Term Life Insurance Rates by Age
insurance rates can be much more expensive for older adults. To make matters more complicated, there is great variance in the insurance rates by age from company to company.
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
UPDATED: Mar 8, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from top life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Mar 8, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from top life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Term life insurance rates can increase drastically for older adults
- Age is an important factor in life insurance pricing, along with health status, gender, and more
- Choosing the wrong life insurance company could cost you hundreds of dollars per month
One of the most common type of life insurance is term life insurance. What many people may not realize is that there is a great deal of variance in term life insurance rates by age. If you wait too long to buy life insurance, you might end up overpaying.
Nobody wants to pay too much for life insurance. This article will serve to help you see how life insurance policies and rates can change as you age. You’ll see how different companies change rates by age too.
Ready to learn more about term life insurance policies and rates by age? Keep scrolling or get personalized rates from life insurance companies in your area with our free quote tool above.
What are term life insurance rates by age?
While term life coverage is often known as the most affordable type of policy forlife insurance, this isn’t always the case. Age is a major factor that life insurance companies consider during the underwriting process.
There are some other notable factors, such as gender and health status, but age may be considered the most influential on your premium payments. To make matters more complicated, not every company treats these variables equally.
Throughout this article, we’ll highlight sample term life insurance rates by age combined with other variables so you can get a better idea of how much you might pay if you don’t already have life insurance.
Read more: How much does it cost to get a term life insurance policy?
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What are term life insurance rates by age for healthy adults?
Healthy adults pay less for life insurance compared to adults with health issues. In short, life insurance companies view health problems as risks and thus charge more to cover unhealthy adults. For that reason, we’ll provide sample term life insurance rates for both smokers and non-smokers so you can see how the life insurance cost varies for each group.
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| Age | AIG, $100,000 | AIG, $250,000 | AIG, $500,000 | MassMutual, $100,000 | MassMutual, $250,000 | MassMutual, $500,000 | State Farm, $100,000 | State Farm, $250,000 | State Farm, $500,000 |
|---|---|---|---|---|---|---|---|---|---|
| 25 | $10.94 | $12.90 | $19.57 | $10.36 | $15.00 | $23.08 | $14.53 | $23.27 | $34.79 |
| 30 | $10.94 | $12.97 | $19.92 | $10.45 | $15.23 | $23.48 | $14.96 | $24.59 | $37.39 |
| 35 | $11.17 | $13.53 | $21.28 | $10.79 | $15.88 | $24.38 | $17.57 | $26.09 | $40.04 |
| 40 | $14.14 | $18.12 | $29.92 | $12.53 | $20.68 | $33.08 | $21.40 | $33.72 | $54.79 |
| 45 | $17.59 | $28.28 | $48.60 | $17.93 | $32.40 | $57.43 | $26.54 | $45.47 | $79.19 |
| 50 | $26.16 | $41.68 | $75.66 | $25.24 | $47.63 | $486.58 | $36.02 | $69.59 | $126.14 |
| 55 | $37.26 | $69.89 | $124.83 | $39.24 | $73.73 | $139.23 | $50.98 | $105.72 | $203.14 |
| 60 | $55.75 | $124.42 | $219.30 | $61.95 | $125.73 | $239.68 | $84.91 | $183.79 | $355.39 |
| 65 | $99.29 | $207.35 | $392.01 | $114.93 | $243.18 | $459.38 | $144.51 | $323.42 | $625.09 |
You can see above how the term life policies vary by age with different companies. There can already be a notable difference in term life insurance rates from one company to the next, but this difference becomes more pronounced with age as well.
For example with term policy, the difference in price between AIG and State Farm at age 30 will typically be no more than $15 or $20 for a monthly rate. At age 60, the difference is likely to be more than $50 each month. The difference can be even more substantial with higher coverage amounts.
20-year Term Life Insurance Rates by Age and Coverage Amount for Smokers
Age AIG, $100,000 AIG, $250,000 AIG, $500,000 MassMutual, $100,000 MassMutual, $250,000 MassMutual, $500,000 State Farm, $100,000 State Farm, $250,000 State Farm, $500,000
25 $25.94 $37.57 $66.26 $23.41 $42.20 $76.58 $22.88 $45.02 $75.24
30 $27.96 $42.32 $68.82 $25.49 $46.33 $84.38 $26.19 $49.82 $85.69
35 $29.60 $47.45 $84.64 $29.15 $55.48 $102.68 $30.10 $55.04 $97.89
40 $41.47 $69.25 $130.38 $39.93 $77.23 $147.93 $41.76 $79.62 $144.84
45 $57.11 $107.09 $206.48 $57.95 $126.15 $244.03 $59.07 $123.97 $231.84
50 $73.10 $158.39 $302.24 $85.53 $185.30 $360.63 $88.39 $192.49 $369.34
55 $126.80 $244.10 $474.52 $132.16 $281.45 $555.48 $133.98 $301.02 $591.19
60 $185.96 $400.57 $721.19 $209.85 $430.42 $843.48 $207.84 $477.64 $940.89
65 $280.44 $553.55 $1,101.18 $275.09 $588.13 $1,169.28 $324.42 $759.94 $1,499.89
Smokers pay a significantly higher monthly premium than non-smokers for their life insurance. This notion remains true for virtually any person that has unhealthy habits that are proven to increase the risk of mortality. Smoking accounts for nearly 500,000 deaths per year, according to the CDC.
If you’re a smoker, your life insurance rates could skyrocket if you’re not careful along with your initial life insurance quote. While you will almost always pay more for life insurance as a smoker, some companies do charge more than others. For example, MassMutual’s rates tend to be about double the price for smokers, while AIG’s rates tend to be closer to triple the price.
For older adults, this could be the difference between hundreds of dollars per month. It’s important to do your research and compare rates from multiple companies to determine which will truly be the cheapest.
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Which life insurance company has the cheapest term life insurance?
As you may have noticed earlier, term life insurance rates can vary greatly from company to company based on different situations. Healthy adults might have a different list of affordable coverage options than unhealthy adults. Below, you’ll see sample rates for healthy non-smokers.
Sample Term Life Insurance Rates for a 20-year, $250,000 Policy| Age | Lincoln National | Prudential | Transamerica | MassMutual | Principal | State Farm | John Hancock | AIG | Cincinnati |
|---|---|---|---|---|---|---|---|---|---|
| 25 | $13.15 | $19.03 | $13.98 | $15.00 | $13.78 | $23.27 | $14.21 | $12.90 | $14.52 |
| 30 | $13.22 | $20.35 | $15.48 | $15.23 | $14.00 | $24.59 | $14.79 | $12.97 | $14.52 |
| 35 | $13.85 | $20.78 | $19.14 | $15.88 | $14.22 | $26.09 | $16.86 | $13.53 | $17.38 |
| 40 | $17.94 | $24.50 | $26.66 | $20.68 | $18.55 | $33.72 | $22.09 | $18.12 | $23.76 |
| 45 | $27.85 | $29.97 | $35.26 | $32.40 | $428.13 | $45.47 | $31.54 | $28.28 | $34.54 |
| 50 | $40.82 | $45.50 | $50.96 | $47.63 | $40.86 | $69.59 | $49.24 | $41.68 | $47.74 |
| 55 | $63.79 | $71.53 | $78.05 | $73.73 | $63.83 | $105.72 | $78.24 | $69.89 | $73.26 |
| 60 | $109.80 | $129.07 | $113.95 | $125.73 | $109.81 | $183.79 | $116.99 | $124.42 | $121.22 |
| 65 | $222.25 | $242.60 | $208.55 | $243.18 | $206.06 | $323.42 | $202.24 | $207.35 | $213.62 |
Using the life insurance rates by age chart above, you’ll see that Transamerica, Principal, and AIG tend to have the most affordable rates for non-smokers. Most of the companies featured in the chart above are major market share contributors with strong ratings overall.
Sample 20-year, $250,000 Term Life Insurance Rates for Smokers| Age | Lincoln National | Prudential | Transamerica | MassMutual | Principal | State Farm | John Hancock | AIG | Cincinnati |
|---|---|---|---|---|---|---|---|---|---|
| 25 | $43.10 | $43.97 | $35.26 | $42.20 | $46.59 | $45.02 | $40.59 | $37.57 | $36.30 |
| 30 | $48.13 | $46.38 | $39.13 | $46.33 | $50.95 | $49.82 | $42.21 | $42.32 | $40.26 |
| 35 | $58.41 | $51.19 | $46.01 | $55.48 | $55.78 | $55.04 | $62.54 | $47.45 | $47.30 |
| 40 | $94.29 | $78.32 | $69.88 | $77.23 | $77.99 | $79.62 | $88.91 | $69.25 | $67.98 |
| 45 | $131.91 | $122.94 | $107.72 | $126.15 | $125.78 | $123.97 | $142.94 | $107.09 | $110.44 |
| 50 | $204.54 | $178.72 | $169.42 | $185.30 | $199.20 | $192.49 | $217.21 | $158.39 | $159.72 |
| 55 | $356.78 | $271.69 | $270.47 | $281.45 | $317.84 | $301.02 | $340.66 | $244.10 | $259.16 |
| 60 | $605.28 | $419.57 | $402.91 | $430.42 | $510.47 | $477.64 | $583.69 | $400.57 | $398.20 |
| 65 | $948.50 | NA | $646.94 | $588.13 | $822.28 | $759.94 | $971.09 | $553.55 | $636.24 |
It’s clear that smokers tend to pay more for life insurance. This makes it more important to be diligent when choosing a company. Based on the sample rates above, Transamerica, AIG, and Cincinnati appear to have the most affordable rate for any age.
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No matter which company you choose, it can be beneficial to invest in life insurance sooner rather than later to avoid paying astronomical premium costs each month. To truly get the best rates, you’ll want to get personalized quotes from multiple insurance companies.
If budget is a major concern, older adults could benefit by investing in burial insurance , which will help with funeral expenses. This is a more affordable monthly option, but the death benefit won’t be as significant.
Read more: How much life insurance coverage does a 35-year-old need?
Finding The Best Life Insurance Rates by Age
How much is life insurance? Life insurance rates vary depending on the coverage amount, your health, your gender, and most importantly, your age. The sooner you invest in life insurance, the cheaper your rates will be.
We hope you enjoyed learning more about the term life insurance rates by age. Before you go, take advantage of our free quote tool below to see if you could be saving on term life insurance.
Enter your ZIP code below to compare cheap life insurance rates.
Secured with SHA-256 Encryption
Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.