Find the Best Life Insurance Rates & Companies for Your Age

Last Updated: February 2021

If you’re looking for an instant quote based on your EXACT birthday, please complete the form on the right. Rates from the nation’s top-rated companies will be displayed on the next screen.

Buying life insurance is different at every stage of your life. We always say that if someone you care about is financially dependent on you, then purchasing life insurance makes sense.

However, those financial dependencies can be different as you age. The older you get, the more expensive life insurance becomes.

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 insider tips to keep in mind when purchasing life insurance that has to do with your age.

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. Below are the articles for each age range.

In each article below, you can find rates for specific ages, the best companies depending on your situation, and tips to find the best type of policy for you. You can also find tips to save on life insurance for each age.

Life Insurance in Your 40’s

Below are all 10 articles for life insurance in your 40’s. Visit the page that corresponds to your age for the best information on shopping for life insurance.

If you’re looking for life insurance and you are in your 40’s, check out the reasons why you should get life insurance and the top 3 companies for this age group below.

Why Get Life Insurance in Your 40’s?

While you may not have as much money as someone shopping for life insurance in their 50’s, you’re most likely building your net worth and do have assets to protect at this age.

Many people in their 40’s purchasing life insurance are building up their cash reserves, reducing their debt, increasing retirement savings, and sometimes saving for college tuition for their children. All of these are huge burdens to leave your family in your untimely passing, so life insurance is there as that safety net in case the worst happens.

Many people in their 40’s are purchasing life insurance terms until their projected retirement. This means purchasing a 20, 25, or 30-year term life insurance policy. Term life insurance is typically very inexpensive if you’re in average or better health in your 40’s.

The 3 Best Life Insurance Companies for Ages 40 to 49

It’s best to compare multiple carriers when shopping for life insurance. That said, three companies often stand out for people in their 40’s.

Protective Life – Best for Term Life Insurance – Protective has low term life insurance rates and great options if your term coverage expires and you still need some coverage.
Northwestern Mutual – Best for Whole Life Insurance – Northwestern Mutual has strong dividend performance for this age range.
AIG – Best for High-Risk Life Insurance – AIG life insurance has lower-priced substandard niches, making their policies very affordable for people with medical conditions.

We do still recommend comparing the companies above to other top-rated carriers, as the companies above are not best for all situations.

Life Insurance in Your 50’s

Below are all 10 articles for life insurance in your 50’s. Visit the page that corresponds to your age for the best information on shopping for life insurance.

If you’re looking for life insurance and you are in your 50’s, check out the reasons why you should get life insurance and the top 3 companies for this age group below.

Why Get Life Insurance in Your 50’s?

At age 50 to 59, you might now have kids who are close to or out of college. Unlike shopping for life insurance in your 40’s, many people in their 50’s have more income that they want to use to protect the money they’ve made and their loved ones.

At this point in time, many of our clients are tackling big debts to pay off before retirement, combined with getting more serious about working toward retirement goals.

A lot of people in their 50’s who don’t have a lot saved up for retirement (most don’t) are looking at term life insurance policies that expire at their projected retirement or burial policies to take care of any final debts and burial costs.

Many people entering their 50’s are restructuring their life insurance programs as they make these big moves towards retirement, and on the more emotional side, start to see more of their friends and family’s health start to deteriorate.

Some people purchase a term policy to ensure their family is okay financially if they unexpectedly pass away before retirement. Other people in their 50’s are starting to think of leaving a legacy for their children and grandchildren, and may purchase a permanent policy.

The 3 Best Life Insurance Companies for Ages 50 to 59

These three life insurance companies typically offer great policies for people in their 50’s.

Lincoln Financial – Best for Term Life Insurance – They offer great rates for high coverage amounts for people in this age group.
Northwestern Mutual – Best for Whole Life Insurance – Northwestern Mutual has strong dividend performance for this age group.
Prudential – Best for High-Risk Life Insurance – Prudential has a lot of underwriting advantages for people with prostate cancer, diabetes, and other health complications.

We do still recommend comparing the companies above to other top-rated carriers, as the companies above are not best for all situations.

Life Insurance in Your 60’s

Below are all 10 articles for life insurance in your 60’s. Visit the page that corresponds to your age for the best information on shopping for life insurance.

If you’re looking for life insurance and you are in your 60’s, check out the reasons why you should get life insurance and the top 3 companies for this age group below.

Why Get Life Insurance in Your 60’s?

This age range is often your peak savings years where you’re determining when and if you can retire.

Studies show that 40% of people in their 60’s are forced into early retirement because of health or employment issues, and many taking care of elderly parents. We also find many people in their 60’s are downsizing and working out their estate plans.

Life insurance at 60 is usually a payment you don’t want to add because of everything going on. However, if you have loved ones who are financially dependent on you, life insurance is a good way to protect them.

Many people in their 60’s purchase what we refer to as a final expense policy or a life insurance policy that covers burial costs and any outstanding debts. These are smaller life insurance policies where no medical exam is involved (just paperwork) and they take people with higher risks.

The 3 Best Life Insurance Companies for Ages 60 to 69

The companies below usually have some of the most competitive rates for this age range.

Protective Life – Best for Term Life Insurance – Their rates for this age range are often the lowest on the market.
Mutual of Omaha – Best for Whole Life Insurance – They offer the best rates for whole life insurance in smaller amounts to cover burial insurance.
Banner Life Insurance – Best for High-Risk Life Insurance – Because of the way they price their substandard business, they have lower-cost policies for high-risk individuals. They also approve many risks that other companies decline.

We do still recommend comparing the companies above to other top-rated carriers, as the companies above are not best for all situations.

2 Tips on Securing Life Insurance at Any Age

Next, we will cover 2 tips for considering age and purchasing a life insurance policy.

Tip #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 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 – solely based on you being nearest to your next age.

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.

The instant quotes you see on our website are all based on today’s date – so please keep that in mind.

If this is confusing or if you have any questions, please don’t hesitate to call us. This shouldn’t be a concern until you’re ready to apply for coverage. Make sure when you apply that you ask your agent if your birthday will affect your rates when your policy is approved. I hate to say it, but many life insurance agents overlook this (we don’t, it’s part of our quoting process).

Tip #2: Backdate Your Age to Save on Life Insurance

Let me preface this tip by saying that age is an obvious factor in pricing your life insurance – so it’s important to keep your age as low as possible when your policy is issued.

If you just had a birthday or your “age nearest” just passed (as described above), we 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.

So when backdating, you have to weigh whether it’s worth it or not. Are the savings significant enough over the span of the policy to essentially “buy up” your previous age? We’ll do these calculations for you and help you make a decision.

Depending on your unique 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.

If you got this far in the article, the biggest takeaways are:

1. Factor in your age nearest/current age situation (we’ll do that for you) when looking for life insurance rates. If there’s an opportunity to save you money, we’ll consider backdating to save age.

2. 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!