Inside Look At Term Life Insurance Rates By Age 2021

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Life insurance isn’t always the highest financial priority for young and healthy people. Many young people might feel they don’t need life insurance yet, or that purchasing it might be too expensive.

In fact, a 2019 survey conducted by LIMRA on what prevents consumers from owning life insurance found that 63 percent thought it was too expensive.

When surveying millennials, four in ten estimated the cost of a $250,000 term life insurance policy for a healthy 30-year-old to be $1,000 per year. The actual cost for that coverage was only $160 per year.

That is an overestimate of the real cost of life insurance by as much as ten times the actual cost. This misconception could cost you serious money and valuable protection in the long run.

Not only is life insurance a lot more affordable than people assume, but millennials are actually at a great age to buy a policy. That’s because it’s always cheaper to buy a policy when you’re young.

You’ll get the lowest rates, and you’ll be able to lock that rate in for the entire duration of the life of your policy. That means you can buy a 30-year term insurance policy based on your age and health at 25 and still pay those low rates when you’re in your 50’s.

Conversely, waiting until you were 45 to buy a ten-year policy would have you paying much higher rates.

In this article, we will break down in great detail how much term life insurance costs by age. You will learn how rates are determined and how costly coverage can become the longer you wait to purchase a policy.

Benefits of Buying Life Insurance When You're Young

The best time to buy life insurance is when you’re young and healthy. However, many people don’t even think about life insurance until they’re older and more established.

Life insurance is often bought to protect your family and cover financial responsibilities like a mortgage and accumulated debt. Most importantly, a life insurance policy has the capability to provide enough of a large cash benefit that can replace your income to your spouse for several years after your passing.

So it makes sense that many people don’t start to think about life insurance until they have a solid career and family life.

Does that mean you should wait until those events have occurred before buying a life insurance policy?

No. In fact, getting life insurance as early as your 20s or 30s is one of the best ways you can secure a great policy and protection for your family. As a rule, any time your income helps another person cover expenses, it’s probably a good time to look at life insurance.

This doesn’t mean that if you’re sharing an apartment with three roommates, you need to jump on a policy, but it does mean that a policy is probably a good idea if you’re married.

This is true even if you don’t own a home or have any children. After all, a rental agreement is still a financial obligation your spouse would need to pay without you if you were to die unexpectedly.

Of course, there is no set age or time frame when you need life insurance. Unlike car insurance, which is required to drive legally, or renter’s insurance, which is often required before you can sign a lease, there are very few circumstances in which you’d be required to take out life insurance.

The choice to take out a life insurance policy is just that, a choice.

When Should You Purchase Life Insurance?

Yes, buying a life insurance policy in your younger years will result in the most affordable rates, but that doesn’t necessarily mean you should go out and purchase a plan without needing coverage.

The right time to buy a policy depends on you and your unique circumstances. The question you will need to answer is, do those circumstances require financial protection in the form of a life insurance policy?

If you’re unsure, then ask yourself, if you were to pass away today, would your family or any other individual close to you be financially impacted by your passing?

If it would, then there is no better time than now to purchase a life insurance policy, and it doesn’t matter if your 30 or over the age of 60. A life insurance policy provides immediate financial protection in the form of a death benefit that is payable to the beneficiary protecting that individual from suffering a potential financial risk due to your passing. 

With that said, there are more than a few life milestones that would qualify as an excellent indicator that it’s time to consider a policy. The following are some of the most common reasons why people purchase life insurance.

Marriage

While not all couples share finances, many do. From daily living expenses to car and mortgage payments, there are multiple expenses that couples are both responsible for paying.

In many cases, it would be a huge financial burden for one person to suddenly need to take on 100 percent of those expenses due to a spouse passing away. Plus, final medical bills and funeral costs can also fall to your spouse if you die.

A life insurance policy can create a replacement of lost income for many years after your spouse has passed. This allows your surviving spouse to continue making payments on bills and debt.

Most importantly, the money from a life insurance policy can allow your spouse to continue living the same lifestyle as they are used to even though your income is no longer being contributed.

Children

Having a child comes with a lot of new expenses. In fact, the United States Department of Agriculture estimates that it costs the average middle-class couple $233,610 to raise a child, not counting college expenses.

When broken down annually, that is roughly $13,000 that it would cost a couple each year to raise a child from newborn to the age of 18. As you could imagine, these costs are only expected to increase over time.

Once you have a child in the picture, it’s without a doubt a smart time to get a life insurance policy. Taking out a policy can ensure that your child or children’s needs will be paid for if you pass away.

Student loan debts

Debt is always a good reason to consider life insurance, no matter your age. If you have debt from college, credit cards, loans, or anything else, it can make sense to take out a  life insurance policy.

Hopefully, your debt will be paid off long before it would ever be someone else’s obligation, but life insurance is about preparing for the unexpected. In many cases, your debt won’t pass to someone else after your death.

However, if you had a cosigner such as your parents, it would pass to them. So if you have significant college student loan debt, taking out a policy to cover it can help protect your co-signer.

Purchased a house

Until your home is paid off completely, your mortgage is also a debt that needs to be paid back to your lender. It is also likely to be the largest single debt you will have in your lifetime.

If your mortgage isn’t repaid, your assets, including your home, could be seized. That’s not a situation anyone wants to leave their family in.

That’s why a life insurance policy is a needed part of financial planning once you’re a homeowner.

Paying for burial costs and final expenses

In 2020, the number one reason people purchased a life insurance policy was to make sure their loved ones had the funds to pay for burial costs and other smaller final expenses. 

Unfortunately, we are all going to pass someday, and someone will be left with the financial burden of overseeing what will be done with our remains.

The average funeral cost in 2021 was $7,640. Add any remaining final expenses, and even a small $25,000 life insurance makes perfect sense for anyone, regardless of their age. 

Planning ahead

Life insurance is always cheaper when you’re young and healthy. So, even if you’re single without kids or debt, it’s never a bad idea to get a life insurance policy.

You can get a policy now and make changes to it later, such as adding a future spouse or child as a beneficiary when your circumstances change. You’ll have locked in the great rate and the security of your policy.

How Does Term Life Insurance Work?

Term life insurance is the simplest form of life insurance. It is designed to provide temporary life insurance coverage built around contract lengths of either 10, 15, 20, 25, or 30 years.

Regardless of whichever contract length you choose, your premium payments along with your death benefit amount are guaranteed to remain the same throughout the entire contract length you choose. This is what is known as the guaranteed level premium period.

Even as you grow older and potentially experience changes in your health, the insurance provider cannot change the rates or the death benefit amount, as it is locked in for the duration of the contract length. 

If you pass away while your policy is active, the insurance company will pay out the full death benefit amount to your beneficiary in one lump sum payment.

If you outlive your term insurance contract (which is very common), you will have a few options to choose from.

  1. Most term insurance plans will allow you to continue coverage under the same contract once the guaranteed level term period has ended but at an increased cost. This is what is referred to as an annual renewable term policy. Your rates will no longer be locked in and will increase every year you choose to continue paying coverage.
  2. Another feature offered on most term insurance plans is what is called a conversion. If offered by the insurance company your coverage is with, this option allows the term contract to be exchanged for a permanent life insurance plan offered by the insurance company. The exchange requires no new underwriting and is guaranteed regardless of any health changes you have encountered during the years of having your term insurance policy.
  3. If you’re healthy and still require life insurance protection, you can choose to get an entirely new term contract that will lock in new term insurance rates. This is generally the cheapest option.
  4. The great thing about term insurance is that you can be done with it once your contract is over. You are not required to choose any of the other options if you no longer need coverage.

Regarding affordability, term insurance is by far the most affordable compared to any other life insurance options, including universal life and whole life insurance.

The largest reason for its affordability is that it is pure life insurance meaning that it does not have any cash value features like most permanent plans can offer. Since the coverage is temporary and does not require a higher premium to build in cash value, the insurance company can offer the coverage at a much more affordable cost.

Term life insurance is often the best choice of life insurance coverage for most families as they can generally get a high enough death benefit and a much more affordable cost than permanent plans.

How Different Term Lengths Affect What You'll Pay

The term length you select will make a big difference in the price you pay, no matter your age. The shorter amount of time you have coverage, the cheaper your life insurance will be, the longer the contract, the more expensive the insurance will cost.

Insurance companies calculate the potential risk of having to pay out a death claim on every person the applies for coverage. When dealing specifically with term lengths, short contracts such as a 10-year plan are less of a risk in paying out a death claim than someone who purchases a 30-year plan. 

When there is less of a risk of the insurance company having to pay out a potential claim, the insurance company will charge less for the insurance coverage. 

It’s important to select the term length that best fits your needs and your financial plans. Even if you pay a little more for a longer policy, it can be worth it to have the coverage you actually need. 

It’s easy to get caught up in price and opt for a shorter contract but be sure to think of the potential risks in doing so.

Common term lengths are discussed below.

10 Year Term Life Insurance Policies

A ten-year policy is the shortest term life coverage available and is offered by nearly all companies. Ten-year policies are a good idea if you have short term financial needs you want to cover. You can also use them to supplement a life insurance policy you may already have in force.

Since they cover a shorter amount of time, ten-year policies are also the cheapest term policies. If you’re young and healthy, you can often get a large term policy for a very affordable rate.

Your rates won’t go up during the ten years of your policy. However, ten-year policies aren’t a good fit for everyone. For example, if you have very young children or a lengthy mortgage payoff, a ten-year policy might not fit your needs.

  • 10 Year Term Life Insurance = 10 years of fixed premiums

15 Year Term Life Insurance Policies

If ten years isn’t’ a long enough term to cover your short-term life insurance needs, a fifteen-year term might be better. Not all companies offer fifteen-year terms, so you might have to shop around if you’re looking for this term length.

Fifteen-year terms are a good choice if you know you need coverage during a set period of time. For example, you could purchase a fifteen-year term policy to cover you during your fifteen-year mortgage or in the last fifteen years before your retirement. 

Like ten year policies, fifteen-year terms are often very affordable. If you’re young and healthy, you’ll be able to purchase a policy with a large death benefit at a low rate. They’re a good way to get the coverage you need without stretching your budget.

  • 15 Year Term Life Insurance = 15 years of fixed premiums

20 Year Term Life Insurance Policies

Twenty-year term policies are the most common and highly popular life insurance policy term option. Twenty-year policies are popular because they provide coverage for long enough to cover people during the length of a mortgage or until their kids finish school.

That makes this policy term a widespread choice for families. It’s also a great policy term length for business owners and other people with financial assets they want to make sure they protect until retirement.

Twenty-year policies are more expensive than ten or fifteen-year policies. However, you can still find them at a very affordable rate. Because this policy type is so popular, it’s often the basic policy that companies advertise.

  • 20 Year Term Life Insurance = 20 years of fixed premiums

25 Year Term Life Insurance Policies

A twenty-five-year term policy is a less common term length. You won’t see these policies offered by every life insurance provider.

However, if you can find one at a good rate, they can be a smart choice in some cases. Like all term length decisions, you’ll need to look at your financial obligations to determine if a twenty-five-year term makes sense for you.

For example, maybe you want to make sure you see your children all the way through college before your term ends. 

If you’re after a twenty-five-year term policy, it might be a good idea to work with an agent or broker. An agent or broker can help you find twenty-five-year term policies at affordable rates. They can also help you find the policy that best matches your situation.

  • 25 Year Term Life Insurance = 25 years of fixed premiums

30 Year Term Life Insurance Policies

The longest-term policy you can buy with most companies is a thirty-year term. If you want coverage for longer than thirty years, there is a 40-year term insurance policy, but Banner Life and Protective currently offer it, so it doesn’t make the list of common term lengths at the moment.

If you need anything longer than a 30-year term insurance plan, you’ll need to look into a permanent plan such as universal life or whole life insurance. A thirty-year term is a great policy for people with young families who know they’ll need coverage for decades to come.

For example, newlyweds or couples with one child who are planning to have more in the future. Thirty-year policies can be a great fit if you’re not sure what your plans are over the next few decades, but you know you want your loved ones to be covered.

A thirty-year policy will be more expensive than twenty, fifteen, or ten-year policies. However, it will be much less than any permanent life insurance plan. Plus, since most people get thirty-year policies when they’re young, the rates are likely to be still affordable.

Some companies might even offer incentives for choosing this term length, such as a return of premium rider that is only available with either a 20 or 30-year term length.

  • 30 Year Term Life Insurance = 30 years of fixed premiums

Age and Term Lengths

Very Important: Not all term lengths are available to everyone. Depending on your age, you might be limited in the term length you can purchase. For example, the thirty-year term length is limited only to people under the age of 58.

You generally won’t run into this if you’re looking at ten or fifteen-year policies, but policy terms twenty years and over often have age cutoffs.

That doesn’t mean you won’t be able to buy a longer-term policy, but it does mean you might have to shop around for a company with a less strict age cutoff.

Other Important Factors That Determine Life Insurance Rates

Term life insurance rates are not solely based on your age or the term length you choose. Yes, they are a large part of it, but there is a third piece to the puzzle, and that is your life insurance risk classification.

Through the application and underwriting process, insurance companies will assess your overall risk in how likely there would be in paying out a potential death claim. 

The insurance company will utilize a set of risk classifications that typically consist of a rating of either preferred plus, preferred, standard plus, or standard. Every risk classification corresponds with ages and term lengths to form a life insurance rate.

To determine what your potential risk class rating will be, the insurance company will consider the following underwriting factors:

Your health

Health is the single biggest factor in not only what your life insurance rates will be but also your overall qualification in getting coverage. You will be required to answer health questions on your application and, in many cases, be required to take a medical exam.

Your health gives a lot of insight into your life expectancy. Someone who does not have a history of medical conditions will have a greater life expectancy than someone who has had or currently has health complications. 

People with exceptional health will get low rates, while people with health conditions might pay high prices or be denied coverage at all.

Your family health history

It’s not just your individual health that life insurance companies look at. They’ll also ask questions about your family health history.

A history of serious illness, such as cancer or heart issues, in your immediate family that has resulted in death before the age of 60 could raise your rates.

Your gender

Statistically, women have a longer life expectancy than men. Life expectancy is what drives your life insurance rate, so gender is a factor. A 30-year-old woman will pay less than a 30-year-old man, even if every other factor is the same.

Your hobbies

Any hobby that could impact your lifespan could affect your insurance rates. Hobbies that life insurance companies consider dangerous such as scuba diving or mountain climbing could lead to higher rates. Some hobbies, such as skydiving, might make it difficult for you to find coverage.

Your lifestyle

Your health isn’t just impacted by things that can be measured on a medical exam, like your weight and blood pressure. Life insurance companies will also look at your lifestyle factors. This includes things like drinking, smoking, and any drug use.

Your driving record

Reckless driving can increase your risk of early death, and anything that increases your risk of death will always increase your life insurance rates. You’ll pay more for insurance if you have multiple speeding tickets or other driving violations.

Your criminal record

A recent criminal charge could make it difficult to get coverage, especially if you’ve been charged with a felony or recently been incarcerated. Most insurance companies will postpone life insurance for any applicant that is serving jail time or probation.

Your life insurance score

Your life insurance score is a type of credit score. It’s influenced by some of the factors already listed, such as your driving record, but it also looks at your financial history.

If you’ve had serious financial hiccups, such as recently declaring bankruptcy, you might have a low insurance score. This could make it hard to get a policy or a good rate.

Your approved risk classification

Your final life insurance rate is determined by all of these factors, plus your age and the term length you choose. The insurance companies underwriters will assign you a rate based on your individual application.

That’s why you can get a quote for life insurance, but your final rate won’t be determined until your application has been fully underwritten. It could be the same as your initial quote or be different based on your underwriting results.

Life Insurance Rates By Age Group

Now that you have a good understanding of what makes up life insurance rates, it’s time to look at what an actual term life insurance plan would cost based on age groups and term lengths.

To do this, we have gone ahead and gathered a large amount of data from our online quote tool to put together a series of multiple life insurance rate tables.

Each rate table represents the cost of the different term life insurance contract lengths available for every age group. The rates also reflect the monthly cost for both males and females based on the preferred plus risk classification, which is the best possible risk classification that will result in the cheapest rates.

To generate rates, we utilized four common death benefit amounts consisting of $250,000, $500,000, $750,000, and $1,000,000 with the exception of the age 70-80 year old group.

Of course, these are just death benefits used to provide an example for rates, and you are not limited to any of these amounts should you choose to apply for life insurance coverage. Term life insurance amounts can range from as low as $25,000 to as high as $10,000,000.

Are all the rates shown in the tables from one life insurance company?

No. Our online life insurance quote tool provides term life insurance rates from over two dozen of the most recognized and highly rated companies in the life insurance industry.

Every rate shown in the tables represents the cheapest rate among the available life insurance companies that offered coverage for the age, term length, and the coverage amount.

Term Life Insurance Rates for People Ages 20-29

The 20-29 age group will qualify for the cheapest term life insurance rates. At this age, every term length option will be available from 10 to 30 years.

You’ll notice that there is hardly any change to the monthly premium rates, which is not common in the older age groups. The life expectancy of the 20-29 age group is at its highest. Therefore the insurance companies can offer lower rates without worrying about paying out a potential claim during the course of having the contract.

Even at 29 years of age, a 30-year term policy would end at age 59, which is not likely for the insurance company to pay out a death claim. 

Why would someone from the 20-29 age group require term life insurance?

The 20-29-year-old age group is considered the young adult group. Many life events will begin in this age group. For most, the early twenties group will be heading to college or even the military.

We will often see parents of young adults be the ones inquiring about life insurance. This is often because many parents will take on some debt risk by co-signing on student loans, making them responsible for paying any outstanding student loans should their young adult pass away.

Towards the mid to later end of the twenty-year-old age bracket, we will tend to see some elevated interest in life insurance as marriages and children begin to enter into the picture, changing the focus on self needs to providing financial protection to their loved ones.

Individual term life insurance rates ages 20-29

*Actual monthly term life insurance rates current as of March 2021 for males and females ages 20-29 at the preferred plus health classification.

Males

Females

  • Age$250,000$500,000$750,000$1,000,000
    Age 20$9.68$13.33$16.37$18.92
    Age 21$9.68$13.33$16.55$18.92
    Age 22$9.68$13.33$16.73$18.06
    Age 23$9.68$13.33$16.91$18.06
    Age 24$9.68$13.33$17.09$17.20
    Age 25$9.68$13.33$17.13$17.20
    Age 26$9.68$13.33$17.16$17.20
    Age 27$9.68$13.33$17.16$18.06
    Age 28$9.68$13.33$17.16$18.06
    Age 29$9.68$13.33$17.16$18.92
    Age$250,000$500,000$750,000$1,000,000
    Age 20$10.19$14.53$19.06$22.65
    Age 21$10.23$14.53$19.06$22.65
    Age 22$10.23$14.53$19.06$22.65
    Age 23$10.23$14.53$19.06$22.65
    Age 24$10.23$14.53$19.06$22.65
    Age 25$10.23$14.53$19.06$21.50
    Age 26$10.23$14.62$19.13$21.50
    Age 27$10.23$14.62$19.13$21.50
    Age 28$10.28$14.62$19.13$21.50
    Age 29$10.28$14.62$19.13$21.50
    Age$250,000$500,000$750,000$1,000,000
    Age 20$12.30$19.07$25.73$30.54
    Age 21$12.31$19.08$25.86$30.55
    Age 22$12.31$19.08$25.86$30.55
    Age 23$12.31$19.08$25.86$30.55
    Age 24$12.31$19.08$25.86$30.55
    Age 25$12.31$19.08$25.86$30.55
    Age 26$12.34$19.10$25.89$30.55
    Age 27$12.35$19.10$25.89$30.55
    Age 28$12.61$19.26$26.12$31.20
    Age 29$12.61$19.33$26.24$31.38
    Age$250,000$500,000$750,000$1,000,000
    Age 20$15.60$24.02$33.26$41.45
    Age 21$15.61$24.02$33.26$41.45
    Age 22$15.61$24.02$33.26$41.45
    Age 23$15.61$24.02$33.26$41.45
    Age 24$15.61$24.02$33.26$41.45
    Age 25$15.61$24.02$33.26$41.45
    Age 26$15.67$24.79$34.45$42.45
    Age 27$15.67$24.97$34.78$42.98
    Age 28$15.67$25.21$35.12$43.29
    Age 29$15.86$25.21$35.12$43.29
    Age$250,000$500,000$750,000$1,000,000
    Age 20$17.49$28.23$39.59$47.34
    Age 21$17.49$28.23$39.59$47.34
    Age 22$17.49$28.23$39.59$47.34
    Age 23$17.49$28.23$39.59$47.34
    Age 24$17.49$28.23$39.59$47.34
    Age 25$17.49$28.23$39.59$47.34
    Age 26$17.49$28.23$39.59$47.34
    Age 27$17.55$28.39$39.81$48.06
    Age 28$17.73$28.80$40.43$49.36
    Age 29$18.00$29.41$41.35$51.27
  • Age$250,000$500,000$750,000$1,000,000
    Age 20$8.39$11.18$13.78$14.62
    Age 21$8.39$11.18$13.78$14.62
    Age 22$8.39$11.18$13.78$14.62
    Age 23$8.39$11.18$13.78$14.62
    Age 24$8.39$11.18$13.78$14.62
    Age 25$8.39$11.18$13.78$14.62
    Age 26$8.39$11.18$13.78$14.62
    Age 27$8.39$11.18$13.78$14.62
    Age 28$8.60$11.38$13.78$14.62
    Age 29$8.60$11.42$13.78$14.62
    Age$250,000$500,000$750,000$1,000,000
    Age 20$9.10$12.56$16.07$18.57
    Age 21$9.10$12.56$16.07$18.57
    Age 22$9.10$12.56$16.07$18.57
    Age 23$9.10$12.56$16.07$18.57
    Age 24$9.10$12.56$16.07$18.57
    Age 25$9.10$12.56$16.07$18.57
    Age 26$9.30$13.00$16.56$18.57
    Age 27$9.31$13.15$16.92$18.57
    Age 28$9.55$13.15$16.96$18.92
    Age 29$9.55$13.15$16.96$18.92
    Age$250,000$500,000$750,000$1,000,000
    Age 20$10.89$15.72$21.04$22.99
    Age 21$10.89$15.72$21.04$22.99
    Age 22$10.89$15.72$21.04$22.99
    Age 23$10.89$15.72$21.04$22.99
    Age 24$10.89$15.72$21.04$22.99
    Age 25$10.89$15.72$21.04$22.99
    Age 26$11.00$15.72$21.04$23.73
    Age 27$11.04$16.15$21.67$24.25
    Age 28$11.10$16.15$21.67$24.53
    Age 29$11.10$16.32$21.72$24.90
    Age$250,000$500,000$750,000$1,000,000
    Age 20$13.38$19.72$26.82$31.79
    Age 21$13.38$19.72$26.82$31.79
    Age 22$13.38$19.72$26.82$31.79
    Age 23$13.38$19.72$26.82$31.79
    Age 24$13.38$19.72$26.82$31.79
    Age 25$13.38$19.72$26.82$31.79
    Age 26$13.59$19.72$26.82$31.79
    Age 27$13.59$19.84$26.99$32.25
    Age 28$13.75$20.11$27.40$32.96
    Age 29$13.75$20.38$27.80$33.75
    Age$250,000$500,000$750,000$1,000,000
    Age 20$14.67$22.50$30.98$37.34
    Age 21$14.67$22.50$30.99$37.35
    Age 22$14.67$22.50$30.99$37.35
    Age 23$14.67$22.91$31.60$38.17
    Age 24$14.67$22.91$31.60$38.17
    Age 25$14.67$22.91$31.60$38.17
    Age 26$15.24$22.91$31.60$38.17
    Age 27$15.24$23.86$33.03$39.06
    Age 28$15.24$23.86$33.03$40.29
    Age 29$15.44$25.12$34.92$41.63

Average term insurance rates by age group 20-29

*Average term life insurance rates for males vs females ages 20-29 at the preferred plus health classification.

Twenty year old male age group

  • 10-year $250,000 term life insurance: $9.68
  • 15-year $250,000 term life insurance: $10.24
  • 20-year $250,000 term life insurance: $12.38
  • 25-year $250,000 term life insurance: $15.65
  • 30-year $250,000 term life insurance: $17.57
  • 10-year $500,000 term life insurance: $13.33
  • 15-year $500,000 term life insurance: $14.57
  • 20-year $500,000 term life insurance: $19.13
  • 25-year $500,000 term life insurance: $24.43
  • 30-year $500,000 term life insurance: $28.42
  • 10-year $750,000 term life insurance: $16.94
  • 15-year $750,000 term life insurance: $19.09
  • 20-year $750,000 term life insurance: $25.92
  • 25-year $750,000 term life insurance: $33.90
  • 30-year $750,000 term life insurance: $39.87
  • 10-year $1,000,000 term life insurance: $18.06
  • 15-year $1,000,000 term life insurance: $22.08
  • 20-year $1,000,000 term life insurance: $30.70
  • 25-year $1,000,000 term life insurance: $42.07
  • 30-year $1,000,000 term life insurance: $48.01

Twenty year old female age group

  • 10-year $250,000 term life insurance: $7.59
  • 15-year $250,000 term life insurance: $8.32
  • 20-year $250,000 term life insurance: $9.87
  • 25-year $250,000 term life insurance: $13.50
  • 30-year $250,000 term life insurance: $14.92
  • 10-year $500,000 term life insurance: $11.22
  • 15-year $500,000 term life insurance: $12.78
  • 20-year $500,000 term life insurance: $15.87
  • 25-year $500,000 term life insurance: $19.84
  • 30-year $500,000 term life insurance: $23.20
  • 10-year $750,000 term life insurance: $13.78
  • 15-year $750,000 term life insurance: $16.38
  • 20-year $750,000 term life insurance: $21.72
  • 25-year $750,000 term life insurance: $27.00
  • 30-year $750,000 term life insurance: $32.03
  • 10-year $1,000,000 term life insurance: $14.62
  • 15-year $1,000,000 term life insurance: $18.64
  • 20-year $1,000,000 term life insurance: $23.54
  • 25-year $1,000,000 term life insurance: $32.15
  • 30-year $1,000,000 term life insurance: $38.44

Term Life Insurance Rates for People Ages 30-39

The 30-39 age group shows a slightly higher increase in rates from the 20-29 age group, but it is minor. Within this age group, you will begin to see small increases year after year in the cost for coverage starting around age 35.

This where “buy life insurance when your young” really starts to come into play. Every year you wait to lock in your term life insurance rate, you risk the coverage costlier than the prior year. Over the course of a term life contract, the amount can add up.

As with the twenty-year age group, the thirty-year-old age group will also have access to every available term length option. Most applicants will also qualify for the preferred health class classification resulting in very affordable rates for coverage.

Why would someone from the 30-39 age group require term life insurance?

Life insurance is often not a top priority in the 20-29-year-old age group. However, we tend to see that begin to shift for people entering into their thirties greatly. 

Within this age group, there are often many life events that will take place rather quickly. You’re likely to be in the earlier years of your career, if not married, potentially thinking about it, maybe purchased your first home, or even well on your way to starting your own family.

Your overall financial risk is likely to be at its highest point, making a life insurance policy a necessity if you have loved ones that your passing would financially impact. 

Individual term life insurance rates ages 30-39

*Actual monthly term life insurance rates current as of March 2021 for males and females ages 30-39 at the preferred plus health classification.

Males

Females

  • Age$250,000$500,000$750,000$1,000,000
    Age 30$9.68$13.33$17.16$18.92
    Age 31$9.68$13.33$17.16$18.92
    Age 32$9.68$13.64$17.16$18.92
    Age 33$9.68$13.64$17.16$18.92
    Age 34$9.68$13.64$17.16$18.92
    Age 35$9.68$14.06$18.05$18.92
    Age 36$10.11$14.62$18.51$19.78
    Age 37$10.54$15.47$19.73$20.64
    Age 38$10.97$15.91$21.43$21.50
    Age 39$11.40$16.77$22.46$22.36
    Age$250,000$500,000$750,000$1,000,000
    Age 30$10.28$14.62$19.13$21.50
    Age 31$10.32$15.05$19.27$22.36
    Age 32$10.48$15.05$19.69$23.22
    Age 33$10.52$15.24$19.85$23.22
    Age 34$10.66$15.32$19.97$24.08
    Age 35$10.75$15.91$20.74$24.94
    Age 36$11.18$16.77$21.96$26.66
    Age 37$11.61$17.63$23.22$28.38
    Age 38$12.26$18.79$24.85$30.55
    Age 39$12.69$19.69$26.32$32.25
    Age$250,000$500,000$750,000$1,000,000
    Age 30$12.61$19.40$26.33$31.39
    Age 31$12.84$19.69$26.90$31.90
    Age 32$12.95$19.96$26.97$32.25
    Age 33$13.07$20.36$27.97$32.91
    Age 34$13.17$20.64$28.34$33.10
    Age 35$13.38$21.07$28.42$33.94
    Age 36$14.08$22.06$28.98$36.60
    Age 37$14.58$23.03$30.38$38.47
    Age 38$15.36$24.59$32.51$41.30
    Age 39$15.42$24.71$32.79$41.68
    Age$250,000$500,000$750,000$1,000,000
    Age 30$15.86$25.26$35.12$43.69
    Age 31$16.09$26.39$36.94$45.41
    Age 32$16.53$27.12$37.91$46.86
    Age 33$17.42$27.12$37.91$47.43
    Age 34$17.63$27.58$38.61$48.95
    Age 35$18.05$28.70$40.28$51.30
    Age 36$19.33$30.76$43.38$55.61
    Age 37$20.60$32.64$46.20$59.56
    Age 38$21.88$36.48$51.95$65.60
    Age 39$23.15$39.28$56.16$71.21
    Age$250,000$500,000$750,000$1,000,000
    Age 30$18.22$29.89$42.07$52.53
    Age 31$18.39$30.12$42.42$53.14
    Age 32$18.98$31.07$43.84$55.36
    Age 33$19.61$32.52$46.23$59.31
    Age 34$20.38$33.51$47.50$61.49
    Age 35$21.09$34.79$49.42$64.03
    Age 36$22.08$37.36$53.28$68.97
    Age 37$23.23$39.79$56.93$73.62
    Age 38$25.25$44.15$63.67$79.69
    Age 39$26.73$47.09$68.09$86.54
  • Age$250,000$500,000$750,000$1,000,000
    Age 30$8.60$11.44$13.78$14.62
    Age 31$8.60$11.47$14.27$14.62
    Age 32$8.82$11.61$14.48$14.62
    Age 33$8.82$11.80$14.69$15.48
    Age 34$8.94$11.88$14.81$15.48
    Age 35$8.98$11.96$14.93$15.48
    Age 36$9.31$12.62$15.92$16.34
    Age 37$9.66$13.25$16.71$18.06
    Age 38$9.83$13.53$17.12$18.92
    Age 39$10.25$14.38$18.38$20.64
    Age$250,000$500,000$750,000$1,000,000
    Age 30$9.55$13.15$16.96$18.92
    Age 31$9.68$13.53$17.57$19.49
    Age 32$9.77$13.76$17.91$19.67
    Age 33$9.77$14.19$18.33$20.25
    Age 34$9.99$14.19$18.60$20.35
    Age 35$9.99$14.62$19.02$21.19
    Age 36$10.41$15.48$20.09$23.61
    Age 37$11.05$16.72$21.96$26.15
    Age 38$11.61$17.63$23.38$28.00
    Age 39$12.11$18.26$24.15$30.12
    Age$250,000$500,000$750,000$1,000,000
    Age 30$11.10$16.32$21.72$24.90
    Age 31$11.26$16.57$22.05$25.84
    Age 32$11.47$16.95$22.64$26.60
    Age 33$11.61$17.20$23.19$27.52
    Age 34$11.83$17.63$23.70$27.52
    Age 35$11.83$17.63$23.82$28.38
    Age 36$12.47$18.90$25.13$30.96
    Age 37$12.75$19.38$25.81$32.37
    Age 38$12.98$19.83$26.48$33.27
    Age 39$13.62$21.12$28.39$35.81
    Age$250,000$500,000$750,000$1,000,000
    Age 30$13.75$21.00$28.73$35.19
    Age 31$14.44$21.37$29.29$35.99
    Age 32$14.86$22.02$30.26$37.50
    Age 33$15.08$22.71$31.30$39.03
    Age 34$15.50$23.63$32.67$40.73
    Age 35$15.93$24.82$34.47$43.13
    Age 36$16.78$26.02$36.27$45.73
    Age 37$17.63$27.61$38.65$48.97
    Age 38$18.69$29.40$41.34$52.63
    Age 39$19.54$31.21$44.05$56.39
    Age$250,000$500,000$750,000$1,000,000
    Age 30$15.58$25.33$35.23$43.69
    Age 31$16.06$26.58$37.11$44.43
    Age 32$16.44$27.35$38.26$47.12
    Age 33$16.93$27.35$38.26$47.31
    Age 34$17.52$28.05$39.31$48.94
    Age 35$18.28$29.24$41.09$51.24
    Age 36$19.08$30.92$43.61$54.75
    Age 37$19.87$32.96$46.67$58.99
    Age 38$20.83$35.21$50.05$63.66
    Age 39$21.83$37.55$53.57$68.53

Average term insurance rates by age group 30-39

*Average term life insurance rates for males vs females ages 30-39 at the preferred plus health classification.

Thirty year old male age group

  • 10-year $250,000 term life insurance: $10.11
  • 15-year $250,000 term life insurance: $11.08
  • 20-year $250,000 term life insurance: $13.75
  • 25-year $250,000 term life insurance: $18.65
  • 30-year $250,000 term life insurance: $21.40
  • 10-year $500,000 term life insurance: $14.44
  • 15-year $500,000 term life insurance: $16.41
  • 20-year $500,000 term life insurance: $21.55
  • 25-year $500,000 term life insurance: $30.13
  • 30-year $500,000 term life insurance: $36.03
  • 10-year $750,000 term life insurance: $18.60
  • 15-year $750,000 term life insurance: $21.50
  • 20-year $750,000 term life insurance: $28.96
  • 25-year $750,000 term life insurance: $42.45
  • 30-year $750,000 term life insurance: $51.35
  • 10-year $1,000,000 term life insurance: $19.78
  • 15-year $1,000,000 term life insurance: $25.72
  • 20-year $1,000,000 term life insurance: $35.35
  • 25-year $1,000,000 term life insurance: $53.56
  • 30-year $1,000,000 term life insurance: $65.47

Thirty year old female age group

  • 10-year $250,000 term life insurance: $9.18
  • 15-year $250,000 term life insurance: $10.39
  • 20-year $250,000 term life insurance: $12.09
  • 25-year $250,000 term life insurance: $16.22
  • 30-year $250,000 term life insurance: $18.24
  • 10-year $500,000 term life insurance: $12.39
  • 15-year $500,000 term life insurance: $15.15
  • 20-year $500,000 term life insurance: $18.11
  • 25-year $500,000 term life insurance: $24.98
  • 30-year $500,000 term life insurance: $30.05
  • 10-year $750,000 term life insurance: $15.51
  • 15-year $750,000 term life insurance: $19.80
  • 20-year $750,000 term life insurance: $24.29
  • 25-year $750,000 term life insurance: $34.70
  • 30-year $750,000 term life insurance: $42.32
  • 10-year $1,000,000 term life insurance: $16.43
  • 15-year $1,000,000 term life insurance: $22.78
  • 20-year $1,000,000 term life insurance: $29.32
  • 25-year $1,000,000 term life insurance: $43.53
  • 30-year $1,000,000 term life insurance: $52.87

Term Life Insurance Rates for People Ages 40-49

The term life insurance rates gradually increase from the thirty-year-old age group into the forty-year-old age group. However, you will notice that towards the latter end of the forty-year-old age bracket, rates nearly double in size from the latter end of the thirty-year-old age bracket.

Other than an increase in cost from the prior age groups, there is no difference in contract availability or limitations to any policy features. 

Why would someone from the 40-49 age group require term life insurance?

Within this age group, life insurance needs are just as high, if not higher, than the previous age group. At this point in life, your likely to be well established in your career, making your family dependent on your income.

If you have children, they are likely young and still have several years left until they are on their own and not reliant on your help. Also, you probably have more acquired more debts and still have time left on your mortgage.

People from this age group will be eligible for all available term lengths, but we often see the popular choice being either the 20-year or 30-year option.

Individual term life insurance rates ages 40-49

*Actual monthly term life insurance rates current as of March 2021 for males and females ages 40-49 at the preferred plus health classification.

Males

Females

  • Age$250,000$500,000$750,000$1,000,000
    Age 40$11.83$17.20$24.18$23.22
    Age 41$12.90$19.35$25.56$27.52
    Age 42$13.70$21.07$27.77$31.82
    Age 43$14.78$23.22$30.85$36.12
    Age 44$15.69$24.94$34.98$40.42
    Age 45$16.81$27.09$37.33$44.72
    Age 46$18.35$29.73$41.82$49.88
    Age 47$19.72$32.96$46.64$54.35
    Age 48$21.21$35.44$49.22$59.56
    Age 49$22.72$37.71$53.54$63.86
    Age$250,000$500,000$750,000$1,000,000
    Age 40$13.07$20.46$27.70$34.40
    Age 41$14.84$23.32$32.12$40.04
    Age 42$16.35$25.96$36.08$45.32
    Age 43$17.67$28.47$40.16$51.48
    Age 44$19.44$32.21$45.76$58.68
    Age 45$21.24$35.78$51.12$66.26
    Age 46$22.91$38.74$55.34$71.06
    Age 47$24.64$41.94$60.14$76.36
    Age 48$26.19$45.61$65.39$82.36
    Age 49$28.55$49.21$70.79$88.86
    Age$250,000$500,000$750,000$1,000,000
    Age 40$16.56$26.99$37.11$47.44
    Age 41$18.07$30.02$41.26$52.97
    Age 42$19.93$33.74$46.72$60.25
    Age 43$22.13$37.76$53.19$68.36
    Age 44$24.46$41.46$59.16$76.26
    Age 45$26.20$46.21$66.29$85.56
    Age 46$28.45$49.16$70.71$91.86
    Age 47$30.77$53.01$76.49$99.26
    Age 48$33.30$57.06$82.56$107.26
    Age 49$35.98$62.96$91.41$116.46
    Age$250,000$500,000$750,000$1,000,000
    Age 40$24.43$42.46$60.92$78.14
    Age 41$26.98$46.23$66.58$85.40
    Age 42$29.74$50.49$72.98$93.64
    Age 43$32.29$55.41$79.94$103.43
    Age 44$35.05$60.25$87.61$112.92
    Age 45$37.60$65.69$95.77$122.97
    Age 46$42.28$71.48$104.45$135.02
    Age 47$46.42$78.20$114.54$149.02
    Age 48$48.64$85.67$125.74$164.59
    Age 49$53.09$93.81$137.95$181.58
    Age$250,000$500,000$750,000$1,000,000
    Age 40$28.46$50.54$73.05$94.20
    Age 41$31.14$55.93$81.34$102.83
    Age 42$33.47$60.56$88.29$112.51
    Age 43$36.13$65.88$96.05$124.47
    Age 44$39.19$71.99$105.22$137.00
    Age 45$42.87$79.36$116.27$150.78
    Age 46$46.50$86.62$127.16$165.78
    Age 47$50.72$94.98$139.70$179.65
    Age 48$55.97$105.22$155.06$202.44
    Age 49$61.31$115.94$171.15$223.33
  • Age$250,000$500,000$750,000$1,000,000
    Age 40$10.62$15.11$18.95$21.50
    Age 41$11.27$16.41$20.81$24.94
    Age 42$12.09$18.05$23.15$28.38
    Age 43$13.07$20.02$25.97$31.82
    Age 44$14.19$22.32$29.25$35.26
    Age 45$15.15$24.20$33.01$38.19
    Age 46$16.30$25.47$35.44$42.45
    Age 47$17.36$27.17$37.99$45.85
    Age 48$18.26$28.66$40.23$50.01
    Age 49$19.11$30.58$43.10$53.50
    Age$250,000$500,000$750,000$1,000,000
    Age 40$12.54$19.78$25.67$32.18
    Age 41$13.55$21.25$27.52$34.65
    Age 42$14.49$22.86$29.79$37.68
    Age 43$15.46$24.22$32.57$41.38
    Age 44$16.42$26.35$35.93$45.42
    Age 45$17.38$28.39$39.86$49.88
    Age 46$18.66$30.28$42.88$53.92
    Age 47$19.75$32.58$46.18$58.17
    Age 48$21.03$35.16$49.98$63.27
    Age 49$22.45$37.59$53.62$68.37
    Age$250,000$500,000$750,000$1,000,000
    Age 40$14.96$23.80$32.38$41.13
    Age 41$16.07$26.02$35.67$45.46
    Age 42$17.32$28.51$39.37$50.45
    Age 43$18.63$31.29$43.49$55.62
    Age 44$19.83$34.02$47.65$61.44
    Age 45$21.22$36.96$52.67$67.85
    Age 46$22.73$40.02$57.26$72.39
    Age 47$24.52$43.39$62.32$77.80
    Age 48$26.78$47.11$68.12$84.86
    Age 49$28.72$51.13$74.14$90.90
    Age$250,000$500,000$750,000$1,000,000
    Age 40$20.39$33.31$47.20$60.71
    Age 41$22.30$35.91$51.10$65.77
    Age 42$24.00$38.96$55.68$71.72
    Age 43$25.92$42.23$60.58$78.09
    Age 44$27.62$45.80$65.63$85.06
    Age 45$29.53$50.11$72.40$93.49
    Age 46$32.93$54.17$78.49$101.07
    Age 47$35.86$59.26$86.13$110.63
    Age 48$37.49$64.94$94.65$121.32
    Age 49$40.86$71.31$104.20$133.31
    Age$250,000$500,000$750,000$1,000,000
    Age 40$22.98$40.24$57.59$74.09
    Age 41$24.52$43.32$62.21$81.07
    Age 42$26.34$46.95$67.67$88.38
    Age 43$28.35$51.17$73.98$96.38
    Age 44$30.58$55.57$80.60$105.45
    Age 45$33.28$60.91$88.60$115.93
    Age 46$35.96$65.53$95.53$124.69
    Age 47$38.84$71.29$104.17$136.20
    Age 48$43.90$79.88$117.06$149.73
    Age 49$47.90$87.21$128.06$159.78

Average term insurance rates by age group 40-49

*Average term life insurance rates for males vs females ages 40-49 at the preferred plus health classification.

Forty year old male age group

  • 10-year $250,000 term life insurance: $16.77
  • 15-year $250,000 term life insurance: $20.49
  • 20-year $250,000 term life insurance: $25.59
  • 25-year $250,000 term life insurance: $37.65
  • 30-year $250,000 term life insurance: $42.58
  • 10-year $500,000 term life insurance: $26.87
  • 15-year $500,000 term life insurance: $34.17
  • 20-year $500,000 term life insurance: $43.84
  • 25-year $500,000 term life insurance: $64.97
  • 30-year $500,000 term life insurance: $78.70
  • 10-year $750,000 term life insurance: $37.19
  • 15-year $750,000 term life insurance: $48.46
  • 20-year $750,000 term life insurance: $62.45
  • 25-year $750,000 term life insurance: $94.65
  • 30-year $750,000 term life insurance: $115.33
  • 10-year $1,000,000 term life insurance: $43.15
  • 15-year $1,000,000 term life insurance: $61.48
  • 20-year $1,000,000 term life insurance: $80.57
  • 25-year $1,000,000 term life insurance: $122.67
  • 30-year $1,000,000 term life insurance: $149.30

Forty year old female age group

  • 10-year $250,000 term life insurance: $14.74
  • 15-year $250,000 term life insurance: $17.17
  • 20-year $250,000 term life insurance: $21.08
  • 25-year $250,000 term life insurance: $29.69
  • 30-year $250,000 term life insurance: $33.27
  • 10-year $500,000 term life insurance: $22.80
  • 15-year $500,000 term life insurance: $27.85
  • 20-year $500,000 term life insurance: $36.23
  • 25-year $500,000 term life insurance: $49.60
  • 30-year $500,000 term life insurance: $60.21
  • 10-year $750,000 term life insurance: $30.79
  • 15-year $750,000 term life insurance: $38.40
  • 20-year $750,000 term life insurance: $51.31
  • 25-year $750,000 term life insurance: $71.61
  • 30-year $750,000 term life insurance: $87.55
  • 10-year $1,000,000 term life insurance: $37.19
  • 15-year $1,000,000 term life insurance: $48.49
  • 20-year $1,000,000 term life insurance: $64.79
  • 25-year $1,000,000 term life insurance: $92.12
  • 30-year $1,000,000 term life insurance: $113.17

Term Life Insurance Rates for People Ages 50-59

When entering into the 50-59-year-old age group, rates for coverage start to become a bit higher even at the preferred plus health classification.

Remember that all the term life insurance rates provided in our examples are at the preferred plus health class, so if you have experienced or currently have a few health issues, the cost for coverage is likely to be higher.

In addition to higher rates, the fifty-year-old age group is the first age bracket where we begin to see some insurance options start to become unavailable to certain ages.

For example, age 55 will be the last year to obtain a 30 year return of premium plan. If you are turning 58, it will also be the last year to get a regular 30 year term insurance plan.

Outside of term length availability, many companies that offer an accelerated non-medical underwriting option will generally limit those programs up to the age of 50.

Why would someone from the 50-59 age group require term life insurance?

While it’s not uncommon for someone in their fifties to purchase their first life insurance policy, we tend people from this age group actually buying their second, sometimes third policy. 

If you were in your thirties when you purchased your first term life insurance plans and chose a 20-year term insurance length, you might be coming out of the guaranteed level term period.

Because you are likely to have some more time left until you retire, you decide that it’s important to continue with some life insurance to last until you retire and collect on social security benefits and draw from your retirement. 

In addition to making sure that you can replace your lost income to your spouse if you were to pass during your working years, while in your fifties, you probably still have some common household debts and getting closer to paying off your mortgage.

All of these reasons are good enough to still have a term life insurance policy well into your fifties.

Individual term life insurance rates ages 50-59

*Actual monthly term life insurance rates current as of March 2021 for males and females ages 50-59 at the preferred plus health classification.

Males

Females

  • Age$250,000$500,000$750,000$1,000,000
    Age 50$23.98$40.77$58.39$70.49
    Age 51$26.09$44.60$62.09$76.26
    Age 52$28.49$49.28$68.76$85.56
    Age 53$31.21$54.38$75.96$95.36
    Age 54$34.27$60.33$84.29$106.66
    Age 55$37.40$67.55$93.89$118.96
    Age 56$40.37$73.88$103.41$131.26
    Age 57$43.13$81.15$113.91$145.16
    Age 58$48.57$89.23$125.76$160.86
    Age 59$53.41$98.58$138.96$178.66
    Age$250,000$500,000$750,000$1,000,000
    Age 50$30.68$54.36$78.78$103.19
    Age 51$33.15$59.20$82.71$104.96
    Age 52$35.72$64.41$89.99$115.06
    Age 53$38.64$70.49$97.79$126.16
    Age 54$42.10$77.66$107.01$138.86
    Age 55$45.87$85.33$118.94$153.06
    Age 56$50.13$93.86$131.09$168.86
    Age 57$55.08$103.76$144.81$187.06
    Age 58$61.73$115.63$160.11$207.56
    Age 59$68.35$128.70$177.36$230.96
    Age$250,000$500,000$750,000$1,000,000
    Age 50$38.91$71.43$104.39$134.24
    Age 51$41.97$77.57$106.04$137.76
    Age 52$45.56$84.73$116.84$151.56
    Age 53$49.83$93.28$128.99$166.96
    Age 54$54.91$103.44$142.64$184.56
    Age 55$60.56$114.71$158.16$204.36
    Age 56$66.76$127.12$176.31$226.96
    Age 57$73.92$141.43$196.19$252.86
    Age 58$83.90$159.46$219.21$284.66
    Age 59$93.48$178.39$245.84$315.36
    Age$250,000$500,000$750,000$1,000,000
    Age 50$57.90$103.20$152.04$200.88
    Age 51$64.01$114.76$169.38$222.36
    Age 52$70.96$128.60$190.14$247.81
    Age 53$84.57$145.01$214.74$278.01
    Age 54$92.43$164.87$244.54$314.63
    Age 55$100.29$187.27$278.14$356.07
    Age 56$120.90$221.65$329.71$415.34
    Age 57$139.71$254.32$378.72$470.46
    Age 58$159.37$294.68$439.26$538.56
    Age 59$179.95$336.97$502.69$609.91
    Age$250,000$500,000$750,000$1,000,000
    Age 50$68.07$76.31$189.42$245.50
    Age 51$76.31$144.00$213.24$278.49
    Age 52$85.65$161.99$240.23$313.43
    Age 53$93.00$179.60$266.63$349.76
    Age 54$105.25$204.11$303.40$399.62
    Age 55$119.31$232.21$345.55$457.00
    Age 56$158.74$269.43$401.37$531.20
    Age 57$167.02$302.15$450.46$596.65
    Age 58$188.69$341.68$509.75$675.70
    Age 59NANANANA
  • Age$250,000$500,000$750,000$1,000,000
    Age 50$20.21$33.88$47.52$57.74
    Age 51$21.80$35.25$50.11$62.42
    Age 52$23.51$38.23$54.57$68.37
    Age 53$25.12$41.36$58.74$73.47
    Age 54$26.44$45.32$64.68$81.12
    Age 55$28.20$50.03$72.28$90.89
    Age 56$29.97$53.48$77.46$97.27
    Age 57$32.09$57.77$83.89$106.06
    Age 58$34.50$62.02$90.27$114.86
    Age 59$37.18$67.13$97.92$124.86
    Age$250,000$500,000$750,000$1,000,000
    Age 50$23.74$41.10$58.89$74.31
    Age 51$25.30$44.18$63.50$80.27
    Age 52$26.94$47.15$67.96$86.18
    Age 53$28.71$50.98$73.70$93.87
    Age 54$30.65$54.80$79.44$101.52
    Age 55$32.85$59.32$86.21$110.39
    Age 56$35.39$64.40$93.84$120.62
    Age 57$38.27$70.14$102.47$132.00
    Age 58$42.20$77.32$113.43$141.52
    Age 59$45.83$85.25$125.14$158.52
    Age$250,000$500,000$750,000$1,000,000
    Age 50$30.97$55.56$80.58$96.84
    Age 51$33.30$60.23$87.63$109.50
    Age 52$35.77$65.18$95.22$120.10
    Age 53$38.52$70.65$103.42$131.00
    Age 54$41.78$77.19$113.24$144.70
    Age 55$45.37$84.37$123.79$158.80
    Age 56$49.71$92.51$136.22$177.71
    Age 57$54.06$101.65$149.84$195.24
    Age 58$60.57$115.25$170.11$219.06
    Age 59$67.55$128.14$189.44$241.56
    Age$250,000$500,000$750,000$1,000,000
    Age 50$44.59$78.78$115.40$147.42
    Age 51$48.91$87.10$127.88$163.14
    Age 52$53.73$96.37$141.80$180.72
    Age 53$59.37$107.25$158.12$201.40
    Age 54$65.85$113.76$176.88$225.20
    Age 55$73.42$134.39$198.81$253.13
    Age 56$89.44$161.99$240.21$304.14
    Age 57$102.80$184.84$274.50$349.57
    Age 58$119.02$210.14$312.44$398.89
    Age 59$134.85$236.64$352.19$450.57
    Age$250,000$500,000$750,000$1,000,000
    Age 50$51.80$95.53$140.53$179.99
    Age 51$58.17$107.78$158.91$203.68
    Age 52$64.65$121.98$180.20$228.54
    Age 53$72.13$136.06$201.33$256.21
    Age 54$81.20$152.99$226.72$290.75
    Age 55$91.53$176.05$261.31$330.32
    Age 56$109.00$203.55$302.56$385.00
    Age 57$123.24$230.33$342.72$436.00
    Age 58$137.27$257.10$382.89$487.00
    Age 59NANANANA

Average term insurance rates by age group 50-59

*Average term life insurance rates for males vs females ages 50-59 at the preferred plus health classification.

Fifty year old male age group

  • 10-year $250,000 term life insurance: $36.69
  • 15-year $250,000 term life insurance: $46.15
  • 20-year $250,000 term life insurance: $60.98
  • 25-year $250,000 term life insurance: $107.01
  • 30-year $250,000 term life insurance: $118.00
  • 10-year $500,000 term life insurance: $65.98
  • 15-year $500,000 term life insurance: $85.34
  • 20-year $500,000 term life insurance: $115.16
  • 25-year $500,000 term life insurance: $195.13
  • 30-year $500,000 term life insurance: $212.39
  • 10-year $750,000 term life insurance: $92.54
  • 15-year $750,000 term life insurance: $118.86
  • 20-year $750,000 term life insurance: $159.46
  • 25-year $750,000 term life insurance: $289.94
  • 30-year $750,000 term life insurance: $324.45
  • 10-year $1,000,000 term life insurance: $116.92
  • 15-year $1,000,000 term life insurance: $153.57
  • 20-year $1,000,000 term life insurance: $205.93
  • 25-year $1,000,000 term life insurance: $365.40
  • 30-year $1,000,000 term life insurance: $427.48

Fifty year old female age group

  • 10-year $250,000 term life insurance: $27.90
  • 15-year $250,000 term life insurance: $32.99
  • 20-year $250,000 term life insurance: $45.76
  • 25-year $250,000 term life insurance: $79.20
  • 30-year $250,000 term life insurance: $86.45
  • 10-year $500,000 term life insurance: $48.45
  • 15-year $500,000 term life insurance: $59.46
  • 20-year $500,000 term life insurance: $85.07
  • 25-year $500,000 term life insurance: $141.13
  • 30-year $500,000 term life insurance: $164.60
  • 10-year $750,000 term life insurance: $69.74
  • 15-year $750,000 term life insurance: $86.46
  • 20-year $750,000 term life insurance: $124.95
  • 25-year $750,000 term life insurance: $209.82
  • 30-year $750,000 term life insurance: $244.13
  • 10-year $1,000,000 term life insurance: $87.71
  • 15-year $1,000,000 term life insurance: $109.92
  • 20-year $1,000,000 term life insurance: $159.45
  • 25-year $1,000,000 term life insurance: $267.42
  • 30-year $1,000,000 term life insurance: $310.83

Term Life Insurance Rates for People Ages 60-69

The 60-69 age group begins to see an increase in premiums and a decrease in the availability in your choices of contract lengths. While keeping the theme of using preferred plus rates throughout all our examples, many applicants who apply for coverage are not as likely to qualify for that risk classification, which often due to medical reasons. 

While someone in their sixties can get a preferred plus health classification, the reality is that most people in their sixties will probably have had or have some type of medical treatment, whether it be elevated blood pressure, cholesterol, or some other medical condition.

When looking at contract availability, in the 60-69-year-old age group, the 30-year term length is not available at all, and you will have until age 65 to apply for a 25-year term plan until it is no longer available. 

Companies that offer a simplified no medical exam term insurance plan will also end the option at age 65.

Why would someone from the 60-69 age group require term life insurance?

At this age group, your likely thinking about retirement but may have a couple of years left and want to have coverage for your spouse as a financial safety net. You may still have a small mortgage balance and some remaining debt that you would like covered with a policy.

At the 60-69-year-old age group, the 10-year term policy is often a popular choice. This provides enough time and coverage lasting into and for some past retirement. Because it’s a 10-year plan, for many, the rates will still be affordable. 

Individual term life insurance rates ages 60-69

*Actual monthly term life insurance rates current as of March 2021 for males and females ages 60-69 at the preferred plus health classification.

Males

Females

  • Age$250,000$500,000$750,000$1,000,000
    Age 60$29.76$58.56$109.20$209.72
    Age 61$34.05$65.01$121.53$233.10
    Age 62$38.68$73.30$135.97$259.28
    Age 63$41.48$79.81$151.33$289.84
    Age 64$45.90$89.39$169.62$324.63
    Age 65$53.08$101.75$190.84$364.97
    Age 66$58.11$110.13$209.98$399.16
    Age 67$63.90$121.08$231.79$441.05
    Age 68$70.50$135.04$254.98$487.14
    Age 69$78.45$151.00$281.33$540.13
    Age$250,000$500,000$750,000$1,000,000
    Age 60$37.76$76.45$143.10$277.53
    Age 61$42.43$85.53$161.16$305.57
    Age 62$47.47$95.85$181.55$340.42
    Age 63$53.26$106.30$203.63$384.06
    Age 64$59.69$120.24$228.76$431.07
    Age 65$67.29$135.56$258.09$486.13
    Age 66$74.31$150.28$286.05$543.31
    Age 67$82.90$168.27$320.79$614.57
    Age 68$96.22$190.26$363.29$702.13
    Age 69$110.16$217.11$415.29$808.38
    Age$250,000$500,000$750,000$1,000,000
    Age 60$52.36$105.04$201.00$388.33
    Age 61$61.37$120.05$230.61$443.96
    Age 62$69.02$135.57$264.75$503.04
    Age 63$75.25$154.07$295.44$568.03
    Age 64$85.31$174.19$337.79$645.86
    Age 65$97.01$199.15$385.06$743.64
    Age 66$116.35$238.29$455.85$881.56
    Age 67$133.28$280.15$525.00$1,018.06
    Age 68$155.04$331.86$605.94$1,186.06
    Age 69$177.84$361.02$689.82$1,324.35
    Age$250,000$500,000$750,000$1,000,000
    Age 60$96.47$203.14$385.02$686.75
    Age 61$108.88$230.27$439.37$789.76
    Age 62$120.23$257.36$492.35$897.07
    Age 63$131.49$283.37$543.52$1,029.62
    Age 64$142.85$309.17$595.12$1,150.68
    Age 65$156.35$349.16$668.65$1,290.86
    Age 66NANANANA
    Age 67NANANANA
    Age 68NANANANA
    Age 69NANANANA
  • Age$250,000$500,000$750,000$1,000,000
    Age 60$40.75$72.65$106.20$132.86
    Age 61$43.91$79.88$115.11$146.06
    Age 62$47.97$88.37$126.29$160.96
    Age 63$52.48$98.11$137.31$179.66
    Age 64$59.49$109.20$151.49$197.96
    Age 65$65.10$122.11$167.54$216.36
    Age 66$71.77$133.43$197.37$242.62
    Age 67$79.91$146.17$216.49$262.17
    Age 68$87.74$158.93$235.62$285.12
    Age 69$94.19$176.35$261.76$317.42
    Age$250,000$500,000$750,000$1,000,000
    Age 60$52.02$94.91$138.82$175.53
    Age 61$57.75$104.46$154.13$198.91
    Age 62$63.91$116.18$171.72$219.26
    Age 63$71.14$129.89$192.08$245.96
    Age 64$79.42$145.86$216.00$271.38
    Age 65$89.20$164.66$244.03$304.50
    Age 66$99.40$183.44$272.39$339.05
    Age 67$111.30$205.26$305.12$387.46
    Age 68$124.90$227.93$337.96$441.10
    Age 69$141.05$254.76$379.28$489.12
    Age$250,000$500,000$750,000$1,000,000
    Age 60$74.92$142.47$210.95$268.36
    Age 61$83.88$159.63$236.68$305.67
    Age 62$93.50$179.81$266.96$339.27
    Age 63$105.56$202.78$301.40$388.21
    Age 64$119.30$227.92$339.11$432.77
    Age 65$134.29$257.67$383.75$485.71
    Age 66$194.27$313.25$467.03$608.56
    Age 67$224.48$356.56$532.00$691.69
    Age 68$257.17$401.19$598.94$776.56
    Age 69$291.58$573.68$857.75$962.15
    Age$250,000$500,000$750,000$1,000,000
    Age 60$150.30$266.76$397.37$509.29
    Age 61$178.67$317.02$472.79$604.90
    Age 62$203.82$357.27$533.17$681.08
    Age 63$229.19$407.00$607.76$764.62
    Age 64$254.35$497.94$745.62$979.54
    Age 65$279.72$548.25$821.09$1,079.30
    Age 66NANANANA
    Age 67NANANANA
    Age 68NANANANA
    Age 69NANANANA

Average term insurance rates by age group 60-69

*Average term life insurance rates for males vs females ages 60-69 at the preferred plus health classification.

Sixty year old male age group

  • 10-year $250,000 term life insurance: $51.39
  • 15-year $250,000 term life insurance: $67.15
  • 20-year $250,000 term life insurance: $102.28
  • 25-year $250,000 term life insurance: $120.05
  • 10-year $500,000 term life insurance: $98.51
  • 15-year $500,000 term life insurance: $134.59
  • 20-year $500,000 term life insurance: $209.94
  • 25-year $500,000 term life insurance: $272.08
  • 10-year $750,000 term life insurance: $185.66
  • 15-year $750,000 term life insurance: $256.17
  • 20-year $750,000 term life insurance: $399.13
  • 25-year $750,000 term life insurance: $520.67
  • 10-year $1,000,000 term life insurance: $354.90
  • 15-year $1,000,000 term life insurance: $489.32
  • 20-year $1,000,000 term life insurance: $770.29
  • 25-year $1,000,000 term life insurance: $974.12

Sixty year old female age group

  • 10-year $250,000 term life insurance: $64.33
  • 15-year $250,000 term life insurance: $89.01
  • 20-year $250,000 term life insurance: $157.90
  • 25-year $250,000 term life insurance: $216.01
  • 10-year $500,000 term life insurance: $118.52
  • 15-year $500,000 term life insurance: $162.74
  • 20-year $500,000 term life insurance: $281.50
  • 25-year $500,000 term life insurance: $399.04
  • 10-year $750,000 term life insurance: $171.52
  • 15-year $750,000 term life insurance: $241.15
  • 20-year $750,000 term life insurance: $419.46
  • 25-year $750,000 term life insurance: $596.30
  • 10-year $1,000,000 term life insurance: $214.09
  • 15-year $1,000,000 term life insurance: $307.23
  • 20-year $1,000,000 term life insurance: $525.90
  • 25-year $1,000,000 term life insurance: $769.79

Term Life Insurance Rates for People Ages 70-80

The age 70-80-year-old group is our final group of term life insurance rates. For this age group we cut back on the death benefit amounts for this rate chart because most applicants ages 70-80 do not often require larger amounts of life insurance coverage.

Instead, we added a $25,000 and $50,000 option, which individuals commonly purchased within the 70-80 ages.

As you can imagine, the cost of coverage will be the most expensive. Applicants will often be required to take a medical exam to prove their eligibility for coverage. 

Term lengths are very limited, with the 20 years being offered to age 70 and the 15 year plans limited to age 75. The 10-year term contract is available up to age 80, which will provide coverage to the age of 90.

We want to make it aware that COVID-19 has played a part in limiting companies that will offer term insurance over 75. Before COVID, we had multiple life insurance companies offer a 10-year plan up to age 80, but that has drastically changed.

Why would someone from the 70-80 age group require term life insurance?

Most applications for term life insurance from the age 70-80 group are for smaller amounts that would be needed to take care of any smaller end of life expenses. This generally includes any small debts and funeral costs. 

If you are someone in this age group and you require a smaller life insurance policy, we want to recommend that you look into a burial insurance policy. These plans are designed for seniors and require no medical exams. They are also permanent plans, so they will not expire on you whearas term insurance will. 

Individual term life insurance rates ages 70-80

*Actual monthly term life insurance rates current as of March 2021 for males and females ages 70-79 at the preferred plus health classification.

Males

Females

  • Age$25,000$50,000$100,000$250,000
    Age 70$51.66$67.27$86.48$177.50
    Age 71$57.90$74.60$94.50$197.69
    Age 72$65.03$82.43$104.36$222.62
    Age 73$73.13$90.78$116.79$262.71
    Age 74$82.37$99.62$132.53$298.01
    Age 75$92.88$108.97$151.27$335.16
    Age 76NA$232.13$222.23$507.02
    Age 77NA$266.21$272.84$572.48
    Age 78NA$300.20$314.98$646.39
    Age 79NA$335.66$357.98$667.90
    Age 80NA$375.41$393.24$796.53
    Age$25,000$50,000$100,000$250,000
    Age 70$77.59$103.12$120.87$247.97
    Age 71$86.42$141.71$153.85$301.44
    Age 72$96.34$170.21$185.42$361.12
    Age 73$107.47$208.34$207.40$432.87
    Age 74$131.67$258.17$236.64$519.12
    Age 75$144.29$238.41$276.84$614.99
    Age 76NANANANA
    Age 77NANANANA
    Age 78NANANANA
    Age 79NANANANA
    Age 80NANANANA
    Age$25,000$50,000$100,000$250,000
    Age 70NANA$203.74$407.14
    Age 71NANANANA
    Age 72NANANANA
    Age 73NANANANA
    Age 74NANANANA
    Age 75NANANANA
    Age 76NANANANA
    Age 77NANANANA
    Age 78NANANANA
    Age 79NANANANA
    Age 80NANANANA
  • Age$25,000$50,000$100,000$250,000
    Age 70$40.48$40.67$59.29$109.14
    Age 71$44.92$45.09$69.70$120.88
    Age 72$49.92$49.84$79.73$139.65
    Age 73$55.59$54.91$89.59$160.81
    Age 74$62.00$60.32$99.11$185.89
    Age 75$69.26$66.05$110.07$216.27
    Age 76NA$194.34$161.38$359.53
    Age 77NA$226.56$185.72$399.60
    Age 78NA$259.57$220.46$453.01
    Age 79NA$295.21$256.07$477.93
    Age 80NA$335.76$291.58$581.79
    Age$25,000$50,000$100,000$250,000
    Age 70$60.06$45.66$76.75$156.77
    Age 71$66.86$120.90$115.46$228.82
    Age 72$74.54$142.47$133.32$267.84
    Age 73$83.20$159.81$153.49$275.57
    Age 74$92.59$179.30$176.73$331.21
    Age 75$103.95$201.30$194.37$398.35
    Age 76NANANANA
    Age 77NANANANA
    Age 78NANANANA
    Age 79NANANANA
    Age 80NANANANA
    Age$25,000$50,000$100,000$250,000
    Age 70NANA$169.49$331.56
    Age 71NANANANA
    Age 72NANANANA
    Age 73NANANANA
    Age 74NANANANA
    Age 75NANANANA
    Age 76NANANANA
    Age 77NANANANA
    Age 78NANANANA
    Age 79NANANANA
    Age 80NANANANA

Average term insurance rates by age group 70-80

*Average term life insurance rates for males vs females ages 70-79 at the preferred plus health classification.

Seventy and eighty year old male age group

  • 10-year $25,000 term life insurance: $70.50
  • 15-year $25,000 term life insurance: $107.30
  • 10-year $50,000 term life insurance: $184.84
  • 15-year $50,000 term life insurance: $186.66
  • 10-year $100,000 term life insurance: $204.29
  • 15-year $100,000 term life insurance: $196.84
  • 20-year $100,000 term life insurance: $203.74
  • 10-year $250,000 term life insurance: $425.82
  • 15-year $250,000 term life insurance: $412.92
  • 20-year $250,000 term life insurance: $407.14

Seventy and eighty year old female age group

  • 10-year $25,000 term life insurance: $53.70
  • 15-year $25,000 term life insurance: $80.20
  • 10-year $50,000 term life insurance: $148.03
  • 15-year $50,000 term life insurance: $141.57
  • 10-year $100,000 term life insurance: $147.52
  • 15-year $100,000 term life insurance: $141.69
  • 20-year $100,000 term life insurance: $169.49
  • 10-year $250,000 term life insurance: $291.32
  • 15-year $250,000 term life insurance: $276.43
  • 20-year $250,000 term life insurance: $331.56

Popular Questions About Age and Term Life Insurance Rates

If you’ve still got questions about term rates, we’ve got answers. Read on for answers to some common questions.

How can I make sure I am getting the cheapest term life insurance rates?

Term life insurance is the most popular form of life insurance coverage, and most insurance providers will offer plans. The best advice we can give for getting the cheapest term insurance rates is to take your time, do your research and ask for help.

Be sure to take advantage of online quotes tools that can provide rate comparisons from multiple companies. You will be surprised by how much rates for the same coverage can fluctuate between the different companies. It can literally be from a little as a few pennies to several dollars.

Also, be sure to ask for help, especially if you have a history of medical issues. Not every company underwrites risk the same way. One company may look at a certain medical condition as a higher risk leading to a higher rate than a competitor who might view the same medical condition at lesser risk resulting in a lower premium. 

If I buy a term life insurance policy will my rates ever increase?

Term life insurance rates are only locked in for the duration of the contract length you choose. For example, if you purchased a 30-year term life insurance policy, your payments will remain the same price for thirty consecutive years.

Regardless of any changes in your health, your premiums cannot change once your term contract has been approved and your first payment has been made.

Once your contract length has ended, most companies will offer the opportunity to continue coverage under the same policy, but your rates will no longer be guaranteed and will increase annually.

This what is commonly referred to as an annual renewable term policy. It’s generally not ideal to keep paying on an expired term contract because it can become very costly.

If I outlive my term policy will I get my money back?

Except for a “return of premium” plan, traditional term life insurance does not accumulate any cash value, and you will not receive any cashback if you outlive your term insurance contract.

Is there an age limit on term life policies?

Yes. Most companies have a cut off age for term policies. This varies by company, but the oldest age to get a term insurance policy is 80.

There are also age limitations when it comes to applying for specific term lengths. This will greatly vary on the insurance company and not every company will offer every term length.

Age also plays a factor in qualifying for certain policy riders and features such as non-medical underwriting options. 

Will I always pay more if I wait until I'm older?

Not always. As a rule, the price of life insurance goes up for every year you age. However, there are few times it might benefit you to wait. This includes:

You’re being treated for a curable health condition – If you’re actively being treated for a health condition that is expected to improve significantly,  you should hold off on buying a policy. For example, if you’re currently receiving chemotherapy for cancer, it’s a good idea to wait until your cancer has been in remission for a few years before applying.

You’ve recently been released from jail – A policy will be more expensive in the first five years you’re released from jail. It’s best to wait in this case, especially if you don’t’ have reason to think your health will decline over the next five years. 

You’ve just declared bankruptcy – A recent bankruptcy will make insurance companies unsure of your ability to pay for a policy. This can make it hard to get a policy, especially if the bankruptcy is recent. It might save you money to wait until the bankruptcy is a few years in the past before applying for life insurance.

Does my age also affect what I'll pay for my whole or universal life?

Yes. Age is always a factor in what you pay for life insurance. Whole and universal life policies cost more than term life policies, but they’re also much cheaper when you’re young and healthy. So, just like with a term policy, if you think you might want a whole or universal life policy, purchase one as soon as possible.

Term Life Insurance Rates by Age - Final Thoughts

If you’ve started thinking about life insurance, now is a great time to buy, no matter your age. If you’re worried about a medical exam, you’ve come to the right place.

At No Medical Exam Quotes, we can show you quotes from the best no exam life insurance companies as well as companies that require an exam as well.

You can get up to $1,000,000 in coverage without taking a medical exam. Just fill out our quick form to get easy, no-obligation quotes today.

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Jeffrey Manola - Life Insurance Expert

Jeffrey Manola - Life Insurance Expert

Jeffrey Manola is the founder of No Medical Exam Quotes, an online insurance broker with a strong focus on helping people shop for the perfect life insurance policy. Jeffrey is both a licensed life insurance expert and content creator for the website. Before becoming a licensed life insurance agent, he served in the United States Marine Corps. He transitioned from serving his country to helping families find affordable life insurance coverage since 2009. No Medical Exam Quotes is licensed to offer life insurance coverage in all 50 U.S. States.

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