Life Insurance Rates By Age
Insurance companies charge different rates for life insurance, depending on your age and other factors. What accounts for these rate differences, and what kinds of policies are most impacted? In this article, we’ll look at how term life and permanent life insurance policies work and how they can be affected by your age.
What Is the Average Cost of Life Insurance?
It's difficult to give accurate estimates for how much a life insurance policy will cost you. Many factors can influence the premiums you pay for your policy, including:
- Your health
- Your family’s health history
- Your gender
- Whether or not you’re a smoker
- Whether or not you participate in dangerous hobbies, such as hang gliding or rock climbing
- Your occupation
- Your weight and height
Typically, a more dangerous or unhealthy lifestyle can make for a riskier applicant, and thus drive up the cost of a life insurance policy. This is certainly true for your age, depending on the type of life insurance policy you want to buy.
How Much Does a Permanent Life or Term Life Insurance Policy Cost?
The two primary types of life insurance are term life and permanent life insurance.
- Term life insurance policies cover you for a set period of time. A term typically lasts between 5 and 30 years.
- Permanent life insurance provides coverage for the rest of your life, as long as the policy is in force.
Term life insurance policies are typically less expensive than the premiums are for permanent life insurance.
Whether you purchase a term or permanent life insurance policy, you’ll likely be better off if you buy your plan while you’re young. Speak with a licensed life insurance at 1-855-303-4640 today to learn more about your options.
*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.