Term Life Insurance Sample Rates By Age

Term Life Insurance Sample Rates By Age

LifeQuote offers sample term life insurance rates by age for the following:

At LifeQuote, our mission is to provide our customers with necessary facts to make an informed decision. Through proper understanding and a little help from experts, it's easy to find best life insurance rates. We have broken down the following term life insurance quotes by age. You will notice an increase in premiums as we continue to increase age. That is why we recommend buying life insurance at a younger age when you can get it at a much lower price. People looking for cheap life insurance rates are required to have a medical exam but now accelerated underwriting life insurance is also offered by some companies in which your application process is automated, and you are not required to give a medical exam.

I Hate Needles and Don’t Want to Take A Medical Exam

We understand there is a myriad of reasons for people not wanting to buy fully underwritten life insurance that requires a medical exam. Some people don’t want to go through the lab work to test their blood for health issues, while others are in such good health that they know they will qualify without an exam. There are also applicants going through a divorce who need to secure a policy for their family as part of a court-ordered divorce decree. There are options to get cheap life insurance without going through the testing. We represent carriers such as Assurity, Banner Life, Principal, Sagicor, and SBLI that offer competitive rates for so-called “Non-Med” policies and also issue those policies very quickly, sometimes in as little as minutes. But they have strict criteria for prospective applicants and policy limits of about $500,000. Ask us about getting a quote for these policies so we can determine if you are a good prospect.

What is Life Insurance and Why It Matters?

Life insurance is an umbrella term that covers the two main types of insurance coverage. Term Life Insurance— also known as “pure” life insurance, and Permanent or Cash Value Life Insurance. Term life insures against the death of the policyholder and pays a lump sum to the beneficiaries during a specified period, typically from 5 to 30 years. The tax-free death benefit payment to the heirs or beneficiaries is limited to only this term period.

The temporary nature of term life insurance makes it cheaper than permanent life insurance, and that’s why it is still the most popular type of coverage. Permanent or cash value life insurance, such as whole life, universal, or variable life, are insurance policies that can build cash value over time providing investment savings that could address financial needs throughout your entire life… up to age 100. The premiums on these lifetime policies are higher than those of a term life policy because these policies grow, and accumulate cash tax-free. That money will be available to you for other needs.

Experts consider life insurance to be an important part of any family’s personal financial plan. It is not necessarily an investment but indeed a key component in planning for the future economic needs of those left behind after the death of the primary earner of the household. A financial advisor can explain more of the complexities or creative ways you can use it as part of your portfolio. We are here to provide valuable information and education and a simple pathway to the purchase of a policy.

Our Smart System™ quoting engine can provide you with a list of rates and companies in minutes for you to have a ballpark idea of what you might pay for the cheapest term life insurance policy. Here is a thumbnail sketch of why life insurance matters. Who should have a policy, and for how long? When you think about the people you would leave behind, who makes the list; is it a spouse, children, parents, a business partner? Over the years, you may have incurred joint obligations or debt that need to be paid.

Why Life Insurance Matters: Life Stages

Single and Young: You would think that this is a carefree time when the “grown-up” complexities of the real world are still not in play. But if you have student loan debt, credit card debt, or more, satisfying that debt will fall on your family. That is why parents often purchase a policy to insure the life of a college student or graduate, where the mother or father is the policy owner and beneficiary. It is more common than you think.

Married with Young Children: This is the stage in life when real responsibilities kick in. You probably have modest savings, a mortgage, and rising childcare costs. If they depend on your income to maintain home expenses and to provide for your growing family, term life insurance will be their lifeline. A young, and healthy policyholder will pay the cheapest rates for term life insurance coverage for 20 or 30 years, about the time when the financial responsibilities to your family start winding down. Buying that “level” term policy at this life stage will lock down that low rate for the length of the policy and will cost significantly less than when you are older with possible health issues.

Single Parents: If you are parenting alone and the only earner in the household, you are your children’s only safety net. Whether or not the other parent is in the picture emotionally, if your income pays for childcare costs, living expenses, and a future college education, the financial responsibility falls on your shoulders. This is a critical life stage when a term life insurance policy could make or break their future.

Couples with College-age Children: With the rising cost of a college education in this country, life insurance matters for couples with kids preparing for higher education. If you have not obtained a term life policy by now, this is the time to get one. If either of you dies prematurely, covering for that lost income could deplete your retirement savings or other assets and leave your children grappling for ways to pay for college.

Business Owner with Partners: For the self-employed entrepreneur with a privately held business, a life insurance policy structured as a buy-sell agreement could assure the business continuation and a seamless transition to a business partner(s). The proceeds from the death benefit will provide the funds to pay off your family/beneficiaries and provide your partner(s) with the capital they need to continue running the company. This should give you a good idea of the purpose of life insurance and why it matters to many of us. Prices have steadily decreased in the last couple of decades because people are living longer so you might be surprised to see how low you can go.

It only takes a few minutes to process a free, instant life insurance quote with our Smart System™ quoting engine. If you do own a policy, pull it out and review the benefits. Some policies have accelerated (living) benefits that are available to you if you become seriously ill or suffer a long-term illness. If you are still in good health and want to buy additional, affordable coverage, it doesn’t hurt to see what it would cost you to add to your existing coverage with a new policy.

Why Term Life Insurance?

It is the most affordable way to enter the life insurance market, especially if you’re on a budget. This cost-effective policy option helps provide your family with a financial security blanket for a specified period of time, say 5 to 30 years. As the name implies, term life insurance provides temporary protection for that specific period of time, pays your beneficiaries a death benefit if you die during that “term,” and the policy ends when you no longer need it. But while coverage is in effect, meeting family protection goals such as paying off a mortgage, or paying for your children’s college are some of the few main reasons why term life insurance coverage could make all the difference in meeting your family’s financial obligations someday. The tax-free cash from the death benefit will cover any outstanding debts, including hefty funeral costs.

These sample charts will give you an estimation of life insurance costs per month, sorted by term lengths. If you are looking for a more personalized quote, then fill out our quote form and easily compare life insurance quotes that are calculated based on your data. You can even give us a call and speak to an expert for more accurate premium rate quotes. Please Note: These sample term life insurance quotes are for a Preferred Plus rating class and they may subject to change. These rates are only for information purposes only and are in no way reflective of quotes you will actually qualify for.

10 Year Term Life Insurance Rates

If you don't need long-term life insurance coverage, or want to add supplemental coverage to an existing life insurance policy, a 10-year term policy might be the way to go. The 10-year term is shortest term life insurance option available from any insurance company. It's also one of the best choices for those looking for cheap life insurance, or for individuals who are older and closer to the end of their life expectancy.

Your rates will be the lowest on average for the 10 year term, depending on your age and health status, and your insurance premiums will not change over the course of those 10 years. This is a great short-term option for life insurance coverage. Below are some sample rates for both males and females of varying ages for 10-year term life insurance:

**Please note that these 10 year term life insurance rates are for Preferred Plus rating class and are subject to change

Sample 10 Year Term Life Insurance Rates

Sample 10 Year Term Life Insurance Rates For Males
Sample 10 Year Term Life Insurance Rates For Females

15 Year Term Life Insurance Rates

It's not super common, but 15-year life insurance policies are another short-term coverage option available from most insurance companies. 15-year term life insurance is an affordable choice for parents with younger kids hoping to cover them until they are in college or out on their own. For example, for the parents of a 5 year-old, 15-year term life insurance can cover them through to age 20.

These shorter terms are also often used to pay off 15-year mortgages or loans, or to cover the final 15 working years of the insured before retirement. Another benefit to choosing a shorter term length such as 15-year: you can increase the face amount substantially and thus end up saving money on total life insurance costs. As with other terms, your premiums will not increase for the course of that 15 year term.

*Please note that these 15 year term life insurance rates are for Preferred Plus rating class and are subject to change

Sample 15 Year Term Life Insurance Rates

Sample 15 Year Term Life Insurance Rates For Males
Sample 15 Year Term Life Insurance Rates For Females

20 Year Term Life Insurance Rates

This is the most popular term length for life insurance consumers today. The 20-year term life insurance policy is offered by almost every insurance company out there, keeping competition high and therefore premium rates fairly low. Beyond this term length, it becomes less and less likely that insurance benefits will actually be used, depending on whether or not the policy lapses before the insured's death. 20-year is a good option for those closer to middle-age who have families or large expenses to pay off.

20-year term life insurance provides versatile coverage for a longer period of time. This is a great choice for homeowners who need financial protection to cover the mortgage on their home, parents who want to provide for the cost of higher education for their kids, or even business owners who want to protect their small business or business partners.

*Please note that these 20 year term life insurance rates are for Preferred Plus rating class and are subject to change.

Sample 20 Year Term Life Insurance Rates

Sample 20 Year Term Life Insurance Rates For Males
Age $250,000 $500,000 $1,000,000 $2,000,000
20 $12.90 $19.78 $33.11 $62.77
30 $13.11 $20.21 $33.97 $62.77
40 $17.85 $28.32 $49.17 $91.77
50 $41.43 $69.92 $129.57 $252.57
60 $110.03 $192.07 $371.87 $737.17
70 $411.85 $805.30 $1546.62 $3088.09
Sample 20 Year Term Life Insurance Rates For Females
Age $250,000 $500,000 $1,000,000 $2,000,000
20 $11.38 $13.92 $21.75 $37.41
30 $11.80 $17.21 $28.72 $52.25
40 $15.27 $24.22 $41.07 $75.77
50 $31.17 $55.47 $101.91 $199.09
60 $77.62 $139.32 $267.03 $529.33
70 $269.94 $531.87 $1048.25 $2088.63

It is quite rare for someone to purchase a policy for a 25-year term. Insurance companies will offer this term, but they certainly are not as sought-after as their more round term lengths, such as 20 and 30 year terms. Although this term length is not a popular choice, there are some cases where a 25 year term life policy does make sense.

Because it's less common, you may see higher premium costs per thousand compared to the more popular 20 and 30 year term policies. Instances where it might make sense to buy a 25-year term policy would be to tailor your coverage just long enough to get a child through college, or to cover a mortgage that has more than 20 years to pay off.

*Please note that these 25 year term life insurance rates are for Preferred Plus rating class and are subject to change.

Sample 25 Year Term Life Insurance Rates

Sample 25 Year Term Life Insurance Rates For Males
Age $250,000 $500,000 $1,000,000 $2,000,000
20 $16.38 $25.37 $44.29 $83.42
30 $16.98 $26.66 $46.87 $88.58
40 $24.60 $43.23 $79.63 $154.10
50 $57.79 $108.05 $203.12 $401.09
60 $196.79 $372.49 $699.52 $1393.89
Sample 25 Year Term Life Insurance Rates For Females
Age $250,000 $500,000 $1,000,000 $2,000,000
20 $13.95 $21.12 $34.76 $62.92
30 $14.40 $22.44 $37.40 $68.20
40 $20.72 $35.73 $64.18 $123.20
50 $43.77 $79.99 $148.87 $292.57
60 $134.45 $252.87 $481.07 $965.98

This is the longest term available, with the highest premiums of these term options (again, depending on your age, health, etc). This policy is able to meet longer-term needs for younger, growing families.

Those who are either recently married, are expecting a baby or have kids of very young age often seek out 30-year term life insurance policies. If something happens to you, a 30-year term life insurance provides replacement income long enough not only to cover your children's' college education but also to cover financial expenses of your spouse and other dependents in the meantime.

*Please note that these 30 year term life insurance rates are for Preferred Plus rating class and are subject to change

Sample 30 Year Term Life Insurance Rates

Sample 30 Year Term Life Insurance Rates For Males
Age $250,000 $500,000 $1,000,000 $2,000,000
20 $18.49 $24.36 $42.63 $79.17
30 $19.78 $32.68 $58.05 $110.94
40 $29.67 $52.46 $99.33 $193.93
50 $66.22 $125.13 $251.93 $498.70
Sample 30 Year Term Life Insurance Rates For Females
Age $250,000 $500,000 $1,000,000 $2,000,000
20 $15.48 $16.97 $27.84 $49.59
30 $16.98 $27.28 $42.01 $77.88
40 $24.72 $43.00 $70.01 $133.88
50 $52.89 $97.61 $175.01 $343.88