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The Perfect Age to Buy Life Insurance

October 10, 2022
Our goal is to educate and advise on life insurance options, so you can feel confident in making the right choice, whether that’s through Quotacy or somewhere else. To ensure we provide accurate and trustworthy information, our writers follow strict editorial standards.

We hate to talk about dying prematurely, but let’s face it, we’re all going to die at some point and it’s always harder for those left behind than it is for you. Something as simple as having life insurance can make things much easier for them to financially recover if the unexpected does happen.

But when is the right age to buy it? The cost of a life insurance policy is heavily influenced by your age. The younger you are, the cheaper it is.

But life insurance needs vary person to person. Maybe your sister had her first child at 25 and that’s when her life insurance needs began.

But you’re 35, just got married, and don’t want kids. It wouldn’t have made much sense for you to buy life insurance when you were 25 years old.

Every individual is different. Let’s look at some examples that will help you decide when to buy life insurance.

See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

Buying Life Insurance in Your 20s

In your 20s, life insurance rates are very inexpensive. They’re probably comparable to your Netflix and Hulu fees.

You likely don’t have any significant health issues yet, so life insurance companies aren’t wary of insuring you. However, life can change in an instant.

If you’re starting your family or want to soon, now may be a perfect time to lock in that cheap rate.

» Learn more: The Advantages of Life Insurance for Young Families

Term lengths range from 10-40 years. How long you need coverage for will depend on why you’re buying it, but you’ll never see cheaper rates than you will now.

The table below provides monthly quotes for a healthy, non-smoking male applying for $250,000 in coverage.

Age 20Age 29
10-Year Term$9.50$9.54
20-Year Term$12.08$12.38
30-Year Term$17.35$18.16
40-Year Term$21.64$28.33

Buying Life Insurance in Your 30s

Most life insurance buyers start thinking about it in their 30s. They’ve settled into a career, have a long-term partner, and, if they want kids, probably have one or two by now.

A large majority of their income is going toward their family’s standard of living and securing their future. So, what happens if you die unexpectedly?

Now is really when you realize that if you die, you put your family at financial risk. Life insurance helps protect against this. Should the worst happen, the policy’s death benefit can help pay for the mortgage, the cost of raising children, and getting out of debt.

» Learn more: How Much Is Life Insurance in My 30s?

The table below provides monthly quotes for a healthy, non-smoking male applying for $250,000 in coverage.

Age 30Age 39
10-Year Term$9.54$11.23
20-Year Term$12.45$16.49
30-Year Term$18.06$26.41
40-Year Term$29.42$54.57
» Learn more: Which Is Better for 30-Somethings: Term or Whole Life Insurance?

Buying Life Insurance in Your 40s

If you’re in your 40s and you don’t have life insurance yet, don’t wait too much longer. The 40 age range is when life insurance rates begin to jump dramatically.

Health problems will also start to creep in, which can also raise life insurance rates.

» Learn more: How Much Is Life Insurance in My 40s?

Don’t rely on your group life insurance policy alone. You should own your own policy that will go with you even if you leave your job or become disabled and can’t work.

A 30- or 40-year term may not be necessary at this stage in life. A 20-year term is probably the best option (cost-wise) and will provide financial protection for your loved ones until you reach retirement age.

The table below provides monthly quotes for a healthy, non-smoking male applying for $250,000 in coverage.

Age 40Age 49
10-Year Term$11.64$22.02
15-Year Term$12.94$28.01
20-Year Term$17.33$35.28
25-Year Term$24.26$53.04

Buying Life Insurance in Your 50s and Beyond

Be aware that if you’re 50 or older, life insurance will not come cheap. If you have any health issues, expect some pretty steep rates.

» Learn more: How Much Is Life Insurance in My 50s?

However, if you’re in your 50s or older, you can likely get away with a small 10- or 15- year term policy.

The table below provides monthly quotes for a healthy, non-smoking male applying for $250,000 in coverage.

Age 50Age 59
10-Year Term$23.58$53.39
15-Year Term$30.41$70.69
20-Year Term$38.54$95.35

Because health issues start to creep in as you age, I also want to share the rates for someone of average health.

The table below provides monthly quotes for a non-smoking male applying for $250,000 in coverage who qualifies for Standard rates instead of Preferred Plus.

Age 50Age 59
10-Year Term$43.91$91.73
15-Year Term$54.26$120.23
20-Year Term$67.99$165.45

If you have any severe or chronic health conditions, you may not qualify for the standard rates. Insurance companies may require an extra percentage on top of these rates (called a table rating) to help balance the risk they take on when insuring you.

Life insurance rates are based on a number of factors, not just your age. Get an instant online term life insurance quote today to get an idea of what a policy may cost you.

To wrap up, there’s no perfect age to buy life insurance. The perfect age is the age in which your loved ones start depending on you.

Be sure to work with an independent life insurance broker, like Quotacy. Brokers have access to many different companies and products. They’ll shop your case to find you the best rate.

Life insurance has become easier to buy. You can research, compare, and buy life insurance from the comfort of your own home.

At Quotacy.com, you can learn everything you need to know about life insurance in a fun, friendly, and understandable way with the option to buy online with no pressure.

So, if you’re at the perfect age to buy life insurance, see how little it would cost you to protect your loved ones with by running free and anonymous term life insurance quotes. Don’t wait until it’s too late.

Note: Life insurance quotes used in this article are accurate as of October 10, 2022. These are only estimates and your life insurance costs may be higher or lower.

Watch the Perfect Age to Buy Life Insurance Video


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