Life insurance rates by age

Lock in your lowest life insurance rate

The older you get, the more life insurance rates increase. The sooner you buy, the sooner you'll lock in your lowest premium—and save the most money in the long run.Check my price

A simple way to save on life insurance

Purchasing life insurance early typically sets you up for your best rates. The average life insurance cost can increase by 8%, on average, for each year you delay. However, the moment you sign your policy, your rate is locked in and won't change during the policy's term. For example, a 40-year-old non-smoking male in good health could get a new, 20-year term policy with $1 million coverage for $2,172 a year.* However, if he were to purchase the same policy at age 41, his cost would rise to $2,340 a year—and he'd spend $2,508 annually if he waited another year.

Average term life insurance rates by age

As you age, your average life insurance costs increase. Based on our policies, we developed a chart that shows the shift in premiums based on different age groups. The term life insurance quotes shown represent a 10-year term life insurance policy with a death benefit of $1 million for applicants in good health. In this scenario, the monthly cost of life insurance for a 35-year-old non-smoker would be $65. A 45-year-old non-smoker would pay a $135 monthly premium for the same policy.* By purchasing this policy at age 35 instead of 45, you could save $840 per year over the life of your policy.

Common mistakes when buying life insurance

Waiting until you have kids.

Waiting until you have kids

If you delay buying life insurance until you have kids, it could cost you valuable years of locking in a low premium. Even if you don’t yet have children to protect, life insurance can cover your personal debts, medical bills, home mortgage, lost wages, and even funeral expenses.

Your health status is one of the most crucial factors when determining premiums. The healthier you are, the less you pay, so getting life insurance at a younger age can be advantageous. As you age, the risk of developing health issues (such as cancer or diabetes) can lead to higher premiums and sometimes make it difficult to get coverage. Securing life insurance earlier in life helps protect you—and those who depend on you—against any unexpected changes.

Relying on employer-sponsored coverage

Employer-provided life insurance is a nice benefit, but these policies rarely offer sufficient coverage. Employer-sponsored policies typically only provide coverage of one to two times your annual salary. However, financial experts recommend you carry coverage about ten times your salary. And any change to your employment status (such as retirement, layoff, or job change) likely means you’ll lose the policy. If a change occurs when you're older—or after you've developed a health issue—it could be more expensive and difficult to secure new coverage. Having your own policy helps protect you and your loved ones against life’s unexpected changes.

How Departure Plan works

Departure Plan makes it easy to apply for a life insurance plan that helps protect those you care about most.

Choose your coverage

Select the life insurance policy that’s right for you. If you're not sure, keep in mind that you can make adjustments after you get approved. Wondering how much coverage you need? Use our handy calculator.

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Apply in minutes

After choosing your plan, complete our simple online application and answer questions about your age, health, medical history, and lifestyle. It's easy, straightforward, and should only take about 10 minutes.

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Get coverage

Once you submit your application, we’ll process it in real-time for a quick—often instant—decision. You can activate your coverage immediately after receiving approval, and we won't require a medical exam (the health questions you answer are enough).

A+ rated and backed by top insurance agencies

Departure Plan works with some of the world's largest and most respected insurance companies, so you can feel confident and secure. Departure Plan puts our customers and their needs first, as is evident in our excellent user ratings.

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