Life Insurance Cost by Age
Frequently Asked Questions
How much does life insurance cost at age 30?
At age 30 (healthy, non-smoker): 20-year term $500K: $20-$30/mo, whole life $500K: $250-$400/mo. Age 30 is one of the best times to buy life insurance — you get the lowest rates and lock them in for the term length.
How much does life insurance cost at age 50?
At age 50 (healthy, non-smoker): 20-year term $500K: $80-$150/mo, whole life $500K: $500-$800/mo. Rates at 50 are roughly 3-5x higher than at 30. If you need coverage, buy sooner rather than later.
At what age is life insurance too expensive?
Life insurance becomes significantly expensive after age 60 and prohibitively expensive after 70. However, coverage is still available. Guaranteed issue policies (no medical exam) are available up to age 80+ but cost more and have lower coverage limits ($5,000-$25,000).
Should I buy life insurance in my 20s?
If you have dependents or debts someone would inherit, yes. If not, it may not be necessary yet. However, locking in low rates in your 20s (when you are healthiest) can save thousands over your lifetime. A $500K 30-year term for a 25-year-old costs just $15-$22/month.
Does life insurance cost more for men?
Yes. Men pay 15-25% more than women for the same coverage because men have shorter average life expectancies. Example: 35-year-old male pays $30/mo for $500K 20-year term vs $25/mo for a 35-year-old female.