Last Updated: April 2021
If you’re looking for an instant quote based on your age, complete the form on the right. Rates from the nation’s top-rated companies will be displayed on the next screen.
Below, you’ll be able to find all of our life insurance articles for different ages, from 20 years old all the way to seniors over 80. After that, you’ll learn a few things to keep in mind when purchasing life insurance that has to do with your age.
Shop for Life Insurance By Age Group
On this page, we have written everything you’d need to know if you’re shopping for life insurance at a certain age. Click on your age below to see life insurance rates, the best companies, and how to find the best life insurance policy.
The most common ages to purchase life insurance are your 40’s, 50’s, and 60’s.
Life Insurance in Your 40’s
Life Insurance in Your 50’s
Shopping for Life Insurance at Other Ages
If none of those ages applies to you, we also have information for older and younger people to find life insurance below.
- Life Insurance in Your 20’s
- Life Insurance in Your 30’s
- Life Insurance in Your 70’s
- Life Insurance for Seniors Over 75 Years Old
What You Need to Know About Securing Life Insurance at Any Age
Next, we will cover two things you should know about purchasing a life insurance policy no matter your age.
#1: Life Insurance Companies Use “Age Nearest” or “Current Age”
Most life insurance companies use “age nearest” to determine your age. This means that when you place your life insurance policy in force and you’re within 6 months of your next birthday, they’ll actually determine your rates as if you are 1 year older. Which effectively means your rates will be more expensive.
The Underwriting Process Can Delay and Affect Rates
Keep in mind that the life insurance underwriting process can take 4-8 weeks. So even if you’re 8 months to your next birthday, there could be a surprise increase in rates when your application finally gets approved.
However, some life insurance companies use your current age to determine your age. This means that as long as you place your life insurance in force before your next birthday, your rates will remain the same.
Make sure when you apply that you ask your agent if your birthday will affect your rates when your policy is approved.
#2: Backdate Your Age to Save on Life Insurance
If you just had a birthday or your “age nearest” just passed (as described above), you can backdate your life insurance policy to give you rates at your previous age.
By law, you can backdate any life insurance for up to 6 months in order to get a lower rate.
Backdating simply means choosing a date that has passed in order to secure a lower rate. In order to do this, you’ll have to pay for premiums between that date you choose (usually 3 days before your age change) and the current date.
Should You Backdate Your Age?
When backdating your age, you have to weigh whether it’s worth it or not. We can do these calculations for you to help you make a decision.
Depending on your situation, it may not always be best to backdate a policy. You really don’t even need to consider backdating to save age unless you’re in your 40’s, 50’s, 60’s, or 70’s. The premium savings in your 20’s and 30’s will be minuscule.
Age is Just One Factor in Your Life Insurance Policy
Everyone’s situation is different. Age is just one factor in the overall cost of your life insurance.
The biggest takeaways are:
- Factor in your age nearest/current age when looking for life insurance rates. If there’s an opportunity to save you money, consider backdating your age.
- You can get instant life insurance quotes based on your birth date by filling out the form on the right. It factors in age nearest/current age, but it’s based on today’s date. Your actual rates will be based on your age when the policy issues.
If you have any questions about purchasing life insurance, please call us or fill out our free quote form on the right of this page!
