Life Insurance Rates by Age: Free Quotes

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Contributor, Benzinga
March 4, 2020

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Quick Look: Best Term Life Insurance

Are you thinking about buying life insurance? Financial professionals recommend life insurance protection that doubles as financial protection, but which insurance products are best for you? One of the first things you’ll probably want to know is how much you’ll need to pay each month. The specific amount you’ll pay for coverage — your premium — depends on a variety of factors, but all insurance providers consider your age. 

Benzinga’s guide provides a look at life insurance rates by age, as well as reviews of the best life insurance companies that offer policies online. Remember, each life insurance program is different, and your financial future depends on it.

Term Life Insurance Quotes for 20-Year Olds 

You’re more likely to find cheap life insurance when you’re younger because you’re generally in better health and pose less risk of death. Even so, remember that you need to designate a life insurance beneficiary for the death benefit or to take on the funds remaining in the account.

Take a look at these quotes for a $500,000 20-year term policy for a non-smoking man or woman in excellent health. Quotes were obtained on March 1, 2020. 

GenderCompanyAverage Monthly QuoteYour QuoteMedical Exam?
MaleProtective$18.98Click HereYes
FemaleProtective$16.41Click HereYes
MaleAIG$20.03Click HereYes
FemaleAIG$16.74Click HereYes
MaleHaven Life$22.04Click HereNo
FemaleHaven Life$19.09Click HereNo
MalePrudential$38.06Click HereYes
FemalePrudential$24.50Click HereYes

Term Life Insurance Quotes for 30-Year Olds

Expect to see a slight increase in premiums as you jump into your 30s for basic insurance.

These quotes are also for a $500,000 20-year term policy for a non-smoking man or woman in excellent health. Quotes were obtained on March 1, 2020. 

GenderCompanyAverage Monthly QuoteYour QuoteMedical Exam?
MaleBestow$26.25Click HereNo
FemaleHaven Life$17.39Click HereNo
MalePacific Life$19.51Click HereYes
FemaleBestow$19.58Click HereNo
MaleSBLI$19.87Click HereNo
FemaleSBLI$17.05Click HereNo
MalePrudential $34.13Click HereYes
FemalePrudential$27.56Click HereYes

Term Life Insurance Quotes for 40-Year Olds

These quotes are for the $500,000 20-year term policy based on a non-smoking man or woman. In this round, subjects are in their 40s. Quotes were obtained on March 1, 2020. 

GenderCompanyAverage Monthly QuoteYour QuoteMedical Exam?
MalePacific Life$29.66Click HereYes
FemaleSBLI$24.62Click HereNo
MaleBestow$39.16Click HereNo
FemaleHaven Life$28.07Click HereMaybe
MaleHaven Life$32.38Click HereMaybe
FemalePrudential$38.50Click HereYes
MalePrudential$42.44Click HereYes
FemaleBestow$31.25Click HereNo

Term Life Insurance Quotes for 50-Year Olds 

As you roll into your 50s, you’ll see that life insurance for seniors is significantly more expensive. 

Here are quotes for a 50-year-old nonsmoker in excellent health with a $500,000 20-year term policy. Quotes were collected on March 1, 2020. 

GenderCompanyAverage Monthly QuoteYour QuoteMedical Exam?
MalePacific Life$71.91Click HereYes
FemalePacific Life$55.93Click HereYes
MaleHaven Life$84.06Click HereMaybe
FemaleHaven Life$61.66Click HereMaybe
MaleSBLI$83.33Click HereNo
FemaleSBLI$60.41Click HereNo
MalePrudential$85.75Click HereYes
FemalePrudential$74.81Click HereYes

Best Term Life Insurance

Your age and health will certainly affect your life insurance availability and premiums, but it’s always best to work directly with providers for a more accurate personal quote. We’ve narrowed our top picks for term life insurance companies that can offer you the personalized package you need.

Bestow Life Insurance
Best For
  • Term life insurance
securely through Bestow Life Insurance's website

1. Best Overall: Bestow

Bestow is one of the easiest companies to buy life insurance from. It streamlines the quote and application process down to only the most necessary steps. You can get a policy in as little as 5 minutes, if approved. You don’t need to submit to any kind of medical exam, and coverage is available from just $8 a month. Term life insurance policies from Bestow begin at $50,000, and you can get up to $1 million in coverage. If you’re looking for a fast and easy way to get affordable life insurance, Bestow is an excellent place to begin your search.

Fabric Life Insurance
Best For
  • Young families
securely through Fabric Life Insurance's website

2. Best for People With Children: Fabric

Fabric is a life insurance provider that focuses on helping busy parents get the life insurance they need quickly. Fabric offers affordable policies with up to $5 million in coverage and up to 20-year terms. On-the-go parents will love how easy it is to apply for insurance from Fabric — most people are able to buy their policies in as little as 10 minutes through Fabric’s app.

You can also use the Fabric app to create a will for your family, free of charge. Choose your policy, create your will and share important policy details with the people you love all through Fabric’s simple and intuitive app. 

Haven Life Insurance
Best For
  • Under Age 64

3. Best for Men and Women Under 40: Haven Life

Haven Life is a relatively new life insurance company that offers some of the most affordable policies for men and women under the age of 40. Policies start at less than $15 a month. Haven also offers policies with no health exams for all of its policyholders up through age 30. If you’re over age 30, you can also find a policy without an exam if you’re in relatively good health. 

You can quickly apply for a policy through Haven Life’s easy-to-navigate app. The company’s rider, Haven Life Plus, gives you access to numerous health and fitness services like daily in-app fitness classes and fully certified, legal wills. 

Nationwide
Best For
  • Product Selection
securely through Nationwide's website

4. Best for Bundling: Nationwide

As one of the largest insurance companies in the United States, Nationwide has a policy option for nearly everything you might want to protect. From cars to homes and even pets, Nationwide offers a wide range of coverage.

If you already have some form of insurance through Nationwide, consider bundling your life insurance together with your current protection. Nationwide offers a wide range of term, universal and whole life insurance options. Policies are available with coverage terms of up to 30 years. 

MassMutual
Best For
  • Seniors

5. Best for Whole Life Insurance: Mass Mutual

Whole life insurance is a type of insurance that guarantees that your beneficiaries will receive life insurance payouts when you die. As the name suggests, whole life policies don’t include terms — instead, you’re covered for life. For older men and women, a whole life policy can offer peace of mind because the benefit is guaranteed as long as you continue to pay your premium.

Mass Mutual is one of the longest-standing whole life insurance providers, offering policies for over 160 years. Mass Mutual’s whole life insurance policies include a cash value portion that may help you recapture some of the money you spend on premiums over the course of your life. Mass Mutual also offers dividends on whole life insurance policies. While dividends aren’t guaranteed, the company hasn’t missed a payment since the year 1869.

Find the Best Life Insurance for You

The most important thing to remember when you shop for life insurance is that every life insurance company uses its own individual underwriting system. It’s possible to find the exact same coverage from 10 different life insurance companies at 10 different price points.

Leave yourself plenty of time to collect quotes from competing life insurance companies to make sure that you’re getting the best deal possible. Most companies allow you to get a quote in as little as a few minutes online. You might be surprised at just how much you can save by comparing all of your options. 

You also need to leave behind instructions for your loved ones on how to make a claim for benefits so that they can enjoy this financial windfall and move forward as best they can.

Methodology

Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.

About Sarah Horvath

Sarah is an expert in the insurance, investing for retirement and cryptocurrency space.