Term Life Insurance Rate Chart by Age

Term life insurance rate chart by age
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.

If you compare life insurance rates by age below, you may be surprised by how economical life insurance can be for younger buyers. Since, insurance coverage is very affordable, many young couples with a lot of financial responsibilities elect to lock into a $500,000 life insurance policy.

Term Life Insurance Rate Chart By Age

Term Life Insurance Rate Chart by Age
Term Life Insurance Rate Chart by Age

Should you buy cheap term life insurance? It's an often-asked question to which there is a cheap and simple answer. Cheap term life insurance, otherwise known simply as life insurance or term life is a cheap life insurance policy that pays out a lump sum upon your death. The premiums are very cheap and term life insurance policies are very easy to obtain. There are two basic types of term life insurance available from insurers - cheap decreasing term life insurance and cheap level term life insurance. If you have a mortgage or you have a partner, family or dependants that could suffer financial hardship as a result of your death then cheap term life insurance is a must!

Term life insurance offers the cheapest alternative to provide insurance coverage for your dependents. It has allowed individuals under budget-crunch situations to buy policies with larger payout amounts due to the limited term of the coverage.  So, if you can renew your term life insurance regularly during your lifetime, you have actually found an affordable alternative to expensive whole life insurance.

You do not have to be in perfect health to get a free term life insurance quote. In fact, you can get low cost life insurance without even having a medical exam. Even if you do have life-threatening diseases, you can get a free quote for term life insurance but it may not be the low cost term life insurance you are hoping for. This is because you are in a higher risk category because your chances of dying within the term are much greater. Even if the premiums are a little higher, you are still leaving something for your family and to pay for your funeral.

Term is typically the best type of life insurance to fit most people's needs since it is:

  • low cost with simple level premiums for a set time period like 10, 20, or 30 years
  • easy to understand
  • quick and easy to purchase
  • adequate to cover most life insurance needs scenarios

Here are some common reasons people buy term life insurance:
  • replace their spouse's income or pension 
  • pay off debts (mortgage, credit, student loans, etc)
  • business insurance (key person or buy-sell insurance)

The Best Term Life Insurance Rates Require More Information

Please understand the most accurate life insurance rates by age will depend on:

  • your exact age 
  • gender (females tend to cost less than males)
  • family history (you can be penalized for certain diseases your parents or siblings had before age 60 or 70, such as some cancers, coronary artery disease, or diabetes)
  • travels, occupation, & activities
  • drug or alcohol use or abuse
  • driving record
  • credits
  • your education, regular doctor visits, a good healthy family history, or your income level.

Sample Term Life Insurance Rates by Age


Types of Term Life Insurance: 10, 20 & 30 Year, and No Exam

10 Year Term life insurance policy

​A 10 year term life insurance policy is going to be one of the most affordable options when you are looking into purchasing a life insurance policy. This policy is going to guarantee that your rates stay locked in for 10 years. At the end of this 10 year term, your policy will renew and at that point your rates can change.

​10 years of term life insurance coverage is better than nothing, and once you have a policy, there are more options when the term expires. For a lot of people, they only need a short term boost, and this is where 10 year term life insurance comes to the rescue. It can add the the coverage you need for 10 years and will fall away when you obligations lighten. That way you won't be over insured.

10 Year Term Life Insurance Rates Chart

Pricing samples below are rates based on a 10-year term for a healthy non-smoking male with a Preferred Plus rating.
18-28 Years Old
29-39 Years Old40-49 Years Old50-59 Years Old60-69 Years Old70-74 Years Old
*Quotes are presented in a monthly premium format. Valid as of 10/19/16. The above quotes are for a non-smoker in excellent health and are subject to changes. Source: https://www.noexam.com/life-insurance-rates-based-age/

20 Year Term life insurance policy

​​A 20 year term life insurance policy is ​the most common type of term chosen when it comes to a term length option and will be in the mid range of pricing. This policy is going to guarantee that your rates stay locked in for 20 years. At the end of this 20 year term life insurance policy, you ​can decide to renew and at that point your rates can change.

People often purchase this product when they aren’t sure what the future holds.  A 20 year term gives you time to figure what your needs will be down the road – while providing substantial coverage in the interim. It’s SO important to get coverage when you need it. If you can’t afford a 30 year term – start with what you can afford and supplement when your circumstances change.
NOT having coverage isn’t an option for ANYONE who has dependents. When your 20 year term ends, your premiums rise dramatically – because you’re a bigger risk to insure.
At this point you may have the option to convert the policy to permanent coverage.

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.

Read also:
10 Important Tips for Buying Life InsuranceTips Buying Whole Life Insurance For Over 50 Year Old
           Term Life Insurance Rate Chart by Age


30 Year Term life insurance policy

​The 30 year term life insurance option is going to be the most expensive option of the other term options. However, it will allow you to have your benefit locked in for the longest period of time and will save you more money in the long run. If you are young enough where a 30 year term option is still available then we recommend this option.
At the end of this 30 year term, you have to figure out if you want to renew the policy at a higher rate or let it end.

Thank you for reading our article, Term Life Insurance Rate Chart by Age. Please leave any comments or questions below.

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