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Applying for Life Insurance Under 50 vs. Over 50

by Scott G on November 21, 2012

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Life Insurance Under 50 vs. Over 50-Do Premiums Substantially Insurance Once You Turn 50?

Life insurance rates are based on life expectancy and not a specific birthday.

Let me show you an example:

A 49 Year old male applying for a $250k 10-year term life policy with Protective Life at the preferred rate class will pay $34.23 a month.

That same policy with Protective will cost $37.24 at 50 years old.

As you can see the rate goes up at age 50, but not by a lot. (It’s about the same % increase from age 50 to age 51.)  The reason the rate goes up is not because you reached that milestone number of 50, but ratherbecause you are one year older.

(The prices for the 20-year term for the same policy with Protective; 50 year old=$250k 20-year term preferred Rate $52.18 month vs. a 49 year old $250k 20-year term $48.24 month.)

With that being said, life insurance rates are based on age and healthThe younger and healthier you are, the less your life insurance policy will cost.  As we age, our health generally won’t be the same as it was when we were young.  So even though the rates won’t automatically jump up at age 50, it is still best to secure a policy while the rates are still affordable and more important, you are eligible.


P.S. Most life insurance companies today go by your closest age not your actual birthday.   It’s called “nearest age.”  If you have any questions please give me call or send me an e-mail.

*The information in this article is for informational purposes only and is not a guarantee of rates and insurability.  Rates and eligibly are subject to the underwriting guidelines of the insurance companies and the state in which you live. 

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