The Truth About Life Insurance Rates

An extra $10 per month may not seem like much, but when you multiply that by 30 years it’s an extra $3600. Just a few minutes of shopping rates can save you thousands over the length of your policy. Like most people shopping for life insurance, you are likely someone over the age of 45 that has put it off until now. Maybe this is your second or third time giving it a go, and you are fed up with all the calls, emails, and texts you get when you give a website your contact information.

If only there was a way to see actual rates without being swarmed by agents…

Well, today is your lucky day. The free tool below allows you to see life insurance rates without giving up your email or phone number. But what about company reputation? Don’t I need to go with the most highly rated company? Shouldn’t I go with a more expensive option if the company is more well-known? Let me tell you a little secret.

All of the well-known insurance companies have outstanding financial ratings. Chances are, if you recognize the name, they have good financial ratings. Now, that does not mean you should not check to confirm this, but you get the idea.

This tool is ideal for financially savvy people who see life insurance for what it is, a commodity. All of the companies you see on this rate calculator have strong financial ratings.

Why Should You Listen to Us?

NoExam.com has been in business since 2013. As a small business, we have helped over 10,000 families purchase life insurance. We have over 1,000 verified 3rd party reviews and maintain a score of 4.8 out of 5.

Our philosophy is to go above and beyond without any expectation for something in return.

Factors that Determine Life Insurance Rates

Rates are calculated by factoring in an applicant’s age, gender, height, weight, and overall health.

The rate charts on this page represent the starting point, age, gender, height, and weight to determine the rate class. Rate classes are typically labeled as:

• Preferred Plus
• Preferred
• Standard
• Rated

After using the quote calculator listed above, when an acceptable quote is offered, users can click "apply" to begin their application. Once the application begins, the applicant will need to answer some health questions to determine health classification. These questions involve family history and any current or past medical conditions.

Having a medical condition like high blood pressure can move you to the next health class. A family history of heart disease or cancer before the age of 60 can also affect an applicant’s class.

Term Life Insurance Calculator

Use the term coverage calculator to determine how much coverage to get. A good rule of thumb is to have at least seven to 10 times the annual income of the household’s main financial provider in life insurance coverage.

The answer to the question of how much coverage varies and is based on many of factors. When determining the amount of coverage, consider the size of the applicant’s family, as well as their future needs, such as college tuition or wedding expenses. Also to be considered are any debts, such as a mortgage. Adding all these expenses up will give an idea of how much life insurance that family will need.

Pick a Term Length

The right term length is one that provides coverage while it is needed most. A 30-year term will provide the best value but may not be the right option, given the situation.

When choosing a term length, consider age and insurance needs. A 30-year policy term makes more sense if it is affordable. This is because the older an applicant gets, the more expensive a life insurance policy costs. A 30-year term policy at age 40 is cheaper than a 20-year term policy at age 50. Most importantly, the policy must meet the needs of the insured and be affordable.

Whole life insurance, on the other hand, specifically its cash value component, is confusing to many people. It is also more expensive, which is why we almost always recommend term.

Life Insurance Rates by Age

• Rates by Age 18-29
• Rates by Age 30-39
• Rates by Age 40-49
• Rates by Age 50-59
• Rates by Age 60-69

Below are sample term life insurance rates by age for comparison purposes. The rates are broken up by term length, gender, age, and coverage amounts. We recommend you use this comparison tool to compare actual rates from the best life insurance companies.

Average Cost of Life Insurance - How Much Does Term Insurance Cost?

Term insurance can cost as low as $10 per month or as high as $500+ per month depending on age, term length, coverage amount, and overall health. The charts below provide average rates for a 30-year old woman in good health. See our page on the average cost of life insurance.

It is important to note once you buy a term life policy, the rates do not increase over the term period of the policy.

* These life insurance rates are for a healthy 30-year-old female. An older female can expect higher rates. Use our comparison tool for a personalized quote.

10 Year Term Life Insurance Rates By Age

A 10-year term policy usually has the lowest rate. It will offer a level premium for 10 years. Once the initial 10 years is up, the premium will rise annually if the policy is renewable.

15 Year Term Life Insurance Rates By Age

A 15-year term policy is similar to the 10-year term in that it is usually one of the more affordable term lengths. It will provide coverage for 15 years at a level premium. Once the initial 15 years has passed, the premium will rise annually if the policy is renewable.

20 Year Term Life Insurance Rates By Age

A 20-year term policy our most popular term length. It will provide coverage for 20 years at a level term premium. After the initial period of 20 years, the premiums will increase annually.

30 Year Term Life Insurance Rates By Age

A 30-year term offers the longest term coverage. Like the above-mentioned term lengths the 30-year term will offer a level term premium for the first 30 years, and after this initial period of can renew annually up to age 95 depending on the policy.

UL Universal Life Insurance Quotes

Universal life, or sometimes called lifetime coverage, is a policy that offers a level premium for life. A universal life policy will offer coverage to up to age 121. The death benefit is fixed.

Life Insurance Pricing Study

In a recent study, we analyzed over 100,000 quotes that were requested on our website. The results are significant, but not surprising. The longer you wait to buy it, the more it will cost you in monthly premiums. But what is more surprising is that 60% of shoppers are waiting to get life insurance until after the age of 45. This is the problem that we are working to solve. Helping to raise awareness on the importance of life insurance. If you have financial dependents, get some type of coverage in force. As you are about to find out, you get the most bang for your buck by buying it younger.

As part of our research, we asked nearly 4,000 people to guess their price. The results were surprising. Of the group, 94% of the answers came nowhere close to the actual price of life insurance. Our research shows that Americans have no idea how much term life insurance should cost.

After 3,953 guesses 16% guessed too high, 78% guessed too low, and 6% guessed correctly.

The data shows that the price increases with age.

Overall Price Increases Ages 20 -70

An important thing to note is that this is for monthly premium. The total cost of a life insurance policy bought at age 30 vs age 45 could end up being the same if you are in perfect health, because as you age, your needs decrease (both term length and coverage amount). You'll be paying a higher rate but for a lesser amount of time.

The reason we show the prices in monthly premium is because most people do their budgets on a monthly basis. Cash in, cash out. If your income increases along this same curve you won't feel a squeeze. If it doesn't, you will certainly be feeling it when you go to buy coverage later in life.