What is the best age to buy a long-term life insurance policy?

Asked by: Anibal Wilkinson V  |  Last update: July 26, 2025
Score: 4.8/5 (54 votes)

As we age, we're at increased risk of developing health conditions, which can result in higher mortality rates and higher life insurance rates. You'll typically pay less for life insurance at age 25 than at age 40. Waiting until age 60 may mean an even bigger rate increase and limited policy options.

What is the best age to buy LTC insurance?

the best age to apply is in your mid-50s. . You can lock in your good health and today there are policies that allow you to buy some coverage now and add to it in future years.

At what age should I buy term life insurance?

In accordance with the “get a life insurance policy while you're young and healthy,” mentality, the 20's would be the ideal age. Many young people think that they don't need a life insurance policy, and it's not difficult to see why.

What is the best coverage age for term insurance?

That being said, purchasing term plan insurance coverage is relatively cheaper in your 30s than say your 40s or 50s. Therefore, you need to buy a term plan, preferably in your 30s so that you can lock-in an affordable rate of premium for the rest of your life.

At what age do most life insurance policies end?

You've officially outlived your term policy when you reach the age that your life insurance policy expires. For most policies, this age is in the 80s or 90s, but some policies without a medical exam expire at a much younger age.

How to Pick the Perfect Term Life Insurance Policy

28 related questions found

Do you get money back if you outlive term life insurance?

Can you get your money back after your term life policy expires? Once your policy ends, you can't get back the premiums you paid unless you have a return of premium rider. This optional add-on lets you receive a refund of premiums if you outlive your policy term.

At what point is life insurance not worth it?

When is term life insurance not worth it? Term life insurance probably isn't worth the costs if you don't have any significant debts to pass on to your loved ones or you don't have dependents or a spouse that you'd leave in a bind by passing away.

Is term life insurance good for people over 65?

Term life insurance is a great option for seniors if you have an idea of how long you may desire to have coverage for because you can choose the specific length of your plan.

At what age is insurance most expensive?

Key takeaways. 18-year-old drivers on their own policy pay the highest car insurance premiums out of the age groups Bankrate analyzed. The most significant difference in premiums by gender occurs at age 18. On average, 18-year-old males cost 9 percent less to insure than their female counterparts.

What is the best amount for term insurance?

Term insurance coverage can differ for different people depending on their income, lifestyle, expenses, loans, and more. If you are under the age of 55, you should take a cover that is approximately 10 to 12 times your gross annual income1. Such a sum can be adequate to meet future needs and counter inflation.

What are the negatives to buying term life insurance?

If you outlive the policy term, your beneficiaries do not receive any death benefit, potentially leaving you without coverage when you may still need it. No Cash Value: Unlike permanent life insurance, term life insurance does not accumulate cash value or serve as an investment.

What does Dave Ramsey recommend for life insurance?

Core Ramsey Teaching: You only need life insurance while you have people depending on your income. Buy a 10–20-year term policy worth 10–12 times your annual income. Since life insurance is only for the short-term, you should only buy term life insurance. (Hence the name.)

When should you stop buying term life insurance?

Life insurance is no longer needed for many people once they reach their 60s or 70s. At this point they have retired, their kids have grown up, and they've paid off their mortgage and other debts.

What is the biggest drawback of long-term care insurance?

One of the biggest drawbacks of getting long-term care insurance is the risk of losing all the premiums you have paid over the years. If you end up not needing long-term care services, you won't be eligible for coverage. This means the money you've spent for coverage goes down the drain.

What age buys the most life insurance?

Gen X (ages 44-59) and Baby Boomer (ages 60-78) claim the highest percentage of ownership at 55 percent and 57 percent, respectfully. Millennial and Gen X generations are significantly more likely to own term life insurance when compared to younger and older generations.

What is the best candidate for LTC insurance?

Your clients should consider purchasing long-term care insurance as early as possible. In order to maximize insurability and any potential health rate discounts, we recommend a target age range between 45 and 65.

At what age does life insurance get more expensive?

Typically, the premium amount increases, on average, about 8% to 10% for every year of age; it can be as low as 5% annually if your 40s, and as high as 12% annually if you're over age 50. With term life insurance, your premium is established when you buy a policy and remains the same every year.

What year does insurance get cheaper?

The most substantial reductions in auto insurance rates typically come as teen drivers get older, usually when they hit 18 or 19 years old. Rates continue to decline as you age, particularly once drivers pass the age of 25.

Does car insurance go up when you turn 70?

Car insurance rates start to rise once you get into your mid-70s, according to Progressive data. As previously stated, this may be due to older drivers having a higher risk of getting into accidents, as well as being more prone to injury as a result of a crash.

Is 65 too old to buy long term care insurance?

The bottom line. Long-term care insurance is worth considering, even if you're 65 years-old. In fact, if you're 65, it's important that you purchase a policy as soon as possible. After all, long-term care insurance protects your ability to choose the care you receive and where you receive it.

What does $9.95 a month get you with Colonial Penn?

What does Colonial Penn provide for $9.95 a month? Colonial Penn provides burial insurance coverage for $9.95 a month. This policy guarantees coverage for funeral expenses as long as premiums are paid.

What is the best age for term life insurance?

At what age is term insurance best? Individuals between the ages of 18 and 65 can purchase term insurance. However, as you enter your 20s, it is the ideal time to get into the insurance market and avail financial protection for your family members.

At what age should you stop paying life insurance?

Life insurance can provide peace of mind at any age, but isn't always necessary after age 60. To see if you need life insurance, assess your family's needs, your financial resources and assets, your outstanding debts and your long-term financial goals.

What life insurance companies don t tell you?

7 Things Insurance Companies Don't Want You to Know
  • Profit Over Protection: The Fine Line. ...
  • The Claim Game: A Complex Web. ...
  • Hidden Exclusions: Reading Between the Lines. ...
  • Rate Hikes: The Silent Squeeze. ...
  • Underwriting Secrets: The Power of Information. ...
  • Discounts, but at What Cost? ...
  • The Myth of Total Coverage: Gaps and Ambiguities.

Who is term life insurance best for?

Reasons to consider term life insurance

You don't need lifelong coverage: If you only need financial protection for a certain number of years, say while your kids are still dependent on you, then term life insurance may be the right fit for you.