How Age Affects Your Life Insurance Rates

Although it isn’t the only thing that affects your life insurance rate, age is one of the biggest factors that life insurance carriers take into consideration. The cost of life insurance and your age go hand in hand. It’s actually very simple. The older you, the more your life insurance will cost. The reason for this is because your life insurance premium is based on your likelihood of dying. As you age, you get closer to your life expectancy and you’re also more likely to develop serious illnesses and diseases.

Let’s take a closer look at how age affects life insurance rates. A healthy 30 year old male who does not smoke will pay about $245 per year for a $500,000 15 year term policy. Take that same healthy non-smoking man at 65 years old and he’ll pay $4220 per year.

The age factor is one of the biggest reasons why you shouldn’t put off buying your life insurance. It’s going to cost you less now so lock in the rate at your current age instead of waiting one, two, or more years. Another thing to keep in mind is that life insurance rates actually increase within 6 months of your nearest birthday. So if you are 50 years old and your birthday is June 2nd, life insurance carriers won’t wait until June 2nd to give you a higher rate. You’ll actually get a higher rate starting on January 2nd. Make sense? The bottom line is that if you need life insurance, you should contact your agent or do some shopping online so you can get best rate today. You can get a free quote now to compare multiple rates from top carriers.

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