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How to choose the right life insurance by age

Buying affordable and high-quality life insurance coverage is available in different age groups. How to find the policy that suits your needs.

When it comes to buying life insurance, your age and health are two of the most important factors that an insurer will consider when deciding eligibility and pricing.

As you can imagine, the younger and healthier you are, the cheaper a policy will be. You usually get the best prices in the 20s or 30s. This is because an insurance company takes less risk when insuring a young person in good health.

As I said, affordable and high quality coverage is available in different age groups. However, when you need life insurance coverage, for example when you have children or other financially dependent persons, it is important not to postpone buying an insurance policy to ensure that it remains affordable. Read on to learn more about life insurance rates by age.

In this article:

Buying life insurance in your 20s

Your 20s is the best time to buy affordable life insurance coverage (even if you may not "need it"). are younger and healthier, you pose less of a risk to an insurance company, which is why you are offered the most affordable rates.

Let's dive into some specific examples of life insurance rates by age. 20-year-old Haven Term policy for as little as $ 22.48 per month If you were to buy a 20-year life insurance policy at age 25 with a 1-year-old child, you would have coverage in place to protect those you love in the event of your death – until the age of 21 for your child – offers protection during the years you may need it most.Life insurance for people in their 20s usually has equally low premiums, so you look at a low monthly fee.

In addition is your 20s for many a time when your health history probably is the best it will ever be. You may not have experienced any illnesses or health problems that may later make you insecure. The younger you are, the longer your life expectancy, the lower your average life insurance cost can be.

If you need coverage or even recently married with a mortgage and children in the near future, it may be worth seriously considering buying lifelong insurance for young couples now to lock in a low interest rate for the future.

If you are in your 20s and are single but financially dependent, life insurance may not be something you need to set aside funds for yet. You have time to decide on a life insurance company and your preferred insurance product.

Life insurance income in the 20s can help your beneficiaries pay:

  • A mortgage or housing payments that your partner could not make without your financial contribution
  • Other joint debts such as a private student loan, which can be left to your family to pay of
  • Education and childcare costs for children
  • Final expenditure

Remember that life insurance is not a one-time purchase. You should review your coverage needs when you have more children, take on more debt and many other life steps that have a financial impact. If you only need a little insurance now, you can consider buying more coverage when your lifestyle changes, for example when you have children or after your income has increased significantly.

Buying life insurance in the 30s

Continuation of our guide on life insurance prices by age, we enter the 30s. When the 30s hit, life insurance becomes more important than ever. Statistically, you are more likely to be married, own a house, have some children, drive a couple of cars and have lots of bills to pay.

With so many financial responsibilities and good health is probably still on your side. , your 30s is one of the best times to assess your life insurance needs to get a good life insurance level. Even if you bought a small insurance in the 20s or received life insurance coverage through your employer, it is probably time to decide if you need more.

First, do not rely on insurers. Usually this coverage only offers one to two times your annual salary, which is far too little coverage if you have financial dependence.

Many experts suggest that you buy insurance that is at least five to ten times your annual income. The recommendation can go as high as 15 times your income if you have a partner and children and receive liquid assets.

Fortunately, sufficiently long life insurance coverage is still affordable in the 1930s. For example, a 35-year-old woman in good health can buy a 20-year-old Haven Term insurance policy for as little as $ 20.32 per month.

Life insurance income in the 30s can help your beneficiaries pay:

  • A mortgage that your partner could not pay without your financial contribution
  • Protect a home mom or dad who relies solely on your income
  • Daily childcare costs, along with future ones such as extracurricular activities and college
  • Act as a financial cushion to prevent your family from utilizing savings to cover the bills.
  • Medical bills or other final expenses

Even if you already have life insurance, your 30s are a good opportunity to reconsider your needs. Maybe it's time to decide if you need to change your current life policy. If you are making more money now or have a larger family, you may need more coverage.

An online life insurance calculator can help you determine how much coverage is needed at this point in your life and what your life insurance rate may look like.

Buying life insurance in the 40s

If you are uninsured or underinsured, it is the 40s time to adjust your life insurance needs before prices become high. Age is important for insurers, and you want to make sure you find an insurance provider with affordable life insurance options that match your individual needs.

Maybe you have coverage through work, but worry that it is not enough. Provided you plan to stay at your job for a while, an individual insurance policy can help supplement what you already receive through your employer.

Or maybe you bought a life insurance in the 20s with a 20-year period that soon expires and realize that you want a little more time to provide additional financial protection. This can happen if it took longer to pay off a mortgage, if you had your first child or if you would like to provide a little more of a financial pillow for your spouse or children.

Americans are living longer and your 40s are still a time when you may have excellent or very good physical health, so coverage can still be very affordable. A $ 500,000 20-year-old Haven Term insurance policy can cost as little as $ 43.15 a month for a healthy 45-year-old woman.

Or if you want to add another life insurance policy since the insurance period from your 20s is about to end, a 15-year-old Haven Term policy costs a 45-year-old man with excellent health about $ 42.29 per month.

Not bad for much needed financial protection.

Special considerations for life insurance in the 40s

If life insurance seems too expensive, try to adjust your police information. Choosing an insurance policy with a shorter or lower level of coverage can help you save money without preventing you from buying the coverage you need.

Life insurance income in the 40's can help your beneficiaries pay:

  • The rest of a mortgage that your partner could not pay without your financial contribution
  • Make up a coverage gap due to increased income and lower coverage from when you took home a small salary
  • Protect a stay at -home mom or dad who relies solely on your income
  • Daily childcare costs, along with future childcare costs such as leisure activities and college
  • Act as an economic pillow to prevent your family uses savings to cover the bills
  • Medical bills or other final expenses

Choosing an insurance policy with a shorter term or lower coverage level can have a significant impact on saving money while still getting ample coverage. [19659051] Buying life insurance in the 50s

There is no other way to put it: Buying life insurance in the 50s costs more. That said, if you have few assets and financial dependencies that depend on your income, you should not bypass coverage.

Research shows that most Americans significantly overestimate how much life insurance will cost, and we'm pretty sure coverage in your 50s would be one of those scenarios. A $ 250,000 20-year-old Haven Term policy would cost a 55-year-old woman in excellent health about $ 44.45 a month. The price of coverage comes higher for a man of the same age and health to $ 68.25 per month.

Although it is not cheap, if it provides peace of mind and necessary coverage, it is probably worth it.

Life insurance continues into your 50s can help your beneficiaries pay:

  • The rest of a mortgage that took longer to pay than expected
  • Debts or unpaid bills that you do not want your partner to keep [19659016] Make up a gap in coverage due to a significant increase in income
  • Protect a non-working partner who is solely dependent on your income
  • Act as an inheritance or financial cushion for your beneficiaries
  • Medical bills or others final expenses

make sure you get the best price in the 50s, use the online life insurance comparisons we have to confirm that you are choosing a competitive price. It is also worth starting the application process and see what amount you are approved for and how much it will cost.

You just need to be more selective about how much coverage you get and what the term should be. A shorter length, for example 10 or 15 years, will cost you much less. In your 20s and 30s, it is often wise to consider a "better safe than sorry" method and buy more coverage. If you are in your 50s, it is a good idea to consider what may be the right coverage for your financial situation to ensure that you are not overinsured and thus overpay.

Buying life insurance in the 60s

It is not too late to buy life insurance when you are in the 60s. Haven Life sells affordable term policies to people between the ages of 18 and 65. The biggest difference between life insurance in the 60's and everything before that is that you will probably not be able to buy insurance that has a term over 20 years. [19659005] To keep costs down and provided you do not put loved ones in financial risk with this choice, it is a good idea to stick to time periods of 10 or 15 years.

For example, a 10-year $ 250,000 Haven Term Policy for a healthy 60-year-old woman starts at $ 56.90 per month. If you are considering a 20-year insurance for the same woman for the maximum coverage period, look at about $ 103.91 per month. You can also compare prices with other insurers to see what the prices may be.

Even if it is not cheap, the coverage can give your spouse a significant financial downturn.

Life insurance income in the 60s can help your beneficiaries. pay:

  • Debts or unpaid bills that you do not want your partner to stay with
  • Protect a non-working partner who relies solely on your income
  • Act as an inheritance or financial cushion for your beneficiaries [19659016] Medical bills or other final expenses

Before choosing a policy, be sure to experiment with a few different scenarios before deciding to meet your needs. Changing the term length or coverage amount slightly can lead to a significant price drop, which may not hurt your beneficiaries if you want to provide a small financial cushion.

Also, think seriously about your financial situation before you buy. life insurance in the 60s. You may no longer need to reimburse income if your debts are paid, your partner retires and you have no financially dependent children. The monthly contribution can be better offset by building up further liquid savings.

Buying Life Insurance When You Need It

If you put age aside, if you have people who trust your income, there is a good chance that your family can benefit from the protection of a life insurance policy. As you saw above, life insurance becomes more expensive the older you get, so it is important not to postpone the purchase coverage when you need it if you want to be proactive and lock in an affordable price.

By answering a few simple questions through an online calculator, you can easily determine what the right life insurance coverage is for you and get a quote for how much the coverage can cost. Now that it's easier than ever to buy life insurance, you can be just minutes away from peace of mind.


About Louis Wilson

Louis Wilson is a freelance writer whose work has appeared in a wide variety of publications, both online and in print. He often writes about travel, sports, popular culture, men's fashion and grooming and more. He lives in Austin, Texas, where he has developed an unlimited passion for breakfast tacos, with his wife and two children.

Read more by Louis Wilson

Our Editorial Policy

Haven Life is a customer-centric life insurance agency supported and wholly owned by the Massachusetts Mutual Life Insurance Company (MassMutual). We believe that navigating life insurance decisions, your personal finances and your general well-being can be refreshingly easy. ). We believe that navigating life insurance decisions, your personal finances and your general health can be refreshingly easy.

Our content is created for educational purposes only. Haven Life does not support the companies, products, services or strategies discussed here, but we hope they can make your life a little less difficult if they suit your situation.

Haven Life is not authorized to provide tax, legal or investment advice. This material is not intended to be provided and should not be relied upon for tax, legal or investment advice. Individuals are encouraged to seek advice from their own tax or legal counsel.

Our information

Haven Term is a term Life Insurance Policy (DTC and ICC17DTC in certain states, including NC) issued by Massachusetts Mutual. Life Insurance Company (MassMutual), Springfield, MA 01111-0001 and offered exclusively through Haven Life Insurance Agency, LLC. In NY, Haven Term is DTC-NY 1017. In CA, Haven Term is DTC-CA 042017. Haven Term Simplified is a simplified Life Insurance Policy Issue (ICC19PCM-SI 0819 in certain states, including NC) issued by C.M. Life Insurance Companies, Enfield, CT 06082. Numbers and functions for insurance and equestrian forms may vary by state and may not be available in all states. Our California agency license number is OK71922 and in Arkansas 100139527.

MassMutual is rated by A.M. Best company as A ++ (Superior; top category 15). The rating is from Aril 1, 2020 and may change. MassMutual has received different ratings from other rating companies.

Haven Life Plus (Plus) is the marketing name of the Plus Rider, which is part of the Haven Term policy and offers access to additional services and benefits free of charge or at a discount. The driver is not available in all states and is subject to change at any time. Neither Haven Life nor MassMutual is responsible for the provision of the benefits and services made available under Plus Rider, provided by third party providers (partners). For more information about Haven Life Plus, visit: https://havenlife.com/plus.html

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