Best Time to Get Life Insurance by Age: Rates Analyzed

Best Time to Get Life Insurance by Age: Rates Analyzed

Life Insurance Rates By Age was written for Playlouder by a contributing author. Please note that contributing opinions are that of the author. They are not always in strict alignment with my own opinions. –Joe

Are you thinking of purchasing life insurance but don't know when? When purchasing life insurance, two of the main factors an insurer will evaluate when determining qualification and cost are your age and health.

Nonetheless, coverage is available for people of all ages. But is there a ‘right time’ to get insured? 

The best time to get life insurance varies for each person. This may be based on family and financial conditions. So, before you commit, it's critical to understand how life insurance rates according to your age works. Continue reading this article to learn more.  

Life Insurance Rates By Age

Life Insurance Rates In Your 20s 

Even if you don't need it, your twenties are the perfect age to purchase term life insurance coverage at the best price. This is because an insurer takes on less risk when covering a young, healthy person. For example, A 25-year-old woman in good health may pay as little as USD $22 per month for a 20-year, USD $500,000 life insurance policy. 

As you can see, life insurance policies for individuals in their 20s often have cheap premiums, so you're dealing at a low monthly cost. 

Furthermore, their 20s may be the healthiest they can be for many people. You may not have had any diseases or health issues that may render you uninsurable in the future. As a result, the younger you are, the longer your life expectancy, and the cheaper your average life insurance cost. 

In your 20s, the funds from your life insurance policy might assist your beneficiaries in paying: 

  • A mortgage that your partner or future partner would be unable to pay without your financial assistance
  • Other obligations, such as a private college loan that are left to your family to settle
  • Your final expenses

Keep in mind that life insurance isn’t a one-time investment. When you have more children, incur more debt, or experience various other life events that have a financial impact, you should reconsider your plan.  

Life Insurance Rates In Your 30s 

Life insurance becomes more crucial now than before when you reach your 30s. You'll probably be married, own a property, have a few children, drive a couple of automobiles, and have a lot of expenses to pay. 

Your 30s are the ideal time to determine your life insurance needs and purchase a premium because you have so many financial commitments and are presumably still in excellent health. Luckily, basic term life insurance coverage is still reasonably priced in your 30s. A 30-year-old man can still avail coverage for as low as USD $20.  

When you’re in your 30s, the proceeds from your life insurance policy may be used to help your dependents with: 

  • Supporting a stay-at-home parent who relies entirely on your income
  • Everyday childcare costs, as well as leisure activities and college
  • Serving as financial protection to protect your family from using savings to pay bills

Even if you currently have life insurance, your 30s are an excellent opportunity to reevaluate your needs. Maybe it's time to reconsider your existing term life insurance coverage. If you make more money or have a more prominent family, you may need extra coverage. 

Life Insurance Rates In Your 40s 

If you're still not insured, your 40s are the ideal age to make changes to your life insurance plan before premiums skyrocket. Age is important to insurers, and you want to select an insurance company that offers reasonable life insurance alternatives that meet your specific needs. 

Because your 40s are still when you may be in excellent or very good physical condition, coverage can be reasonably affordable. Purchasing a 20-year policy premium at this time would cost about USD $40 per month.  

If you think the coverage is a bit costly, consider adjusting the terms of your policy. Selecting a policy with a shorter period or a lesser level of coverage can help you save money while still allowing you to get the coverage you want. 

Life Insurance Rates In Your 50s  

There's no other way to describe it. Purchasing life insurance in your 50s will be more expensive. However, if you have limited assets and financial dependence on your income, you should not skip coverage. 

A 20-year coverage would cost roughly USD $50 per month for a woman in her 50s who’s in good health and would cost even more for a man. Though not cheap, it's undoubtedly worth paying for if it provides peace of mind and essential coverage. 

If you decide to purchase a premium in your 50s, you'll just have to be more careful about how much coverage you receive and how long the term should be. For example, A relatively short-term policy, such as 10 or 15 years, will cost much less. 

It's also best to think about what level of coverage is appropriate for your financial status to ensure you're not over-insured and overspending. 

Life Insurance Rates In Your 60s 

When you're in your 60s, purchasing life insurance is never too late. The only main difference between life insurance in your 60s and anything before that is you’ll most likely be unable to get a policy with a term duration of more than 20 years. A 20-year policy with the maximum coverage term for a woman in her 60s would cost around USD $100 per month.  

Before deciding on a policy, try out a few different situations to see which one best suits your requirements. If you're looking to achieve slight financial protection, adjusting the term duration or coverage amount may result in a significant cost reduction.  

Furthermore, before purchasing life insurance in your 60s, reassess your financial status. If your debts are already paid off, your partner is nearing retirement, or maybe you no longer have financially-dependent children, you may no longer require income replacement. The monthly premium might be better spent on accumulating extra liquid funds. 

The Ideal Time To Get Insured 

When buying life insurance, the younger you are, the better. This is because you’ll qualify for reduced rates if you’re younger. Furthermore, as you become older, you might develop health issues that raise the cost of your insurance or potentially disqualify you from getting one.  

Younger folks, on the other hand, who are burdened with mortgages, vehicle payments, and school loan debt, prefer to put off purchasing life insurance. While paying off current debt is vital, failing to buy life insurance at an early age has a significant economic impact, similar to delaying retirement savings. The sooner you purchase it, the better. 

While being younger is usually preferable, getting insured is mainly determined by expecting other people to depend on your income. You would want the policy's duration to run as long as your dependents require your payment. 

For parents, this is typical until their children reach adulthood. Or, couples who own property together may want to be insured until their mortgage is paid off. However, if you have existing debt, such as credit debt or student loans, life insurance may be beneficial even before you have dependents. 


Regardless of your age, if you have dependents on your income, there's a big possibility your family would benefit from the coverage of a life insurance policy. As you can see, premiums become more costly as you age, so it's important not to skip getting insured if you want to be protected. 

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