Term Life Insurance Rates by Age
Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina.
He has also earned an MFA in screenwriting from Chapman Univer…
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Written by
Jeffrey Johnson
Insurance Lawyer
Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.
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Reviewed by
Benji Carr
Former Licensed Life Insurance Agent
UPDATED: Feb 9, 2022
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The Facts of Life
Term life insurance rates can increase drastically for older adults
Age is an important factor in life insurance pricing, along with health status, gender, and more
Choosing the wrong life insurance company could cost you hundreds of dollars per month
One of the most common life insurance types is term life insurance. What many people may not realize is that there is a great deal of variance in term life insurance rates by age. If you wait too long to buy life insurance, you might end up overpaying.
Nobody wants to pay too much for life insurance. This article will serve to help you see how life insurance rates can change as you age. You’ll see how different companies change rates by age too.
Ready to learn more about term life insurance rates by age? Keep scrolling or get personalized rates from life insurance companies in your area with our free quote tool above.
What are term life insurance rates by age?
While term life insurance is often known as the most affordable type of life insurance, this isn’t always the case. Age is a major factor that life insurance companies consider during the underwriting process.
There are some other notable factors, such as gender and health status, but age may be considered the most influential on your rates. To make matters more complicated, not every company treats these variables equally.
Throughout this article, we’ll highlight sample term life insurance rates by age combined with other variables so you can get a better idea of how much you might pay if you don’t already have life insurance.
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What are term life insurance rates by age for healthy adults?
Healthy adults pay less for life insurance. In short, life insurance companies view health problems as risks and thus charge more to cover unhealthy adults. For that reason, we’ll provide sample term life insurance rates for both smokers and non-smokers so you can see how the life insurance cost varies for each group.
You can see above how the term life insurance rates vary by age with different companies. There can already be a notable difference in term life insurance rates from one company to the next, but this difference becomes more pronounced with age as well.
For example, the difference in price between AIG and State Farm at age 30 will typically be no more than $15 or $20 per month. At age 60, the difference is likely to be more than $50 each month. The difference can be even more substantial with higher coverage amounts.
Smokers pay significantly higher monthly rates than non-smokers for their life insurance. This notion remains true for virtually any person that has unhealthy habits that are proven to increase the risk of mortality. Smoking accounts for nearly 500,000 deaths per year, according to the CDC.
If you’re a smoker, your life insurance rates could skyrocket if you’re not careful. While you will almost always pay more for life insurance as a smoker, some companies do charge more than others. For example, MassMutual’s rates tend to be about double the price for smokers, while AIG’s rates tend to be closer to triple the price.
For older adults, this could be the difference between hundreds of dollars per month. It’s important to do your research and compare rates from multiple companies to determine which will truly be the cheapest.
Which life insurance company has the cheapest term life insurance?
As you may have noticed earlier, term life insurance rates can vary greatly from company to company based on different situations. Healthy adults might have a different list of affordable options than unhealthy adults. Below, you’ll see sample rates for healthy non-smokers.
Using the life insurance rates by age chart above, you’ll see that Transamerica, Principal, and AIG tend to have the most affordable rates for non-smokers. Most of the companies featured in the chart above are major market share contributors with strong ratings overall.
It’s clear that smokers tend to pay more for life insurance. This makes it more important to be diligent when choosing a company. Based on the sample rates above, Transamerica, AIG, and Cincinnati appear to have the most affordable rates for all ages.
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No matter which company you choose, it can be beneficial to invest in life insurance sooner rather than later to avoid paying astronomical premiums each month. To truly get the best rates, you’ll want to get personalized quotes from multiple insurance companies.
If budget is a major concern, older adults could benefit by investing in burial insurance. This is a more affordable monthly option, but the death benefit won’t be as significant.
Finding The Best Life Insurance Rates by Age
How much is life insurance? Life insurance rates vary depending on the coverage amount, your health, your gender, and most importantly, your age. The sooner you invest in life insurance, the cheaper your rates will be.
We hope you enjoyed learning more about the term life insurance rates by age. Before you go, take advantage of our free quote tool below to see if you could be saving on term life insurance.
