What’s your number? When it comes to buying life insurance, age is one of the biggest factors that insurance companies consider.

So how does your age affect your eligibility and the price you’ll pay? At what age do your life insurance rates go up? Here’s what to know.

How does your age affect your life insurance?

 Why does age matter so much? Life insurance is designed to protect your family by providing a cash payout if you die while your policy is active. Since each passing year puts you closer to your life expectancy, the risk of insuring you also increases, so your price for life insurance coverage typically increases with age.

When you shop for a policy, your age will help determine:

• The cost. Premiums typically increase about 8-10% each year. That means if you’re 40, you’re likely going to pay more than someone who is 30 and in similar health. Those lower life insurance rates are just one reason that it pays to lock in your life insurance coverage earlier.
• Your eligibility. While there are life insurance options available at nearly every age, you’ll have the greatest choice when you are young. For example, some insurers might not sell a 30-year term life policy to someone who is 50 or older.
• The buying process. The life insurance purchasing process definitely changes over time as you get older and have more potential for health issues. For example, if you’re younger and healthier, you may not need a medical exam. If you’re older, you might need to take a few extra tests, like an EKG, during a medical exam. And if you have chronic health issues, your insurer might need to request additional medical records from your physician. These requirements can all tack time onto the process.

The good news? Your age doesn’t matter once you buy life insurance. With term life, your premium or payment will stay the same for the entire length of the policy, even if you develop health problems.

What is the maximum age for life insurance?

Even as you get older, there are ways to keep your family protected financially. At Fidelity Life, we’re committed to helping you protect what matters at every stage of life. That’s why we offer a broad range of products to help you find your fit.

Our RAPIDecision^® Life policy offers affordable term life insurance up to the age of 65, with up to $2 million in coverage available. If you still have a mortgage to pay off or a partner and kids who depend on your income, this type of term life insurance policy can provide the coverage you need.

If you’re over 50 and just looking for a way to cover end-of-life costs, our RAPIDecision® Final Expense policy offers coverage amounts of up to $40,000. You can qualify up to the age of 85, and it’s quick and easy to qualify for, with no medical exam required.

No matter your age, it’s important to protect what matters – and we can help. Compare life insurance quotes or give us a call to explore your options.

At Fidelity Life, our goal is to make life insurance simple, affordable, and understandable for everyday families. This content is intended for educational purposes only. Each post is carefully fact-checked, reviewed, and updated regularly to ensure the information is as relevant as possible.