How Does Age Affect the Cost of Life Insurance?
Waiting to purchase life insurance can impact your premium; learn how much.
Ensure you have the right coverage to meet the needs of your loved ones. Get your free, no-obligation quote, today.
Did you know the cost of life insurance can increase as you get older?
It’s true – the younger you are, the less expensive your rate can be. In some cases, the cost of life insurance can rise 8 to 10 percent with each year you age.
Changes in your health can also affect your rates.
Let’s look at an example.
Imagine Janine, a 30-year-old non-smoking female who considers herself exceptionally healthy. A 30-year $250,000 Term Life insurance policy could cost $18.12 a month, or $218 a year.
Now, fast forward 10 years. Even without a change in health, Janine’s monthly premium could rise to $27.18, or $327 a year.
Waiting to buy a life insurance policy cost her $109 annually.
If Janine had developed a health condition in this time, her monthly premium for this same coverage could cost $46.39, or $557 a year.
In this case, waiting cost her $339 a year. Meaning, if she purchased life insurance now, she’d pay at least $3,390 less than if she waited 10 years.
Janine’s example demonstrates how purchasing life insurance now can help you lock in a lower premium for the life of your policy, helping you affordably create a solid foundation for your financial future.
When it comes to purchasing life insurance, it’s best to ensure your coverage keeps pace with your life.
As your financial priorities and family dynamics change, review your coverage with a life insurance specialist to help ensure you have the right coverage to meet your needs.
Get your free, no-obligation quote today.
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