Ashley Dannelly has a Master of Arts in English and teaches English at Columbia International University and other higher education institutions. She is also a certified personal trainer with the American Council on Exercise and trains clients in both individual and group settings. Ashley’s background in English and fitness has allowed her the opportunity to write and create content for many ...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Apr 21, 2022

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The Facts of Life

  • Term life insurance rates can increase drastically for older adults
  • Age is an important factor in life insurance pricing, along with health status, gender, and more
  • Choosing the wrong life insurance company could cost you hundreds of dollars per month

One of the most common type of life insurance is term life insurance. What many people may not realize is that there is a great deal of variance in term life insurance rates by age. If you wait too long to buy life insurance, you might end up overpaying.

Nobody wants to pay too much for life insurance. This article will serve to help you see how life insurance policies and rates can change as you age. You’ll see how different companies change rates by age too.

Ready to learn more about term life insurance policies and rates by age? Keep scrolling or get personalized rates from life insurance companies in your area with our free quote tool above.

What are term life insurance rates by age?

While term life coverage is often known as the most affordable type of policy forlife insurance, this isn’t always the case. Age is a major factor that life insurance companies consider during the underwriting process.

There are some other notable factors, such as gender and health status, but age may be considered the most influential on your premium payments. To make matters more complicated, not every company treats these variables equally.

Throughout this article, we’ll highlight sample term life insurance rates by age combined with other variables so you can get a better idea of how much you might pay if you don’t already have life insurance.

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What are term life insurance rates by age for healthy adults?

Healthy adults pay less for life insurance compared to adults with health issues. In short, life insurance companies view health problems as risks and thus charge more to cover unhealthy adults. For that reason, we’ll provide sample term life insurance rates for both smokers and non-smokers so you can see how the life insurance cost varies for each group.

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Sample 20-year Term Life Insurance Rates by Age and Coverage Amount for Male Non-smokers
AgeAIG, $100,000AIG, $250,000AIG, $500,000MassMutual, $100,000MassMutual, $250,000MassMutual, $500,000State Farm, $100,000State Farm, $250,000State Farm, $500,000
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You can see above how the term life policies vary by age with different companies. There can already be a notable difference in term life insurance rates from one company to the next, but this difference becomes more pronounced with age as well.

For example with term policy, the difference in price between AIG and State Farm at age 30 will typically be no more than $15 or $20 for a monthly rate. At age 60, the difference is likely to be more than $50 each month. The difference can be even more substantial with higher coverage amounts.

20-year Term Life Insurance Rates by Age and Coverage Amount for Smokers
AgeAIG, $100,000AIG, $250,000AIG, $500,000MassMutual, $100,000MassMutual, $250,000MassMutual, $500,000State Farm, $100,000State Farm, $250,000State Farm, $500,000
65$280.44$553.55$1,101.18 $275.09$588.13$1,169.28 $324.42$759.94$1,499.89
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Smokers pay a significantly higher monthly premium than non-smokers for their life insurance. This notion remains true for virtually any person that has unhealthy habits that are proven to increase the risk of mortality. Smoking accounts for nearly 500,000 deaths per year, according to the CDC.

If you’re a smoker,  your life insurance rates could skyrocket if you’re not careful along with your initial life insurance quote. While you will almost always pay more for life insurance as a smoker, some companies do charge more than others. For example, MassMutual’s rates tend to be about double the price for smokers, while AIG’s rates tend to be closer to triple the price.

For older adults, this could be the difference between hundreds of dollars per month. It’s important to do your research and compare rates from multiple companies to determine which will truly be the cheapest.

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Which life insurance company has the cheapest term life insurance?

As you may have noticed earlier, term life insurance rates can vary greatly from company to company based on different situations. Healthy adults might have a different list of affordable coverage options than unhealthy adults. Below, you’ll see sample rates for healthy non-smokers.

Sample Term Life Insurance Rates for a 20-year, $250,000 Policy
AgeLincoln NationalPrudentialTransamericaMassMutualPrincipalState FarmJohn HancockAIGCincinnati
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Using the life insurance rates by age chart above, you’ll see that Transamerica, Principal, and AIG tend to have the most affordable rates for non-smokers. Most of the companies featured in the chart above are major market share contributors with strong ratings overall.

Sample 20-year, $250,000 Term Life Insurance Rates for Smokers
AgeLincoln NationalPrudentialTransamericaMassMutualPrincipalState FarmJohn HancockAIGCincinnati
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It’s clear that smokers tend to pay more for life insurance. This makes it more important to be diligent when choosing a company. Based on the sample rates above, Transamerica, AIG, and Cincinnati appear to have the most affordable rate for any age.

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No matter which company you choose, it can be beneficial to invest in life insurance sooner rather than later to avoid paying astronomical premium costs each month. To truly get the best rates, you’ll want to get personalized quotes from multiple insurance companies.

If budget is a major concern, older adults could benefit by investing in burial insurance , which will help with funeral expenses. This is a more affordable monthly option, but the death benefit won’t be as significant.

Finding The Best Life Insurance Rates by Age

How much is life insurance? Life insurance rates vary depending on the coverage amount, your health, your gender, and most importantly, your age. The sooner you invest in life insurance, the cheaper your rates will be.

We hope you enjoyed learning more about the term life insurance rates by age. Before you go, take advantage of our free quote tool below to see if you could be saving on term life insurance.