We get asked this question very often. What’s the average term life insurance rates by age. Finally, we want to to bring you the information so that it’s clear.
Most people such as yourself jump on the internet and begin searching for possible life insurance rates that they may have to pay. Good Life Protections wants to bring you all the life insurance quotes into one easy spot to make your life just a little easier.
Why spend hours searching 30 different websites trying to find a decent life insurance quote? We don’t want you to have to do that either. We take the time to find the right life insurance company for you based on your situation and overall risk profile. In addition, we love to bring you all the information to help you understand life insurance better from every angle.
Let’s face it, sometimes you don’t want to speak to anyone to find out what you may be paying. Especially if you’re a healthy individual. By healthy, I don’t mean a marathon runner, just the average person with not too many issues. Sometimes rates will be strictly off your current age if no health conditions are present. Are you 20,30 or maybe in your 40’s and 50’s? Don’t worry we have all that information you too and even some rates for those who are currently seniors.
Our goal is simply to find to you the best life insurance possible.
We wanted to give you a chance to see your rates without the hassle. These life insurance rates are broken down by coverage amounts, ages, policy types, and much more.
To Jump to a specific section, use our quick navigation tool below.
We hope this article helps you gain an understanding of where your rates may fall.
Average Term Life Insurance Rates By Age – Annual Renewable Term
Annual Renewable Term is beginning to lose its popularity but still has a fit in some situations. Annual renewable term is a term life insurance product that offers you coverage for 1 year at a locked in price.
So, to clarify. You pay this on a year to year basis. This is typically going to be less a lucrative deal than just purchasing Level Premium Term Insurance.
One upside to ART insurance however is the guaranteed renewability it offers that can often span up to 30 years in duration. Your prices will hike over time but if something develops in the future such as declining health, you have a chance to renew the policy with no questions asked.
Typically, you would want to look at annual renewable term for short term insurance needs. If you need a policy that runs longer, you would want to lean on Level Premium Term Insurance.
Average Term Life Insurance Rates By Age – Annual Renewable Term Rates – Ages 21 – 40
In this example we are using a male and nonsmoker. The following rates are through Mass Mutual Life Insurance Company.
Average Term Life Insurance Rates By Age – Annual Renewable Term Rates – Ages 41 – 60
Average Term Life Insurance Rates by Age – Annual Renewable Term Rates – Ages 61 – 80
Average Term Life Insurance Rates By Age (2019)
Level Premium Term Insurance Rates By Age (2019)
Level premium term insurance is a life insurance policy in which the premiums will not change for that structured set of years such as 10,15,20,25 and even 30 years. Typically, when you have coverage needs that have a “time stamp” so to speak and that will expire, your best bet is a level premium term policy.
Please keep in mind that we are illustrating these example life insurance quotes and rates based on preferred classes. We have no control or way of knowing what actual rate you achieve after medical underwriting. We will also include the companies below each set of life insurance quotes and rates so you know which companies are offering the given quotes and prices.
Please use our quote tool on the page to enter in your exact information to get a better more accurate idea of where you may fall for pricing and your specific quote for life insurance coverage.
Average Term Life Insurance Rates By Age – 10 Year Level Premium Term Rates by Age – Ages 21 – 50
Preferred Rates – Non – Smoker – Male
Average Term Life Insurance Rates By Age – 15 Year Level Premium Term Rates by Age – Ages 21 – 50
Average Term Life Insurance Rates by Age – 20 Year Level Premium Term Rates by Age – Ages 21 – 50
Average Term Life Insurance Rates By Age – 25 Year Level Premium Term Rates by Age – Ages 21 – 50
Average Term Life Insurance Rates By age – 30 Year Level Premium Term Rates by Age – Ages 21 – 50
Average Term Life Insurance Rates By Age – 10 Year Level Premium Term Rates by Age – Ages 51 – 75
Average Term Life Insurance Rates by Age – 15 Year Level Premium Term Rates by Age – Ages 51 – 75
Average Term Life Insurance Rates By Age – 20 Year Level Premium Term Rates by Age – Ages 51 – 80
Average Term Life Insurance Rates By Age – 25 Year Level Premium Term Rates by Age – Ages 51 – 80
Average Term Life Insurance Rates by Age – 30 Year Level Premium Term Rates by Age – Ages 51 – 80
So, do life insurance policies go up with age? They do. Also, keep in mind that I illustrated these rates at preferred rates. It’s not the absolute best rating you can achieve but it’s a top two class.
You may also fall beneath this class after underwriting is complete. Other factors that will apply for your ultimate rate?
No Exam Life Insurance Rates (2019)
Example Rates for No Exam Insurance by Age
No exam life insurance is growing popular very quickly. It’s easy. Hassle free. It’s often approved up to 6 weeks faster than traditional underwritten life insurance so we thought we would give a breakdown of no exam life insurance rates by age.
For our example we are going to look at the rates with Foresters Financial. It’s the best no exam life insurance carrier on the market today. Well, that’s according to us but what do we know? With Foresters, you only have 1 health class rating you can achieve. It’s either a standard rating or not approved.
Let’s also cover what no exam medical insurance is best for.
Example Rates for No Exam $250,000 – 20 Year Term
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|FEMALE ( AGE )||PREMIUM PER MONTH|
Average Universal Life Insurance Rates by Age (2019)
Universal Life works very similar to a whole life insurance policy. The biggest difference is that is comes with a level of flexibility. Your death benefit and premiums can be adjusted throughout the life of the policy. Depending on your circumstances, you can typically structure a Universal Life to be guaranteed to different ages.
Good Life Protection tends to lean on Universal life heavily. It’s often a much better alternative to a pricey whole life (although whole life does still have a place for consumers).
Let’s look at some example rates.
All rates below are displayed for Preferred Rates
Protective Life Insurance for 90 Year Universal Life Insurance
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|FEMALE ( AGE )||PREMIUM PER MONTH|
Average Whole Life Rates by Age- (2019)
Whole Life is going to be your most expensive form of life insurance. This is for several reasons. First, the cash value component of whole life insurance grows at the steadiest and guaranteed rates compared to other lines of life insurance. Whole life insurance comes guaranteed to age 121.
death benefit until age 121. These two factors make the insurance company know that they will be paying a death claim unless you lapse your policy throughout the years.
Let’s look at some example rates for whole life insurance. Again, we are looking at preferred rates as of July 2018.
Another Popular option you may find yourself looking at is final expense insurance. How much is life insurance for seniors?
Well that depends on several things. Specifically, your health.
Do you currently have health issues?
If you do you would want to look at the pricing for guaranteed issue plans. If not, we can look at what’s called level benefit whole life plans.
Let’s look at some of the examples. The first example will be a level benefit plan with Mutual of Omaha for the different ages available.
Life Insurance for Seniors
Final Expense Plans and Rates (2019)
Level Benefit Plans
Mutual of Omaha is one of Good Life’s Protection top picks for final expense insurance. They not only have been around the industry for an extremely long time but have extremely good service and an unbeatable reputation amongst seniors.
Finally, we have those who either can’t qualify for level benefits or just prefer a quick easy policy that requires no questions to be asked. These are call guaranteed issue whole life policies.
Good Life Protection believe AIG (American General Life) is the best in the business with these policies so that’s who we chose to show example rates for.
Guaranteed Issues Whole Life policies have the downfall of having a 2-year waiting period stamped on them. This means that if you die in the first 2 years of the policy being active, it will not pay the full death claim, if any death claim at all.
- Accidental Deaths in the first 2 years of the policy will still be covered. You also earn 10% interest on your death benefit with these policies which can be a big boost to a savings plan.
What else Needs to be considered?
Life insurance rates vary due to many factors that would take to long to explain in this post. However, some other top considerations you need to think about would be…
Life Insurance Coverage Amount- The coverage amount you choose for your life insurance can make a huge difference on your premium. The rates vary greatly with different coverage amounts. Obviously, you have seen this from the examples illustrated on this post.
To make it a little easier, here’s a full list of life insurance rates based on coverage amounts.
Medical Conditions and Health History
A lot of the rates you have seen throughout this article are either illustrated at standard rates or preferred rates. Some have been listed for smokers and some have not. We have also illustrated the difference between the pricing for males and females.
However, this is just a small piece of the pie. Your overall health condition can determine your overall rates as well which can make it tricky. Never hesitate to reach out to Good Life Protection to find out what rates you qualify for.
You can also see our full list of example life insurance rates based on medical conditions here.
Your Current Age
I think this is self-explanatory. However, some people are shocked at the differences in the price based on certain ages. Your age can make a huge different in the price you pay for life insurance. Often, the carriers use what’s known as “band pricing”.
This is where the rates are similar within certain age groups but jump dramatically when you leave that band of ages.
To make a little easier to understand, check out our life insurance by age and age ranges here.
Are you currently a Senior or looking for Final Expense Insurance?
Traditionally underwritten term life insurance policies and final expense insurance are completely different things.
The coverage amounts vary dramatically. The underwriting is a bit different and guess what else? So is the cost.
As you can see, the older you get the more it cost. The average term life insurance rates by age vary greatly based on which grouping of ages you fall into or what pre-existing medical conditions you have.
To wrap things up…. life insurance is not a one size fits all. Prices vary greatly. It all depends on your unique situation. Always work with an agent who has a variety of choices and a lot of knowledge in the industry.
Weigh your options carefully and consider all different types of life insurance. An expert with Good Life Protection is always willing to land a hand without being pushy. We truly just want you to find the best possible solution to protect yourself and your family.
May the best price win!
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.