Guides
What term life insurance costs by age
Why term premiums climb with age, with dated government rate schedules (VGLI, IRS Table I) as illustrations of the slope and what they do and do not tell you.
Term life premiums rise with your age at purchase, slowly at first and then steeply after about 45, because the chance of dying rises every year. No single price table applies to everyone, since health, tobacco use, sex, term length and insurer all shift the number, so this guide uses dated government rate schedules to show the slope and explains how to get a real figure for your own case.
Why age is the biggest driver
Insurers price term coverage from mortality tables and then adjust for health. According to the Social Security Administration's 2023 period life table (used in the 2026 Trustees Report), a 35-year-old man has about a 0.26% chance of dying within a year, a 55-year-old about 0.75% and a 65-year-old about 1.65%. The risk roughly triples between 35 and 55 and doubles again by 65. A premium has to cover that risk plus the insurer's costs, so older buyers pay more even for the same amount and term.
Because a level premium is set at purchase, your age on the day you buy fixes your price for the entire term. Buying at 30 locks in a 30-year-old's rate for 20 years; buying at 40 locks in a 40-year-old's. That is the core of the cost of waiting to buy life insurance.
Rate schedules that show the slope
A caution first: published rates from a government program are a way to see the shape of age pricing, not a quote for a commercial policy. This guide does not list commercial prices, because they change often and vary by company, class and state. Two public schedules are dated and sourced.
VGLI. The U.S. Department of Veterans Affairs sets monthly premiums for Veterans' Group Life Insurance by age band. As of July 1, 2025, the monthly premium for the $500,000 maximum is (VA.gov):
| Age band | Monthly premium for $500,000 | Multiple of the under-30 rate |
|---|---|---|
| 29 and under | $30 | 1.0x |
| 30 to 34 | $40 | 1.3x |
| 35 to 39 | $50 | 1.7x |
| 40 to 44 | $70 | 2.3x |
| 45 to 49 | $95 | 3.2x |
| 50 to 54 | $145 | 4.8x |
| 55 to 59 | $250 | 8.3x |
| 60 to 64 | $425 | 14.2x |
| 65 to 69 | $690 | 23.0x |
| 70 to 74 | $1,075 | 35.8x |
| 75 to 79 | $1,925 | 64.2x |
| 80 and over | $2,200 | 73.3x |
Reading the table: a decade of waiting from 40 to 50 moves the premium from $70 to $145, roughly double. The next decade, from 50 to 60, nearly triples it again. VGLI is renewable group coverage with its own pricing rules and is not designed to match the commercial term market, where level pricing over a fixed term works differently, but it shows why waiting is costly.
IRS Table I. The tax rules for employer group-term life insurance over $50,000 use a schedule of monthly costs per $1,000. For 2026, the rates are $0.06 at ages 25 to 29, $0.09 at 35 to 39, $0.15 at 45 to 49, $0.43 at 55 to 59, $0.66 at 60 to 64 and $1.27 at 65 to 69 (IRS Publication 15-B). The IRS designed these to value a taxable benefit, not to price policies, but the pattern matches: little change in the 20s and 30s, then a steep rise.
What the age curve means for a buyer
- Your 20s and 30s are the cheap years. The gap between a 25-year-old and a 35-year-old is small in dollars. See term life insurance in your 20s and 30s.
- The 40s start to bite. Prices rise faster and health conditions begin to appear in underwriting.
- After 50, each year costs more and options narrow. See term life insurance after 50 and term life insurance at 60 and beyond.
- Term length multiplies the effect. A longer term means covering older ages, so the 30-year premium at any buying age is higher than the 10-year premium. The SSA table puts a 35-year-old man's chance of dying within 10 years at about 3.1% and within 30 years at about 17.7%. The odds of outliving your term shows the comparison for your own age.
Other factors that move the number as much as age
Age is only the start. what affects the cost of life insurance covers the full list, but the largest are:
- Rate class. A preferred nonsmoker pays far less than a standard-class applicant at the same age, and a tobacco user pays much more. See life insurance rate classes: preferred plus to substandard.
- Sex. Women live longer on average and usually pay less; see why women pay less for life insurance.
- Amount and term. More coverage and longer terms cost more in total, though not in proportion.
- Insurer. Differences in underwriting and pricing mean two companies can quote the same person differently, which is why comparison matters; see how to find the cheapest term life insurance.
How "age" is counted
Many insurers price from your age at the nearest birthday, so your insurance age can tick up months before your actual birthday. If your birthday is within about six months, ask whether a different date would lower your age; some companies also allow backdating to save age, within limits. See age nearest vs last birthday: why your insurance age rounds up and backdating a life insurance policy to save age. This can make a small difference in the premium that lasts for the entire term.
How to get a real number for your age
- Decide the amount and term. The How much life insurance do I need? and How long a term do I need? help.
- Collect three or more quotes from different insurers on identical terms, with the right tobacco status.
- Record them on the life insurance quote comparison worksheet, and compare the guaranteed premium rather than a headline range.
- Ask what the age-60 or age-70 version would cost if you wait, to see the true cost of delay for your situation.
A hypothetical comparison
Say a healthy nonsmoker gets quotes at 30 and again at 45 for the same $500,000, 20-year term. The 45-year-old's monthly premium will be a multiple of the 30-year-old's, and the policy bought at 30 ends at 50 while the one bought at 45 ends at 65. This guide gives no dollar figures for that comparison because none would be a real market price; the VGLI table above shows the general ratio, and real quotes give you the actual one.
Key takeaways
- Term premiums rise with age because mortality rises; the curve is gentle in the 20s and 30s and steep after about 45.
- A government schedule such as the VA's VGLI premiums (as of July 1, 2025) shows the slope: the premium for $500,000 rises from $30 a month under 30 to $425 at 60 to 64.
- Those schedules are not quotes for commercial term; use them for the shape of the curve and get real quotes for your own price.
- Your age at purchase fixes a level premium for the whole term, so buying earlier locks in a lower price.
- Health, tobacco use, term length, amount and insurer can matter as much as age, so compare identical policies from several companies.