cost of life insurance. Consider this: often it makes more sense to get a shorter term length with a larger face amount. If you die prematurely, your family is going to need a lot of money to get by. Don’t sacrifice getting the appropriate amount of coverage for a longer term.

Ages$250,000$500,000$1,000,000$2,000,000
2010.6715.4824.9845.33
3010.7115.8125.1547.06
4014.8523.8641.7883.57
5036.0965.56121.36234.85
6090172.35327.15646.65
70267.52527.41039.052070.45
75755.721480.062937.765872.94

*All quotes are based on a preferred plus male as of February 12, 2016.

Best 15 year term life insurance rates above from Transamerica Life, Pruco Life, Lincoln Life, Banner Life, AIG Life, Protective Life

 

*Sample 20 Year Term Life Insurance Rates

Homeowners often think they need a 30 year term to cover the mortgage on their home. However, the average American only stays in their home for 13 years. Rather than fork over the extra money for a 30 year term, consider a 20 year term.

Ages$250,000$500,000$1,000,000$2,000,000
2013.1720.7434.9266.12
3013.5420.9535.8968.43
4019.8632.9959.68113.93
5046.3385.49160.3315.17
60127.49245.96471.8963.45
65252.9463.55908.551809.45

*All quotes are based on a preferred plus male as of February 12, 2016.

Best 20 year term life insurance rates above from United of Omaha, Protective Life, SBLI, AIG Life, North American

 

*Sample 25 Year Term Life Insurance Rates

The 25 year term is the black sheep of the term lengths. No one likes to talk about it, but it does exist. There are (rare) occasions when it makes sense, such as tailoring the term length to your youngest child getting through college.

Ages$250,000$500,000$1,000,000$2,000,000
2017.4326.7347.0990.31
3018.2929.3251.7298.96
4029.1151.3897.23188.92
5070.84132.26249.24498.59
60233.68438.47807.541612.5

*All quotes are based on a preferred plus male as of February 12, 2016.

Best 25 year term life insurance rates above from AIG Life, Protective Life, Transamerica Life, SBLI, Foresters

 

*Sample 30 Year Term Life Insurance Rates

The average cost of life insurance climbs considerably with a 30 year term. This is the longest term available without adding a return of premium (ROP) rider to your policy. The reason term life insurance rates are significantly higher with a 30 year term than with a 10 year term is because there is a significantly greater chance you will die in 30 years than in 10.

Ages$250,000$500,000$1,000,000$2,000,000
2015.4424.843.580.91
3021.1235.1763.18120.93
4033.2158.8108.68216.45
5073.68139.74270.55549.45
55139.3270.99533.921091.25

*All quotes are based on a preferred plus male as of February 12, 2016.

Best 30 year term life insurance rates above from Assurity, American National, Minnesota Life, Prudential Life

 

*Sample GUL to age 100 Life Insurance Rates

Guaranteed Universal Life is permanent life insurance. It is similar to whole life but generally offers more flexibility because the premium and face amount can be adjusted. Consider permanent life insurance for funding buy-sell agreements or estate planning. When planning your estate or business succession, other types of life insurance, such as indexed universal life, should also be considered.

Ages$250,000$500,000$1,000,000$2,000,000
2059.66119.33206.88413.76
3080.18160.36286.2572.4
40117.8235.59438.52877.05
50180.4360.8688.811377.61
60320.14640.281236.912473.81
70576.351152.72260.254520.5
8013242647.995191.610383.2

*All quotes are based on a preferred plus male as of February 12, 2016.

Best universal life insurance to age 100 rates above from AIG, Protective Life and Banner Life.

A Final Word on Life Insurance Rates

Each life insurance rates chart displayed above is for informational purposes only. The rate you qualify for will vary. Your rate class is dependent on a number of factors, including age, height/weight, health, lifestyle, etc. Read up on how life insurance companies determine health rate classes.

Our team is ready and willing to guide you through the process of obtaining the best life insurance rates. We do this by aligning you with the right company, at the right price. By focusing on the best life insurance companies, we cater each recommendation to the unique need of each client. No client is the same. And there is no one size fits all company.

If you need help or would simply like to go over all your options, please give us a call today and experience the TermLife2Go difference!

Thank you for reading our article, Life Insurance Rates by Age. Please leave any questions or comments below.

10 comments… add one
  • eric van haaften

    Most people realize term life insurance rates are greatly affected by your age. Most insurance agent’s always tell you the best time to buy a policy while you’re still young. Great coverage of the prices you pay for life insurance at different ages with the various products available to address these needs.

  • Heather

    Hi my name name is Heather and I’m only 24 bit I’m a single mother of 3 boys… I currently had a scare that had me really thinking about needing to protect my boys. Well not only protected but to keep them covered if something were to happen to me. I was looking into globe life (whole life) for them? They are 11 months, 3, and 4. But I didn’t know about myself. What is best to do? Whole life or term? How does that work? When my term is up, say I get the 15 years, when I’m 40 do I have to pay the 40 year old premium? I’m so lost and don’t know which type would expect better so any input would be helpful thanks!!

    • Heather,

      Your asking a lot of great questions which is why I would suggest that you give us a call so that we can assist you in finding policies that will cover all of your needs.

      Thanks,

      TermLife2Go.

  • My mother is 71 and has never considered life insurance, She is the only surviving person I have left In my family and I have 2 young children, Never graduated , She is looking for insurance that will pay a death benefit upon her passing which She is healthy But finally knows she has to help out the only one left to support her grandkids. She wants to make sure that it is a minimum of 100-500,000 And not sure Exactly how it works due to her being older now, (Senior Term correct) How can she know for a fact if she pays this monthly that myself her daughter Will be granted and guaranteed a immediate issue and access to these funds.
    How does it work if she has been paying for 6 months and passes on the 7th month , Would I the only and sole beneficiary Still receive the full amount of coverage she chooses? How long is the process after a death to receive funds to pay for funeral , mortgage etc????

    • Nicole,

      You’re asking all the right questions, but we would really need to speak with your directly to be able to answer them sufficiently. For this reason, why don’t you just give us a call and we’ll do our very best to help you out!

      Thanks

      TermLife2Go.

  • I am looking for various rates to compare and select an affordable and convenient policy.

    • Bernard,

      Our quoter will instantly provide rates from various insurance companies, so if you’re just looking to see what rates you may qualify for, that would be our suggestion.

      Now if you want to get a better idea on exactly what “rate class” you would qualify for, we would suggest that you give us a call.

      Thanks,

      TermLife2Go.

  • Valerie

    I am looking for life insurance quote.
    I am 47 years old.
    I recently had a heart transplant .
    I have a young son.

    • Valerie,

      Finding coverage as a heart transplant patient is going to be really tough. In fact, we’re not aware of any traditional term or whole life insurance product that would take on a heart transplant applicant. We do however know of a company that would offer you up to $25,000 dollars in coverage through a “guaranteed issue” product, but other than that you’re best bet would most likely be an accidental death policy.

      Why don’t you give us a call so that we can learn more about your situation and see if we have something that might interest you.

      Thanks,

      TermLife2Go.

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Our licensed professionals have over two decades worth of experience and will help you choose the best life insurance company for the lowest price based on your specific needs and lifestyle. Find out more about us here.