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Term life insurance is one of the most important investments you can make, providing the resources your loved ones will need if something happens to you. When calculating rates, insurers weigh several different factors, including your smoking habits, medical history, occupation, and especially your age. Because insurance premiums are based on the company’s risk, these rates only go up as you get older.

Age & Term Life Insurance Premiums

While accidents and sudden illnesses can happen at any time, insurance companies know that older people are prone to more serious medical conditions. Based on the assumption that younger people will be able to pay longer, insurers charge this group significantly lower rates.

term life insuranceFor instance, someone in their 30s may be able to get up to $500,000 in coverage for just a few hundred dollars per year, while someone in their 50s could pay twice as much for the same policy. Because of these significant discounts, many insurance experts recommend taking advantage of affordable rates when you’re still young and healthy.

Locked-In Rates

Term life insurance policies provide coverage for a specified period, during which your rates are locked in. So, if you purchase a 20-year policy at 30 for $200 per year, that rate will remain in effect for the duration of the term, regardless of your health status or age. Purchasing the same policy just 10 years later can mean paying hundreds of dollars more every year, which can add up to thousands over the life of the policy.

 

With over 30 years of experience and a broad range of policies from one of the nation’s leading carriers, David R Johnson Insurance specializes in helping you protect what matter most. Their team of experienced insurance professionals in Beech Grove, IN, will take the time to evaluate your needs and recommend a policy designed to meet them, providing peace of mind for you and your loved ones. To request your free term life insurance quote, call (317) 782-8858 and follow their Facebook for more tips and advice.

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