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Written by Kim Wilhelm
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Verified! See our editorial guidelines
In addition to factors like smoking, gender, medical history and lifestyle, life insurance companies consider the applicant's age when calculating a policy's cost. Today is the cheapest your insurance will ever be. As you age, your coverage increases in cost, as filing a death claim becomes more likely.
What to Consider About the Life Insurance Cost by Age
When considering life insurance, age plays a significant role in determining the cost of premiums. Younger individuals generally enjoy lower rates because they are considered lower risk by insurers because they are typically in better health and have a longer life expectancy. Locking in a policy now, at your current age, age can result in substantial savings over the life of the policy. As you age, however, the cost of insurance increases, with premiums rising significantly.
For older individuals, particularly those in their 50s and 60s, the cost of life insurance can become a crucial factor. Health concerns that typically arise with age can increase premiums and, in some cases, make it more challenging to qualify for traditional life insurance. However, options like final expense or burial insurance are designed to provide affordable coverage for seniors, focusing on smaller benefit amounts to cover funeral and end-of-life costs. If you’re older, it’s important to balance the need for coverage with the premium cost, considering policies that match your current financial situation and long-term goals.
When Is It Best to Get Insurance?
Some people may receive life insurance from their employer, but it's essential to understand whether there are any gaps in that coverage to ensure your family will be fully taken care of.
Review the MarketWatch rates-by-age chart to get a better understanding of the impact on life insurance rates. For example, a 55-year-old male could pay nearly five times more per month for a $250,000 policy than a 25-year-old male. The older individual may also have more difficulty qualifying for a plan if he has preexisting medical conditions or other issues that increase the insurance company's risk.
In short, it's best to get life insurance as soon as possible — the younger you are, the better. Policies may also let you lock in lifetime rates or certain rates for years at a time so that you can budget accordingly.
Life Insurance Options for Older Individuals
Final Expense Direct offers final expense insurance, typically ranging from $3,000 to $50,000, for individuals aged 50 to 85 who need a plan to cover funeral costs and other end-of-life expenses. Unlike traditional life insurance, these plans require no medical exam and have a simplified application process.
Why Choose Us?
At Final Expense Direct, we can rate-shop the top final expense insurance companies to find a plan that fits your budget. Our experienced customer service representatives also provide comprehensive service after the sale.
Contact us today to learn more about life insurance costs by age and to request a final expense insurance quote today.
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