Quick answer
The best age to buy life insurance is the age at which you first take on financial responsibility for someone else - typically when you get married, buy a home, have a first child, or start a business. Rates are locked at the age you apply, and a healthy 30-year-old pays roughly half what a healthy 40-year-old pays for the same 20-year term policy. Waiting one year typically costs 5 to 8 percent more across the life of the policy; waiting five years can cost 25 to 50 percent more. There is no "right" age in isolation - the right age is the age at which someone else would suffer financially if you died.
While there’s no perfect age for obtaining coverage, there are plenty of reasons why purchasing life insurance as early as you can is a smart move.
What Is the Right Age to Get Life Insurance?
As a general rule, when it comes to life insurance, the sooner you can get it, the better. Younger people are usually healthier, giving them an advantage during the life insurance underwriting process. Of course, many other factors determine your premium costs, but it’s almost always a good idea to obtain coverage when you’re young.
Here are the average costs of a $500,000, 20-year term life insurance policy by age and gender for preferred individuals:
What Is the Right Age to Get Life Insurance?
| Age | Average Annual Premiums for Men | Average Annual Premiums for Women |
|---|---|---|
| 30 | $225 | $190 |
| 40 | $340 | $285 |
| 50 | $830 | $645 |
| 60 | $2,360 | $1,670 |
| 70 | $9,300 | $8,235 |
Should You Get Life Insurance in Your 20s?
All things considered, your ’20s are likely the ideal time to purchase life insurance. Assuming you’re in good health and don’t smoke, your premiums should be quite low. For example, the average cost of a $250,000 term life insurance policy for a 25-year-old male is just under $15 a month. This number jumps to $55 a month for a 55-year-old male. Remember, life insurance premiums only go up as you age, even if you stay in good health, so it’s in your best financial interest to obtain a policy as early as possible.
What Is the Benefit of Getting Life Insurance at a Younger Age?
Most 20-somethings just starting out don’t have a lot of extra money lying around, but life insurance should be seen as a worthwhile investment. While you might not have anyone else depending on your income as a young person, a life insurance policy can still help your loved ones by covering any outstanding debt and costs related to your final expenses.
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What Is the Drawback of Getting Life Insurance at a Younger Age?
Although your premiums will be lower due to your age, life insurance is still an extra expense you’ll need to factor into your budget. As such, there may be opportunity costs to putting money toward a life insurance policy as opposed to something else, such as a savings or investment account.
Term life insurance is a popular choice, but you run the risk of the policy expiring before you need it if you obtain coverage at a younger age. This could require you to purchase another, more expensive policy later to maintain coverage.
When Should You Purchase Term Life Insurance?
Term life insurance provides coverage for a predefined period, usually 10-30 years, after which the policy expires with no cash value or benefit payout. It’s usually less expensive than permanent life insurance, but you’re much more likely to outlive your policy as a result. Because of these factors, it might be prudent to wait until you’re a little older to purchase term life insurance to get the most out of your policy.
However, a benefit to term life insurance policies is that they can often be converted to permanent policies in the future to extend coverage.
When Should You Purchase Permanent Life Insurance?
Permanent life insurance differs from term life insurance in that policies never expire, but the premiums are more expensive. Your coverage lasts your entire life, and permanent life insurance policies usually accumulate cash value that can be withdrawn from in the future.
Purchasing permanent life insurance at an earlier age ensures your premiums remain low and that your policy has ample time to build cash value.
Should You Get Life Insurance as Soon as You Get Married?
Although there are many relational and economic benefits to pooling your money together, one thing to consider is how debt factors into your financial situation. Depending on your circumstances and state laws, your spouse may be liable for your debt in the event of your death. Life insurance is a great way to ensure your spouse can manage your financial obligations and replace your lost income if you die prematurely.
Another advantage to purchasing life insurance soon after marriage is that a policy that builds cash value over time can be helpful if you and your spouse need to tap into the funds for a major expense in the future, such as buying a home or starting a business.
Should You Get Life Insurance as Soon as You Start a Family?
With the average cost of raising a child from birth through 18 years old topping $300,000, it’s important that your family can meet its financial needs and maintain its standard of living if you pass away. Starting a family is a great incentive to obtain life insurance to provide for your children even after you’re gone. Additionally, life insurance is especially imperative if you’re the sole income earner for your family.
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Key Takeaways About the Right Age to Get Life Insurance
- There’s no right age to get life insurance, but obtaining coverage at a younger age can save you money on premiums
- Purchasing life insurance at a younger age is more cost-effective yet can result in expired policies
- Term life insurance makes sense as you get older, while permanent life insurance is a good choice for younger people
- Getting married and starting a family are major events that should provide an incentive to purchase life insurance
Frequently Asked Questions
What age should I buy life insurance?
Buy life insurance the moment you take on financial responsibility for someone else - typically when you get married, buy a home, have a first child, or start a business. The four life events almost always justify a policy and rates are dramatically lower the younger you apply. A healthy 30-year-old pays roughly half what a healthy 40-year-old pays for the same 20-year term policy with the rate locked at issue. If none of those life events apply to you yet, the most common defensible reasons to buy young are to lock the lowest rate before a health condition develops or to secure insurability for a future business or estate-planning need.
What is the best age to buy term life insurance?
For most buyers, between ages 25 and 35 is the optimal window for buying a 30-year term policy because the rate is locked at the young age for the longest amount of time. A healthy 30-year-old non-smoker can buy a $500,000 30-year term for around $22 to $30 a month; the same buyer at age 40 pays $40 to $55 a month for a 30-year term that now expires at age 70 instead of 60. The exact best age depends on the longest financial obligation you need to cover - if your mortgage runs 25 more years, buy a 25- or 30-year term, sized to that obligation.
Should I buy life insurance in my 20s?
Yes, if you have a financial dependent or are about to acquire one (marriage, home purchase, child). Even without dependents, locking in a 30-year term in your 20s is a defensible insurability hedge - a $500,000 30-year term for a healthy 25-year-old often costs less than $20 a month, and the policy stays in force at that locked rate until age 55 regardless of any health condition that develops in the meantime. The downside is paying premiums for coverage you may not need; the upside is guaranteed insurability and the lowest rate class for 30 years.
Should I buy life insurance in my 30s?
For most buyers, the 30s are the most common buying decade because thats when financial dependents typically appear (children, mortgages, business start-ups). A healthy 30-year-old non-smoker can buy $500,000 in 20-year term for around $19 to $26 a month or a $1,000,000 30-year term for around $35 to $55 a month at the lowest-priced carriers. Family coverage decisions typically pair a 20-year or 30-year term policy on each working spouse, sized to 10 to 15 times each spouses annual income, with the term length matched to the youngest childs age plus 22 years.
Is 40 too old to buy life insurance?
No, 40 is still a reasonable buying age for term life insurance. A healthy 40-year-old non-smoker can buy $500,000 in 20-year term for around $30 to $40 a month at the lowest-priced carriers. The rate is roughly double what a 30-year-old pays for the same policy, but it is locked at age 40 for the full 20 years. Buyers at age 40 commonly need to cover a 15- to 20-year remaining mortgage, kids approaching college, and 20+ years of remaining income replacement. The key consideration at age 40 is whether to buy a 20-year term that expires at age 60 or a 30-year term that expires at age 70 based on retirement timing.
Can I get life insurance at age 50?
Yes. Most A-rated carriers issue policies through at least age 75, and several (Mutual of Omaha, Foresters, AIG/Corebridge) issue through age 85 for guaranteed-issue and simplified-issue final-expense products. A healthy 50-year-old non-smoker can buy $500,000 in 20-year term for around $70 to $95 a month - more expensive than at younger ages, but still very accessible. The most common 50-year-old buyer profiles are: replacing income for a remaining decade of work, covering a remaining 15-year mortgage, securing estate-planning coverage, or buying final-expense coverage for funeral costs.
Can I get life insurance at age 60 or older?
Yes, but the product mix narrows above age 60. For healthy applicants ages 60 to 70, traditional fully-underwritten term and permanent policies are still widely available; expect $500,000 in 10-year term to run $70 to $130 a month for a healthy 60-year-old non-smoker. Above age 70, the most common products are: guaranteed-universal-life with a maturity age of 100 or 121 (for estate or legacy needs), and final expense whole life ($5,000 to $25,000 face amounts, designed to cover funeral costs). Guaranteed-issue and simplified-issue policies remain available through age 85 with no medical exam required.
Should I buy life insurance before having kids?
Yes, especially if you and your spouse are actively trying or have begun fertility treatment. Buying life insurance before a pregnancy means: (1) you lock the lowest rate before pregnancy weight gain affects your BMI underwriting class, (2) gestational diabetes or pre-eclampsia (if they develop) do not show up on the application as pre-existing conditions, and (3) postpartum medications (which can include antidepressants for postpartum mood disorder) do not raise underwriting flags. Many parents buy a 20- or 30-year term policy 6 to 12 months before trying to conceive specifically for this reason.
How much more does life insurance cost per year you wait?
Across all ages from 25 to 60, the average premium increase for waiting one year to buy a 20-year term policy is roughly 5 to 8 percent. Waiting five years typically increases the lifetime cost by 25 to 50 percent. The increase is non-linear: ages 25 to 35 see modest single-digit annual increases, ages 35 to 45 see 7 to 10 percent annual increases, and ages 45+ see 10 to 15 percent annual increases. A health condition developing during the wait can multiply this increase by 50 to 200 percent or trigger an outright decline.
When is it too late to buy life insurance?
For most buyers, it is too late to buy traditional term insurance when: (1) the buyer is older than age 75 for term and 85 for simplified-issue final expense, (2) the buyer has been diagnosed with a terminal condition and is within 12 months of life expectancy, or (3) the buyer has been declined by 3 or more A-rated carriers within the past 12 months for serious health conditions. Even in the most challenging cases, guaranteed-issue final expense policies remain available through age 85 with no medical questions - typically $5,000 to $25,000 face amounts at higher premiums per dollar of coverage.
