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Life insurance is more affordable the younger you are. The reason for this is because of two particular facts: 1) the older you are, the closer you are to dying and 2) as you age, your probability to develop a health condition increases. These are simply statistical facts and the life insurance industry is all about statistics—actuarial science, to be specific. Life insurance companies employ actuaries to help decide how to price their products. Let’s discuss term life insurance rates.

The cost of term life insurance is initially determined by your gender, age, smoking status and the amount of coverage you’re applying for. From there, the cost is refined by any other risk factors you may have, such as a medical condition.

Many people wonder “When should I buy a life insurance policy?” and we usually recommend that you buy life insurance as soon as you need it so you can lock in those low affordable rates. Term life insurance has fixed premiums meaning your cost won’t increase for the entire term. For example, if you buy a policy with a 30-year term for $20 per month, your price will only be $20 per month for all 30 years. The premiums will stay the same as you age and even if you develop a health issue.

We recommend that you buy life insurance as soon as you need it so you can lock in low affordable rates.

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Term Life Insurance Rates for 25-Year-Olds

25 years old is young, but this is not an unheard of age to be married and even have a child or two. If you have children, life insurance is essential. At age 25, you may not be in your prime earning years yet and may be on a budget. Term life insurance can be adjusted to fit into most family budgets. Buy what you can comfortably afford. If you discover you need more coverage later in life, you can always buy more—as long as you’re still insurable, of course.

Example of Term Life Insurance Monthly Premiums for a Healthy Non-Smoking 25-Year-Old Individual
Face Amount 10-Year Term (Males/Females) 15-Year Term (Males/Females) 20-Year Term (Males/Females) 30-Year Term (Males/Females) 40-Year Term (Males/Females)
$100,000 $7.57/$6.99 $8.43/$7.56 $9.14/$8.30 $12.38/$10.97 $17.01/$15.52
$250,000 $11.18/$8.53 $11.18/$9.33 $12.51/$11.03 $18.04/$14.97 $25.23/$20.58
$500,000 $16.77/$11.67 $16.77/$12.96 $18.97/$15.91 $30.10/$24.23 $42.80/$33.98
$750,000 $22.57/$14.93 $22.57/$16.87 $25.88/$21.28 $42.57/$33.76 $61.62/$48.39
$1,000,000 $30.96/$17.50 $30.96/$19.29 $31.59/$23.76 $49.26/$39.68 $57.12/$49.26

» Compare term life insurance rates for 25 year olds: Term life insurance quotes 

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Term Life Insurance Rates for 30-Year-Olds

30 years is a common age to buy a life insurance policy. Your finances are likely more stable than they were when you were in your 20s. And term life insurance is still very affordable in your 30s. If you have young children, now is the time to get a policy with as long of a term length as you can afford. You can lock in the low rates until your kids are financially independent and your mortgage is paid off.

Example of Term Life Insurance Monthly Premiums for a Healthy Non-Smoking 30-Year-Old Individual
Face Amount 10-Year Term (Males/Females) 15-Year Term (Males/Females) 20-Year Term (Males/Females) 30-Year Term (Males/Females) 40-Year Term (Males/Females)
$100,000 $7.57/$7.03 $8.43/$7.64 $9.14/$8.38 $12.71/$11.37 $19.24/15.82
$250,000 $11.18/$8.71 $11.18/$9.76 $12.69/$11.24 $18.77/$16.10 $28.67/$22.61
$500,000 $16.77/$12.03 $16.77/$13.48 $19.29/$16.51 $30.92/$25.89 $52.18/$38.48
$750,000 $22.57/$15.47 $22.57/$17.65 $26.36/$22.19 $43.80/$36.25 $75.69/$55.13
$1,000,000 $30.96/$19.26 $31.39/$22.18 $36.33/$25.38 $54.50/$45.33 $102.57/$72.63

» Compare term life insurance rates for 30 year olds: Term life insurance quotes 

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Term Life Insurance Rates for 40-Year-Olds

Age 40 is when you start to see some pretty significant price jumps along certain term lengths. Again, this is because your mortality risk increases as you age. A 40 year old buying a life insurance policy with a 40-year term means he/she will have coverage until age 80. Not to be a pessimist, but many people die before age 80, therefore the chances of a life insurance company paying out a death benefit are quite high so premiums need to balance everything out. You’re not the only person the company is insuring, after all.

Example of Term Life Insurance Monthly Premiums for a Healthy Non-Smoking 40-Year-Old Individual
Face Amount 10-Year Term (Males/Females) 15-Year Term (Males/Females) 20-Year Term (Males/Females) 30-Year Term (Males/Females) 40-Year Term (Males/Females)
$100,000 $9.76/$8.57 $9.89/$8.90 $10.75/$9.92 $18.09/$15.67 $27.73/$23.27
$250,000 $15.05/$13.67 $16.04/$13.67 $19.13/$15.48 $29.91/$23.59 $61.58/$48.96
$500,000 $24.94/$19.13 $26.92/$21.50 $32.30/$25.80 $53.75/$41.39 $114.14/$91.26
$750,000 $34.83/$26.12 $37.80/$29.67 $45.87/$36.12 $78.04/$59.50 $168.63/$134.31
$1,000,000 $47.73/$33.11 $48.37/$39.13 $54.74/$47.47 $107.93/$80.14 $222.63/$176.84

» Compare term life insurance rates for 40 year olds: Term life insurance quotes 

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Term Life Insurance Rates for 50-Year-Olds

Age 50 not only has premium increases, but it’s also the age in which term lengths start to be limited. At age 50, the 40-year term length is no longer available. There is a 35-year term available, however, so I included these premiums in the table below. To be clear, a 35-year term is available for the previous ages as well, just not shown to keep the table more concise. Head over to our term life insurance quoting tool to see all of the term length options for you.

Example of Term Life Insurance Monthly Premiums for a Healthy Non-Smoking 50-Year-Old Individual
Face Amount 10-Year Term (Males/Females) 15-Year Term (Males/Females) 20-Year Term (Males/Females) 30-Year Term (Males/Females) 35-Year Term (Males/Females)
$100,000 $15.39/$13.67 $17.97/$14.51 $21.77/$17.82 $36.08/$28.99 $50.36/$38.97
$250,000 $30.74/$26.44 $31.26/$26.73 $39.33/$32.03 $76.15/$57.47 $116.96/$89.53
$500,000 $54.18/$43.43 $55.57/$46.06 $71.54/$58.35 $132.87/$102.04 $220.15/$168.07
$750,000 $78.69/$62.56 $80.77/$66.51 $104.73/$84.94 $196.72/$150.48 $327.64/$249.53
$1,000,000 $93.31/$82.13 $103.33/$89.87 $139.66/$112.87 $279.93/$210.27 $434.50/$324.44

» Compare term life insurance rates for 50 year olds: Term life insurance quotes 

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Term Life Insurance Rates for 60-Year-Olds

More term length options become unavailable at age 60. While term lengths 30 years and longer aren’t offered, a 25-year term is still available and I have included these premiums in the table below.

Also keep in mind that these quotes are for the best risk class: Preferred Plus. By age 60 many individuals will have developed a health condition meaning they likely cannot qualify for the best risk class. For comparison’s sake, since the previous tables are all Preferred Plus, the table below will remain Preferred Plus.

Example of Term Life Insurance Monthly Premiums for a Healthy Non-Smoking 60-Year-Old Individual
Face Amount 10-Year Term (Males/Females) 15-Year Term (Males/Females) 20-Year Term (Males/Females) 25-Year Term (Males/Females)
$100,000 $31.73/$25.63 $37.88/$28.91 $53.16/$36.36 $97.06/$70.00
$250,000 $65.14/$56.33 $78.73/$61.92 $125.15/$82.77 $203.35/$153.29
$500,000 $118.25/$104.49 $144.82/$111.15 $203.39/$160.38 $372.85/$372.85
$750,000 $174.79/$154.15 $214.65/$164.14 $302.50/$238.00 $556.69/$378.91
$1,000,000 $228.33/$190.92 $282.85/$202.86 $410.65/$294.54 $691.03/$485.34

» Compare term life insurance rates for 60 year olds: Term life insurance quotes 

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Term Life Insurance Rates for 70-Year-Olds

Term life insurance, in general, is typically used to financially protect your family during your prime earning years and drop off as you reach retirement.

Example of Term Life Insurance Monthly Premiums for a Healthy Non-Smoking 70-Year-Old Individual
Face Amount 10-Year Term (Males/Females) 15-Year Term (Males/Females) 20-Year Term (Males/Females)
$100,000 $86.60/$71.64 $120.74/$118.89 $206.14/$171.48
$250,000 $181.41/$171.35 $259.29/$242.30 $409.53/$372.59
$500,000 $331.75/$320.35 $481.69/$441.61 $799.86/$718.10
$750,000 $495.04/$477.94 $719.95/$659.83 $1197.22/$1074.57
$1,000,000 $736.37/$589.10 $931.69/$911.93 $1537.27/$1389.76

» Compare term life insurance rates for 70 year olds: Term life insurance quotes

At age 70, depending on your reasons for wanting to buy life insurance, a term life insurance policy may not be the best option for you. In addition to the term life insurance rates above, I also include rates for a guaranteed universal life insurance policy and guaranteed issue life insurance policy below.

A guaranteed universal life (GUL) insurance policy is a permanent policy that acts like a term life insurance policy, except it lasts a lot longer. Guaranteed universal life insurance policies typically last until age 121, in other words, your lifetime. It doesn’t include typical permanent life insurance features such as cash value growth and dividend payments. These GUL premium rates at first are higher than term life insurance rates, but last as long as you need it. Meanwhile, term life insurance only lasts the term and has incredibly high renewal rates. Learn more about GUL here: What Is Guaranteed Universal Life Insurance?

» Compare guaranteed universal life insurance rates: Guaranteed universal life insurance quotes

Example of Guaranteed Universal Life Insurance Monthly Premiums for a Healthy Non-Smoking 70-Year-Old Individual
Face Amount Male Female
$100,000 $293.30 $238.18
$250,000 $733.25 $595.44
$500,000 $1466.50 $1190.88
$750,000 $2199.75 $1786.32
$1,000,000 $2667.20 $2237.26

A guaranteed issue life insurance policy—not to be confused with the previously mentioned guaranteed universal life insurance policy—will be the best choice for individuals who are no longer insurable for traditional life insurance (the previously mentioned term and GUL). Guaranteed issue life insurance requires no medical exam hoops to jump through and no underwriting or health questions on the application. Everyone can qualify for this product as long as you fall within the age range, typically ages 50 to 80.

It’s important to note that the face amounts (death benefits) are much lower for guaranteed issue products than other traditional term life insurance policies. They also typically include a graded death benefit, meaning if you die within the two first years your beneficiaries only receive the premiums you paid plus some interest—not the full death benefit. Learn more about guaranteed issue life insurance here: Is Guaranteed Issue Life Insurance a Good Option?

Example of Guaranteed Issue Life Insurance Monthly Premiums for a Healthy Non-Smoking 70-Year-Old Individual
Face Amount Male Female
$5000 $48.45 $38.00
$10,000 $95.90 $75.00
$15,000 $143.35 $112.00
$20,000 $190.80 $149.00
$25,000 $247.00 $187.00

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Most Americans over-estimate the cost of life insurance by three times the actual amount. Hopefully this article helps give a better idea of the cost of term life insurance policies and how age affects it. If you’re ready to buy life insurance, you will undergo individual life insurance underwriting (unless you purchase guaranteed issue life insurance). Your individual risk factors are evaluated during the underwriting process and this is when your risk classification will be determined, which is what sets your final premium pricing.

No online term life insurance quoting tool can consider all the risk factors to give you a quote that will be 100% accurate for everyone. Quoting tools can only calculate a handful of risk factors, typically your age, gender, zipcode, smoking status, and height and weight. If you have a health condition or participate in a lifestyle factor that insurers deem risky, such as heavy alcohol use, this will affect your rates.

Quotacy is a life insurance broker. This means we have access to the products from multiple life insurance companies, not just one particular company. Your agent has the ability to shop your case around to find you the best price. Start the life insurance process now by running a free term life insurance quote and when you’re ready to move forward submit your online application. Your dedicated Quotacy agent will keep you updated every step of the way.

Note: Life insurance quotes used in this article are accurate as of March 25, 2020. These are only estimates and your life insurance costs may be higher or lower.

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Marketing Content Manager

Natasha is a writer and content editor at Quotacy. She is also co-host of Quotacy’s YouTube series. She can't get enough of life insurance and outside of work is also working toward her Chartered Life Underwriter designation. Connect with her on LinkedIn.