Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Written by Jeffrey Manola
Founder & Licensed Agent Jeffrey Manola

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 29, 2022

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Most insurance agents will advise you to get a term life insurance when you’re young. And it’s for a good reason as the cost will never be cheaper as you grow older.

However, people of different ages have different priorities in life. This affects when they start thinking about buying a life insurance plan.

Someone who is single, and have just begun a career, may see it unnecessary to get life insurance. This may be because they do not have a spouse or children.

However, in many cases, a single person may still require a life insurance policy for the following reasons.

  • Cheaper Premiums
  • Protect Future Insurability
  • Cover Debt
  • Protect Against Possible Medical Debt
  • Funeral Expenses

If you’re young and single, you shouldn’t overlook the importance of a life insurance policy.

Aside from that, you should know that term life insurance rates are not calculated based solely on your actual age or even marital status in that matter.

So you may be wondering, how do insurance providers determine term life insurance rates? What is the price you can expect to pay in your 20s, 30s, 40s, and beyond?

This will all be discussed in our article on term life insurance rates by age.

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What is Term Life Insurance?

Simply put, its temporary life insurance coverage with a fixed premium for a set amount of years known as contract lengths. Most term life insurance plans come in contract lengths of 10, 15, 20, 25, 30 and even 35 years.

Example of how term life insurance works

You purchase a term life insurance policy with $250,000 worth of death benefit coverage for a period of 10 years. The monthly cost of the term life insurance coverage is $10/month.

The $10 per month is guaranteed to remain that price for exactly 10 years.

Should you pass away due to an unforeseen accident or health-related illness, your beneficiary will receive the full $250,000.

The death benefit is guaranteed even if it’s one day into your policy.

After the 10th year you will have the option to continue paying on the coverage but at a much higher rate. Most term life insurance policies also have what is called a conversion option.

The conversion option allows you to convert your current term contract to a permanent life insurance policy without any evidence of insurability.

Purchasing a new term life insurance policy will be the most affordable option when a contract expires. However, the rates will be higher as you will be older. In addition to being older, you have experienced some health changes that can also have an effect on rates or even insurability.

Additional Life Insurance Options

A second option for life insurance coverage is permanent life insurance. Permanent life insurance also comes with a fixed premium but is guaranteed to remain the same price forever.

The two most popular types of permanent life insurance are:

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How Term Life Insurance Rates are Determined

If you think that your actual age is the ultimate measure in deciding term life insurance rates, we should introduce you to the “insurance age”. Although your insurance age can be the same as your actual age, it’s not always the case.

If you’ve passed more than six months after your last birthday, your insurance age is often rounded up to the next age with most life insurance companies.

In addition to age, there are many other factors that determine the final cost of what you will pay for your life insurance policy.

  • gender
  • lifestyle, including whether you use tobacco or not
  • health, in general, both past and present
  • parent’s health
  • height & weight
  • job or hobbies that may increase the risk of injury
  • driving history
  • predisposition to genetic illnesses

All of this information is asked during the application process. Most of the time it will be during the medical exam but can also be located on the application especially if you are applying for life insurance without a medical exam.

The underwriter will use this information along with medical exam results to assess your overall insurability risk to the life insurance company.

If approved, you will be given a final health classification.

Your approved health classification determines the final cost of your life insurance rates.

The less of a risk you are to the life insurance company, the cheaper the life insurance policy will cost.

As you can see, there are several factors that play a roll on your actual rates and will vary greatly from person to person.

Term Life Insurance Rates Ages 20-39 Years Old

Many individuals in their 20s don’t think about getting a term life insurance for several reasons:

  • death seems far away
  • they have other priorities including finishing college, landing a job and finding a life partner
  • often interested in investing their income into something else, something less bleak than death
  • usually, no one is dependent on them just yet

However, as we mentioned earlier in this article, there are several reasons why a young single person would require a life insurance policy. Most importantly… it’s going to be much cheaper now than later.

Sample 10 Year Term Life Insurance Rates for ages 20-29

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*All quotes are based on a preferred plus male as of July 3, 2017

Towards the end of your 20s and into your 30s, people start to really consider purchasing a life insurance policy. This is because the income has become more and more stable, people start having children, and their priorities have shifted.

Purchasing a 30-year term life insurance in your 20s and 30s can be highly beneficial. The term life insurance rates in this age bracket are low. You’re on top of your game (in terms of health) and can expect to live another 50-60 years.

Sample 10 Year Term Life Insurance Rates for ages 30-39

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*All quotes are based on a preferred plus male as of July 3, 2017

Term Life Insurance Rates Ages 40-59 Years Old

In your 40s, people start taking life insurance more seriously. Some health issues that were unimaginable in your 20s and 30s may have appeared. This may include elevated cholesterol, high blood pressure, and even some weight gain.

What’s more, they start sending children to college. A lot of people who haven’t bought a life insurance policy in their 20s and 30s buy it now. And it’s recommended.

Ages 40 – 59 often require life insurance coverage the most as their need for financial protection is usually at its highest. 

Sample 10 Year Term Life Insurance Rates for ages 40-49

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*All quotes are based on a preferred plus male as of July 3, 2017

Many people in their early to late 50s have grown-up children who don’t depend on them anymore. That’s why the priorities of buying a life insurance plan in this age bracket shift from protecting both the children and spouse to more so protecting the spouse.

As expected, the term life insurance rates for those in their 40s and 50s are higher but still very affordable.

Sample 10 Year Term Life Insurance Rates for ages 50-59

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*All quotes are based on a preferred plus male as of July 3, 2017

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Term Life Insurance Rates Ages 60-79 Years Old

People in the 60s and 70s normally don’t have to worry about their children anymore. They’re usually adult by now and pay for their insurance themselves. So for many people, getting a term life insurance policy with a large death benefit is usually not needed.

However, for someone with a dependent spouse or children, the smart move is to purchase a plan. It may offer additional peace of mind about the funeral cost and other end-of-life expenses.

Nowadays, getting life insurance for seniors is not an impossible thing anymore. It’s not too late, but you shouldn’t wait any longer.

One advantage of term life insurance is its lower rates than permanent life insurance. Also, the terms for individuals in their 60’s and 70’s don’t differ much. However, it can come with a risk of outliving the term and the fear of not being able to re-qualify afterward.

Important Note:

  • At age 60 the longest available term length is a 25-year plan
  • At age 65 this is your last year to get a no medical exam term insurance plan
  • At age 70 the longest available term length is a 20-year plan
  • At age 78 the longest available term length is a 15-year plan
  • At age 80 is the cutoff for a 10-year term life insurance plan

Insurance coverage after age 80 will need to be from a final expense whole life insurance plan or guaranteed universal life insurance plan.

Sample 10 Year Term Life Insurance Rates for ages 60-69

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*All quotes are based on a preferred plus male as of July 3, 2017

Sample 10 Year Term Life Insurance Rates for ages 70-79

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*All quotes are based on a preferred & standard non-smoker male as of July 3, 2017

So take all these into consideration before deciding on the type of life insurance you should get. Term life insurance rates for people at this age are much higher than that of the 20-50 age group.

Sample No Exam Term Life Insurance Rates

Looking to pass on the medical exam? Well if you’re between the ages of 18-65 and need less than $500,000 in coverage you’re in luck.

No medical exam underwriting or simplified underwriting is becoming the preferred method of applying for life insurance coverage.

We even have a couple of companies that are offering preferred rates that are very competitively priced to coverage that would require an exam.

To instantly compare rates, be sure to visit our no medical exam life insurance quote page.

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*All no exam quotes are based on a preferred & standard non-smoker male as of July 3, 2017

Top 10 Best Reasons to Buy Term Life Insurance

Term life insurance coverage offers several pros making it the #1 choice of coverage for nearly every age class. Here is a summary of the top 10 reasons to buy term life insurance coverage.

#1. It’s affordable

There’s no doubt about it. In comparison to the other types of life insurance coverage, the term insurance will always be the most affordable type of life insurance coverage.

#2. Income Replacement

For families with young children, many experts will say you should have at least 10 to 12x your annual income. This amount of coverage will allow your loved ones to continue living their lifestyle without any unexpected financial burdens.

#3. Mortgage Protection

Many reasons why term life insurance coverage is for a spouse to continue with mortgage payments after the loss of a loved one. This allows your spouse or significant other to continue with payments towards the mortgage without fear of losing their home.

#4. College Tuition

For many parents, helping their children with a college education is an important goal. A term life insurance policy can provide the funds to help pay for school tuition.

#5 Debts

Whether its financial debt or medical debt not covered by your health insurance provider, a term life insurance policy can provide funds to cover those debts. This can protect your spouse from creditors looking to collect on outstanding debts.

#6 Business Insurance

For business owners needing life insurance coverage for a key-man, buy-sell agreement or to secure an SBA or other financial loan, term life insurance is often the preferred choice. This is because of the large amount of coverage that can be obtained at a low price.

#7 Living Benefits

Have you ever heard of the term “life insurance you can use while you’re alive”?

New innovated features are always being added to life insurance policies. One of these newer features is known as accelerated death benefits or living benefits.

Living benefits are policy riders that will allow for the policyholder to access their death benefit due to an unexpected illness such as critical or chronic illness as well as terminal. In other words, you do not need to die for your life insurance coverage to be used.

Living benefits term life insurance are becoming a very popular coverage option as they competitively priced in comparison to a term life insurance policy without the riders.

#8 Charitable Donation

A term life insurance policy is a great way to leave a very sizable donation to a school, church or other organization you deeply care about. This is known as a charitable giving life insurance policy. You simply purchase the life insurance coverage, pay the premiums and name the organization at the primary beneficiary.

#9 Easy Change to Permanent Coverage

Most term life insurance policy’s offer what is called a conversion option. A conversion option allows you to take your term insurance and convert it into permanent coverage.

The permanent coverage is usually a universal life insurance policy or whole life insurance policy depending on what the insurance company and their available products.

This is a great feature have especially if you don’t need something permanent at the moment but possibly later.

#10 Peace of Mind

Simply put, a term life insurance policy can provide peace of mind knowing that your beneficiaries are going to be financially taken care.

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How To Apply for a Term Life Insurance

The first step to applying for life insurance coverage will be to determine how much protection you will need.

After you have determined a dollar amount figure, you will need to begin shopping for the best term life insurance rates. This can be hard to do on your own especially if you have had a prior or current medical concerns.

Even then, medical issues are not the only deciding factor on final rates. It’s always best to consult with an actual life insurance agent to make sure you are applying with the best company based on your criteria.

We Top Quote Life Insurance will work with you to make sure you apply with the company that’s going to give you the best price based on your own unique criteria.

Do your research on the different companies and coverage options they offer. Here is a recent article we did on the top life insurance companies in the U.S.

Lastly, ask for help.

In Conclusion

In this article, we have seen some examples of term life insurance rates by age.

If you have someone who depends on you, consider a term life insurance policy. It’s the most affordable life insurance policy and can provide a great deal of financial protect regardless of what age you are.

Although age plays a factor, term life insurance rates will vary from one person to another – even when they have the same insurance age. As we’ve seen above, many other factors play a role in determining the costs.

So you should never decide on a policy based on the term life insurance rates that your relatives or friends have. Always compare quotes and benefits from multiple life insurance providers to ensure you get the most suitable one for your needs. And remember that the sooner you purchase, the better.

Curious about how much you can expect to pay for life insurance?

Simply contact us for a quote. Or for an instant quote, use the quote form located on every page of Top Quote Life Insurance. You will instantly get quotes from multiple A.M. BEST (A) rated life insurance companies. If you find an offer that you like, you can apply in one simple click.

Again, if you need personalized help in choosing the best life insurance policy for you, please don’t hesitate to contact us. Our team of experts will reply to your inquiries as soon as possible.

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