Best Term Life Rates by Age
I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them.
Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.
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Written by
Chris Huntley
Founder of Huntley Wealth & Insurance Services
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…
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Reviewed by
Rachael Brennan
Licensed Insurance Agent
UPDATED: Feb 11, 2022
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Here’s the Scoop
Insurance companies use your age to determine the price of your life insurance rates, as well as factors like gender, health, and hobbies
Typically, companies offer policies in 10 to 30-year terms, with longer plans costing more
The length of the term that’s right for you depends on your budget and what sort of financial protection you need for your loved ones
Term life insurance is one of the two most common life insurance policies sold in America (the other being whole life). Term life insurance is a popular choice because it’s less expensive than a permanent policy but still offers the financial protection people look for.
Many factors determine the price of your insurance, but one of the biggest is your age. Depending on the policy, some companies won’t sell you term insurance once you reach a certain age.
To get an idea of what you’ll pay, you can look at average term life rates by age, then compare quotes with other companies to get the best rates for you. Enter your ZIP code into our free tool when you’re ready to see what quotes might look like for you.
How does age affect your life insurance rates?
While rates will vary by company, the price of your insurance typically goes up a little bit with every passing year. That means that insurance for a 45-year-old will be slightly cheaper than if that person waited until they were 46.
There’s a very simple explanation for this: life expectancy. With each birthday, you get one year closer to your statistical life expectancy.
Although life insurance is a valuable tool to protect your loved ones from financial distress after your passing, the companies still have to make a profit. That’s why your rates will be so much higher if you sign up as a 60-year-old than they would be if you did at 20 — your policy is more likely to be claimed.
Most term life policies are level plans, meaning your rates and death benefit never changes. With a level plan, you’ll pay more at a younger age, but you’ll avoid higher rates as you get older. You can look at level term insurance rates by age to get an idea of what you might pay further below.
While age is a crucial factor in the price of your insurance, there are several other things an insurance company will look at.
What other factors affect life insurance rates?
Like auto or homeowners insurance, life insurance companies use a complex formula to determine the price of your insurance. Aside from your age, there are several other factors that they will look at. These include:
Statistically, women live longer than men, so that rates will be slightly higher for the average man.
People with a clean slate of health typically live longer than people with chronic illnesses or other health concerns.
Family health. You might be perfectly healthy, but you have a higher chance of dying if a health condition such as cancer runs in your family.
A simple way to save money and increase your lifespan is to quit smoking.
Insurance companies consider you a higher risk if you frequently jump out of planes or participate in other high-risk hobbies.
Some occupations, such as the most dangerous jobs in America, have a higher likelihood of death.
These are some of the most common factors, but every insurance company is different. This is why comparing quotes is so integral to finding the best policy for you — one company might be much more expensive than the next.
When you apply for insurance, the company will use your information to put you into a risk class. The three main risk classes are Super Preferred for people with no marks against them, Preferred for people with one or two concerns, and Standard for the average person. If you’re a smoker, the best you can get is Smoker Preferred.
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How much does term life insurance cost by age?
One final aspect to the price of your insurance is entirely in your hands: how long you want your policy to last. Most companies offer term life starting at 10 years and cutting off at 30.
The average term life insurance rates by age get higher as your age progresses, but that’s only a typical example. A 20-year-old with serious health issues will pay more than a 30-year-old in perfect health.
Even though your rates will depend on your unique circumstances, you can browse our typical term life insurance rates by age chart to get an idea of what you’ll pay. First, consider a 10-year policy.
10-Year Term Life Insurance Rates by Age
Age and genderGood healthAverage health
20, female$14$18
20, male$17$22
30, female$14$19
30, male$17$22
40, female$20$27
40, male$22$32
50, female$42$54
50, male$51$68
60, female$92$113
60, male$123$167
70, female$230$298
70, male$380$495
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As you can see, a 10-year term policy is relatively affordable no matter what age you are. Prices go up fairly significantly when you increase the term to 20 years.
20-Year Term Life Insurance Rates by Age
Age and genderGood healthAverage health
20, female$19$25
20, male$24$30
30, female$19$26
30, male$24$31
40, female$30$39
40, male$35$47
50, female$64$84
50, male$82$113
60, female$160$218
60, male$217$303
70, female$625$756
70, male$891$1,066
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Most insurance companies cap term policies at 30 years (though some go longer), which will have the most expensive rates.
30-Year Term Life Insurance Rates by Age
Age and genderGood healthAverage health
20, female$26$37
20, male$36$45
30, female$31$41
30, male$37$48
40, female$47$63
40, male$57$79
50, female$108$144
50, male$145$201
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The combination of the length of your policy with your age is crucial in determining the price of your insurance. That’s why searching for the best life insurance rates for a $500,000 term policy by age won’t give you the best idea – you should also look at the term.
How long should your term life insurance be?
The length of your term life insurance should depend on your financial needs, not just the price of the policy.
A 10-year policy is a good choice for parents or guardians with older children (10-years-old or older) that will rely on their income for some years to come. It’s also a good choice for someone nearing retirement so that they can have coverage for the last years of their career.
A 20-year term policy is the most commonly sold term life plan. This is an excellent option for newlyweds or new parents so they can protect their growing family.
Finally, a 30-year term is good if you have a large financial obligation, such as a mortgage or college debt. Young people can benefit from a long term because it will cover most of their working years. If a health condition runs in your family, locking in a long-term policy while you’re young can save you money.
Find the Best Term Life Insurance Rates at Any Age
Once you have an idea of the average term life insurance monthly rates by age, you’ll probably have a better idea of which plan is best for you. Whatever you choose, an insurance agent will help you determine the best options for you and help you find discounts you might be eligible for.
Now that you know how much term life rates by age are, the next step is to compare prices from different companies. Enter your ZIP code into our free tool today to see what quotes might look like for you.
