Life Insurance

Rates by Age

Request now a Free Instant Quote and Receive our best Deals!

Instant Free Quote

Life Insurance Rates by Age (2018)

Would you like to review sample life insurance rates by age with no personal information required? No problem!

We have analysed term life insurance rates by age and the needs which are typically covered as you mature.

Most people realize that life insurance rates are greatly affected by your age.  Unfortunately, as you get older, your life insurance rates do go up in cost. However, if you are in decent health, you can get great life insurance rates at almost any time in your life.

Most insurance agents always tell you the best time to compare life insurance rates and buy a policy is while you are still young. But, most folks really do not need much life insurance until they get a little older and have more financial obligations.

During our review, we will answer the following common questions:

How does your insurance age affect your life insurance premium?

Why do you need life insurance in their 20s and 30s?

Why do people buy coverage in their 30s and 4os?

What are the reasons for insurance in your 50s and 60s?

What needs you should be considering in your 60s and 70s?

Do the life insurance needs of senior citizens change?

How do you apply for coverage?

How Much Does Life Insurance Cost?

Obviously, age is not all the insurance companies will evaluate when determining the price you pay for life insurance.

Many other aspects of the life insurance underwriting process will also determine what your life insurance will eventually cost you.

Life insurance underwriters typically will also evaluate the following details:

Age (life insurance age)

Gender

Tobacco use

Your general overall health

Hazardous activities and occupations

Family history

Type of coverage: term or permanent life insurance

Death benefit required

What is my insurance age?

Before you look at life insurance comparisons and how age increases your premium, you definitely need to understand how your insurance age is calculated. Many applicants falsely assume premiums will be based on their current age (actual age) as long as the application is completed before their birthday.

This may not always be the case because most life insurance companies use your attained age (age nearest) for calculating your insurance age. If you have been procrastinating about buying a life insurance policy, it may be time to act sooner rather than later if you have an upcoming birthday.

Actual Age is the utilized by only a few insurance companies and is for most people used to describe their current insurance age.

Attained Age or Age Nearest once you are past your half birthday, they consider you to be the age you will be on your next birthday.

Fortunately, if you’re using Gold Coast Life Insurance you can give us your birth date and we can use our life insurance comparison software to obtain the best price for you.

Life Insurance Rates by Age 20s & 30s

In your 20’s many young people are just starting to consider life insurance. Most young people are more focused on starting their career, finding a spouse, and starting a family.

Life insurance can often take a backseat compared to paying off student loans, starting to invest, and buying your first home.

Young people are also often delaying the life events which would usually require purchasing a life insurance policy. They are getting married later in life, having children at older age, and postponing buying a home.

But, there are still plenty of people who buy life insurance in their 20’s and 30’s. In fact, over 50% of millennial’s own life insurance according to a market study conducted by LIMRA.

Millennial’s normally buy life insurance because they wish to protect their spouse, a child, their income, or to cover a mortgage. Most people buy life insurance in their 20’s and 30s because of their families.

Protecting your family is a worry that can be easily be eliminated with the purchase of life insurance.

Buying life insurance for young people usually comes with the advantage of normally being in excellent health. Since, you are young and in good health, it should be easy to buy a life insurance policy at a very low cost.

The term life insurance rates chart below offers pricing example on the best life insurance for age 20 and over. This sample contains non-smoking rates on life insurance for a 20 year old male, and a 30 year old male, with coverage lasting between 10 and 20 years.

Take notice how there is not much difference between the 10 year term prices, and the 20 year term life insurance cost.

Term Life Insurance Rates by Age Chart

   Age$250,000$500,000$750,000$1,000,000
10 year10 year10 year10 year
Age 20$10.00$14.00$19.00$21.00
Age 30$12.00$15.00$20.00$22.00
15 year15 year15 year15 year
Age 20$11.00$16.00$21.00$25.00
Age 30$12.00$17.00$22.00$26.00
20 year 20 year 20 year 20 year 
Age 20$13.00$21.00$28.00$35.00
Age 30$14.00$22.00$29.00$37.00

* Average life insurance cost life insurance for a 20 and 30 year old male

EXAMPLE: LIFE INSURANCE FOR YOUNG PEOPLE

The amount of life insurance may be smaller; if both the husband and wife have excellent paying jobs and can each support themselves independently.

But, if you do have a large mortgage you should cover the balance with a life insurance policy on each other in case either of you should die.

Simply, purchase the amount of life insurance coverage needed to pay off your mortgage if either spouse should pass away.

Check out our life insurance rate chart by age above for sample pricing.

HOW MUCH DOES IT COST FOR LIFE INSURANCE?

Finding term life insurance rates by age, plan and death benefit is a snap!

Life Insurance Rates by Age 40s & 50s

Purchasing life insurance in your 40s is where most people begin to get serious about life insurance. The children are approaching college and tuition and mortgages are usually major concerns.

Many couples have often outgrown their first house and need a larger one to accommodate growing children. Mortgage protection life insurance is usually high on the priority list.

Most people are in the prime of their careers in their 40’s and 50s.  Many parents begin to experience empty nest syndrome, as children start their own lives.  So, the primary reason for life insurance revolves around protecting the income to protect your spouse.

A few of our companies which offer the best life insurance quotes for middle aged people:

Prudential
American General
Ohio National
Banner Life
Protective Life
Transamerica

Normally, Banner Life Insurance Company comes up with excellent prices for middle aged people taking a few medications or having a few minor health issues.

The term life insurance rates chart below offers sample pricing on the best life insurance for age 50 and over.

This sample contains non-smoking rates on life insurance for a 50 year old male, and a 60 year old male, with coverage lasting 10, 15, and 20 years.

Rates by Age Chart

  Age$250,000$500,000$750,000$1,000,000
10 year10 year10 year10 year
Age 40$12.00$19.00$25.00$29.00
Age 50$24.00$42.00$63.00$75.00
15 year15 year15 year15 year
Age 40$13.00$21.00$31.00$36.00
Age 50$33.00$61.00$87.00$111.00
20 year20 year20 year20 year
Age 40$19.00$30.00$44.00$55.00
Age 50$43.00$79.00$116.00$146.00

* Average life insurance cost for a 40 and 50 year old male

EXAMPLE: LIFE INSURANCE FOR MIDDLE AGED PEOPLE

Middle-aged couple, one income, children, and a mortgage

Your first calculation should be based on the death benefit required to generate an income to provide for your surviving spouse and children by funding the cost of your children’s college tuition.

Next, figure the additional amount needed to pay off any outstanding mortgage balance.

In the event of your death, this total death benefit will provide your spouse and children immediate funds to replace your income, pay for college, and pay off the mortgage.

Income

Life Insurance

Mortgage Balance

Life Insurance

College Education

Life Insurance
$500.000 (x5 years)$500.000$400.000$400.000$100.000$100.000

Total of $1,000,000 Life Insurance Required

HOW MUCH DOES IT COST FOR LIFE INSURANCE?

Finding term life insurance rates by age, plan and death benefit is a snap!

Life Insurance Rates by Age 60s & 70s

EXAMPLE: LIFE INSURANCE FOR MIDDLE AGED PEOPLE

The primary reasons for people purchasing term life insurance in their 60s is to protect their income for their spouse. Medicare does not start until you’re mid to late 60s, and health insurance is often expensive for most people by this time.

It used to be that finding affordable life insurance for seniors was next to impossible, and now getting a policy issued is not that difficult and only moderately expensive.

The term life insurance rates chart below offers sample pricing on the best life insurance for seniors over 60 and age 70.This sample contains non-smoking rates on life insurance for a 60 year old male, and a 70 year old male with coverage lasting 10, 15, and 20 years.

As you can see, the average term life insurance rates by age 70 start to get more expensive for larger term life insurance policies.

Rates by Age Chart

 Age$250,000$500,000$750,000$1,000,000
10 year10 year10 year10 year
Age 60$60.00$113.00$171.00$214.00
Age 70$172.00$319.00$475.00$610.00
15 year15 year15 year15 year
Age 60$82.00$152.00$226.00$288.00
Age 70$236.00$463.00$690.00$890.00
20 year 20 year 20 year 20 year 
Age 60$115.00$211.00$321.00$406.00
Age 70$407.00$819.00$1,226.00$1,577.0

* Average life insurance cost for a 50 and 60 year old male

EXAMPLE: LIFE INSURANCE FOR PEOPLE OVER 60

Senior couple, dual income, adult children, and a mortgage

First, you should consider two policies to protect each other’s income to provide for the surviving spouse, and also payoff any outstanding mortgage balance.

Since, you are older and may have other income streams; you can subtract any other income sources that will be available like your surviving spouse’s income, retirement accounts, pensions, and social security.

Visit our life insurance rate chart above for sample pricing.

Income

Life Insurance

Mortgage Balance

Life Insurance

Pension/Social Security

Life Insurance
$50.000 (x5 years)$250.000$300.000$300.000$400.000 (substract)

Total of $200,000 Life Insurance Required

HOW MUCH DOES IT COST FOR LIFE INSURANCE?

Finding term life insurance rates by age, plan and death benefit is a snap!

Life Insurance for Seniors Over 70

As people reach their 70s, the need for life insurance also tends to change. Most seniors try to cover funeral expenses, provide for college tuition for grandchildren, and cover any unexpected medical expenses for surviving spouses.

SO, WHAT IS THE BEST TYPE OF LIFE INSURANCE FOR PEOPLE OVER 70 YEARS OLD?

Term insurance may not always be the best life insurance for elderly people only looking for a small amount of coverage to pay for final expenses.

Instead, life insurance for people over 70 should normally be permanent coverage like universal or whole life to cover final expenses such as burial costs or to pay off bills.

How much does whole life cost? Well, whole life insurance can be pretty expensive for seniors.

This is why people in their 70s should consider a universal life insurance policy which typically start at a $25,000 death benefit.

Universal life insurance for seniors offers a happy medium between term and whole life insurance. Similar to whole life, guaranteed universal life has a premium and death benefit which will last for your entire lifetime.

HOW MUCH DOES IT COST FOR LIFE INSURANCE?

Finding term life insurance rates by age, plan and death benefit is a snap!

Would you like to know what the typical life insurance rates by age for both a $25,000 and a $50,000 policy?

Look no further!

Death BenefitDeath Benefit
 Age$25,000$50,000
70$84$164
71$90$174
72$94$183
73$101$195
74$106$207
75$112$220
76$119$233
77$128$251
78$137$270
79$147$290
80$160$316

*The universal or whole life Insurance rates chart above represents the average life insurance cost for males age 70- 80, with guaranteed coverage lasting until age 100.

How Do I Apply For Coverage?

Most term and universal life insurance is medically underwritten. Although more expensive in cost, getting life insurance no medical exam required is still possible. So, it is important check into whether you can qualify for coverage before deciding which application process to pursue.

Please do not worry if you have a medical condition! Just because you have a medical condition does not mean that you will be turned down or need to pay the highest rates. If you can demonstrate that you are following your doctor’s orders you can also receive the similar rates to healthy applicants.

Gold Coast Life Insurance pioneered the concept of selling affordable life insurance by phone, mail, and internet on a nationwide level.

We assist consumers by providing affordable term and universal life insurance comparisons with easy to understand insurance planning concepts.

    term life insurance

    First, your general medical history is initially evaluated by our agents to determine which company may be best suited for your particular medical history.

    Next, your life insurance needs are discussed to find an appropriate plan and amount of insurance for your needs and budget.

    Then, most insurance companies will also require you to do a brief insurance examination.

    Your medical information and exam are submitted to several highly rated companies to determine which carrier would be willing to offer coverage at the most competitive rate class.

    The underwriting process can take between 3-4 weeks depending on the details of your medical history.

    This process allows us to provide you with accurate life insurance comparisons based on how your medical history fits with each company’s underwriting guidelines.

    Ready to become a Gold Coast member?

    Get your Free no obligation Life Insurance Quote in a Minute!

    Free QuoteFree Quote