4.9
4.9/5
on Google and Facebook!

Compare Life Insurance Rates by Age: Charts

3 minutes can save you hundreds. Enter your age below and join thousands of Canadians saving on life insurance.

Secure. No Spam. No Fees.

Why You Can Trust MyChoice

MyChoice serves as an independent intermediary between you, financial institutions and licensed professionals without any additional charge to our users. In the interest of transparency, we disclose that we partner with some of the providers we write about – we also list many financial services without any financial gain. MyChoice does not operate a financial institution or brokerage and to ensure accuracy, our content is reviewed by licensed professionals. Our unique position means that we hold no recurring stake in your policy, ensuring our mission to help Canadians make better financial decisions is free of bias or discrimination. 

sun life logo
Manulife
IA Financial Group
Desjardins
canada life logo

How to Compare Life Insurance Quotes with MyChoice

Comparing life insurance quotes with MyChoice is as simple as it gets:

Share Your Life Insurance Needs

Tell us what you want out of your life insurance.

Shop for the Best Deals​

Compare life insurance quotes from the best Canadian insurers.

Secure Your Rates​

Pick the best deal and lock your rates on our site.​

How MyChoice Works

0

Canadians

have compared rates and saved money over the last 24 hours
Secure. No Spam. No Fees.
Article Contents
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated on October 21, 2024

Visit author page
Picture of By <span>Matthew Roberts</span>
By Matthew Roberts

Updated October 21, 2024

Visit author page

5 minute read

Article Contents

Life insurance can be a safety net for you and your family, helping you provide for their financial security when you’re gone. One of the most significant factors influencing life insurance premiums is age, and understanding how age affects rates for different policy types can help you make informed decisions about your coverage options.

Are there age limits for life insurance? Learn more about life insurance rates by age and what type of life insurance policy you should get depending on how old you are.

Life Insurance & Age at a Glance

  • Younger applicants have lower premiums: Generally, younger applicants pay lower premiums compared to older applicants. This is because younger people are statistically less likely to experience health issues or die prematurely.
  • The minimum age for getting life insurance in Canada is 18 years old: You have to be at least 18 to purchase a policy. While some companies offer life insurance coverage to minors, these typically require a parent or a guardian to be the policyholder.
  • Life insurance companies may impose age limits: While there’s no strict upper age limit for getting life insurance, many life insurance providers impose restrictions on coverage for people over 70 or 75 years of age. Policies available to senior citizens often have limited coverage amounts and come with higher premiums.

Term 10 Life Insurance Rates by Age

Age GroupMonthly Premium (Male)Monthly Premium (Female)
20-29$20.46$14.72
30-39$21.03$15.41
40-49$26.29$20.10
50-59$55.97$39.55
60-69$156.22$108.62
Based on a $500,000 coverage for a policyholder in Ontario, a non-smoker

As seen in this 10-year term life insurance rates by age chart, premiums increase significantly as individuals age. Notably, males typically pay higher rates than females due to differences in life expectancy.

If you’re in your 20s or 30s, locking in a term 10 policy can be an affordable way to secure coverage while you’re young and healthy. For those approaching their 50s or older, consider evaluating your financial responsibilities and whether a longer-term policy may be more beneficial.

Term 20 Life Insurance Rates by Age

Age GroupMonthly Premium (Male)Monthly Premium (Female)
20-29$26.98$19.41
30-39$27.60$20.86
40-49$42.15$32.56
50-59$107.40$77.45
60-69$320.82$241.73
Based on a $500,000 coverage for a policyholder in Ontario, a non-smoker

As seen in this comparison of 20-year term life insurance rates by age chart in Canada, the trend continues: premiums rise sharply as age increases. Interestingly, the gap between premiums for male and female applicants widens in older age groups.

For those in their late 30s or early 40s, this type of policy could provide a good balance of coverage duration and affordability. If you’re nearing retirement age, consider how your financial obligations will change and whether you still need extensive coverage for your beneficiaries.

Term 30 Life Insurance Rates by Age

Age GroupMonthly Premium (Male)Monthly Premium (Female)
20-29$31.57$23.47
30-39$40.67$31.06
40-49$79.58$61.57
50-59$211.20$154.22
60-69N/AN/A
Based on a $500,000 coverage for a policyholder in Ontario, a non-smoker

For applicants over the age of 60, securing this type of term life insurance policy can be challenging because of the increased risk factors associated with aging.

If you’re under 40 and have long-term financial commitments like a mortgage or your children’s education, a 30-year term policy can offer extensive protection at a relatively low cost. However, older applicants may need to explore shorter-term options or permanent policies.

Whole Life Insurance Rates by Age

Whole life insurance costs differ depending on personal risk factors, making it tricky to compare whole life insurance rates by age in a chart, but here are some sample quotes taken in July 2023:

Policyholder ProfileCoverage AmountAnnual  and Monthly Price
40-year-old non-smoking female$150,000$1,133 (approximately $94.42 per month)
50-year-old non-smoking male$300,000$4,063 (approximately $338.58 per month)
35-year-old non-smoking male$500,000$3,291 (approximately $274.25 per month)

Whole life premiums are significantly higher than term options because of the lifelong coverage and cash value component. It can be a good investment for younger individuals who want to build cash value and have lifelong security, but older applicants should consider whether the high rates align with their financial goals.

Universal Insurance Rates by Age

Universal policies combine flexible premiums with lifelong coverage and cash value accumulation. It’s hard to estimate how much you’ll pay for universal life insurance because age is only one of the many variables affecting your rates. However, we can provide estimates based on specific situations, such as these monthly rates for non-smoking males and females aged 30 to 50.

Coverage amountNon-smoking MaleNon-smoking MaleNon-smoking MaleNon-smoking FemaleNon-smoking FemaleNon-smoking Female
Age 30Age 40Age 50Age 30Age 40Age 50
$250,000$121$183$286$104$160$252
$500,000$223$353$559$194$309$489
$1,000,000$439$698$1,107$380$610$968

Universal life insurance can be appealing to younger individuals who want more flexible coverage options. However, as you approach retirement age, consider reassessing your needs and choosing simpler term options as this policy type gets costly as you age.

How Life Insurance Companies Calculate Your Premiums

Understanding how life insurance companies calculate premiums is essential for anyone considering a policy. Premiums are not a one-size-fits-all cost – they are determined based on various factors that assess the risk associated with insuring an individual.

Insurers use statistical models and actuarial data to evaluate those risks and determine premiums for each applicant accordingly. Here’s a closer look at the key factors that influence life insurance premiums:

Age:

Younger individuals typically pay lower rates because they are statistically less likely to die within the policy term. As you age, the risk of health issues increases, leading to higher premiums.

Health status and family medical history:

Your current health and medical history play a crucial role. Pre-existing conditions, chronic illnesses, or a family history of serious health issues can result in higher premiums.

Lifestyle choices:

Lifestyle factors such as smoking, alcohol consumption, and engaging in high-risk activities like extreme sports can significantly impact your premium.

Gender:

Statistically, women tend to live longer than men even with adjustments for health expectancy, leading to lower premiums for female applicants. Insurers consider gender as part of their risk assessment when calculating rates.

Occupation:

Certain jobs carry higher risks than others. For instance, applicants in hazardous professions like firefighting or construction may face higher premiums compared to those in less risky jobs.

Coverage amount and type:

Higher coverage amounts result in higher premiums. Additionally, the type of policy—term versus permanent—will influence costs, with term policies generally being more affordable.

Credit history:

Some insurers may consider your credit score as part of their risk assessment process. A better credit score can lead to lower premiums, as it may indicate responsible financial behavior and a strong likelihood that you’ll pay your premiums in full on time.

What Can You Do to Save Money on Life Insurance?

If you’re reluctant to get coverage because of the cost of life insurance premiums, fret not. Here are some strategies you can try to save money on life insurance:

Buy life insurance while you’re still young:

Because younger people are less likely to experience health issues or die prematurely, they often qualify for lower rates. You can lock in that lower premium rate for the duration of the policy, leading to significant savings over time.

Maintain good health:

Insurers typically offer lower premiums to applicants with better health records. Avoid smoking and moderate your alcohol consumption, maintain a healthy weight, and exercise regularly to positively impact your health profile.

Consider getting a term policy instead of permanent life insurance:

Insurers typically offer lower premiums to applicants with better health records. Avoid smoking and moderate your alcohol consumption, maintain a healthy weight, and exercise regularly to positively impact your health profile.

Shop around:

Use an insurance aggregator like MyChoice to compare quotes from different life insurers to save you time and find the best rate available.

Review coverage needs regularly:

As your financial situation changes, reassess your coverage needs to avoid overpaying.

Consider policy features:

While price is essential, you should also compare the features and benefits of each policy. Sometimes a slightly higher premium may offer better coverage or additional benefits that could save you money in the long run.

FAQs

What is the average monthly cost of life insurance in Canada?

The average monthly cost of life insurance will vary greatly depending on the type of policy chosen and other factors such as age, gender, and family history of illnesses. While it typically ranges from $10 to $300, your own quote may differ depending on those factors.

What’s the best age to get life insurance?

The best age to get life insurance is generally around your late twenties or early thirties. This is because at this age, you are likely to have stable employment to help you cover the cost of life insurance. Life insurance premiums also tend to be lower for this age group as they tend to have better health prospects.

How long should you get life insurance for?

Generally, the length of your life insurance policy should align with covering your financial obligations, such as a mortgage or future college tuition. If you don’t opt for permanent life insurance, you can choose from common term lengths like 10, 20, or 30 years depending on your individual needs.

Should a 75-year-old have life insurance?

Yes, a 75-year-old should have life insurance. Senior citizens still benefit from life insurance by having a safety net to cover final expenses or provide financial support for loved ones.

Is 60 too old to get life insurance?

No, 60 is not too old to get life insurance. However, options may be limited and may come at higher premiums compared to younger applicants.

Congratulations! You made it to the end!

Now, here is the easy part: complete your quote in under 2 minutes
Secure. No Spam. No Fees.

Discover More About

Inflation affects every facet of daily life, including the value of your life insurance policy. Learn more about how inflation interacts with life insurance.
Looking for a flexible insurance policy that can help you meet your financial goals? Learn how variable life insurance can be used to your advantage.
What’s the best life insurance plan for a married couple? Does having children affect your life insurance needs? Read on to learn more.