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  • Writer's picturejimmy ting

Term Life Insurance - Estimated Rates by Age. See how much you would be paying...

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.

Here’s a breakdown of rates for term life insurance policies as you age — and tips on how you can find an affordable life insurance premium.

How to get affordable life insurance rates

The benefits of life insurance are why you get a policy in the first place. But what about the cost?

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, is one of the simplest and most affordable types, and often appeals to young families looking for coverage. There’s also universal life insurance, permanent life insurance and whole life — but 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

Now you know that the cost of a term life insurance policy can rise with age, it’s time to learn just how much the premium payments will increase. 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 Life Insurance 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.

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 double (or more). 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. This is why life insurance is important, especially at a young age.

In conclusion

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 policies. 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.

For more information about Life Insurance call JCT Insurance Agency at (626)354-2000 or email

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