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How Does Age Affect Term Life Insurance Rates?
If you’re interested in exploring what term life insurance could cost for you, you should contact one of our expert advisors. They can advise you on which type of coverage could make the most sense for you, and it only takes 60 seconds to get started. Or you can apply online, and get coverage in as little as 20 minutes!
Understanding term life insurance involves more than just understanding base numbers and costs. It requires understanding how your unique needs, and those of your loved ones, impact the best insurance options for you.
Many people turn to average term life insurance rates by age to estimate what coverage might cost, helping them plan for the protection their loved ones may need in the future.
To guide you on your path to protection, Blue Cross Life’s team is ready to answer key questions such as: “How much do different policy lengths cost?”, “Do term life insurance rates vary by age?”, “Is there an age limit for term life insurance?”, and “At what age does term life insurance end?”.
Looking at average term life insurance rates can be a helpful starting point in your journey to securing financial protection for your loved ones. However, it is essential to understand the nuances involved in order to find the coverage that best suits your needs.
Average term life insurance rates can vary significantly based on factors such as age, gender, health, and lifestyle. Do you smoke? Do you have any chronic medical conditions? And what about your overall health - are you overweight or diabetic? These factors all come into play when determining your rates.
Let’s look at the chart below for the rates on a $500,000 coverage policy for a female non-smoker, over either a 15-year or a 25-year term:
For comparison, we have also included a chart below with example rates on a $500,000 coverage policy for a male non-smoker, over 15-year and 25-year terms:
As you can see, like with many other factors, the term life insurance rates increase as you age, and the rates are lower for longer-term plans.
When you take into account all the different factors that can impact your potential premiums, it’s easier to see why charting an average term life insurance by age isn’t feasible, since each person’s situation is going to look a little different.
When you’re younger, bouncing back from life’s challenges is usually easier. Injuries tend to heal faster, and common illnesses are generally less of a concern. Younger individuals typically recover more quickly than older adults, who may experience complications if not managed properly.
Because of factors like this, there’s less of a risk that something will happen to you during the term of your coverage, which means it’s possible for Blue Cross Life to offer much more affordable protection.
Although determining average term life insurance rates by age can be complex, most people are able to access term life insurance coverage much more affordably when they’re young; especially for those under the age of 50.
If you’re interested in exploring what term life insurance premiums could be for you at your current age, reach out to one of our expert insurance advisors for more information. Or you can apply online through Blue Cross Life’s Term Life Insurance online platform and get coverage in as little as 20 minutes.
Life insurance policy denials can result from various factors, including pre-existing health conditions, age limits, risky lifestyles or occupations, criminal records, financial instability, obesity or smoking, and incomplete or false information. If denied, you have some options: you can appeal the decision, seek a different insurer, or explore guaranteed acceptance policies, which typically have higher premiums and limited coverage.
That is a great question, and the answer can vary depending on your insurance provider. Many providers typically offer their term insurance coverage until the ages of 70-75.
With Blue Cross Life Term Life Insurance, you can extend that protection up to age 85. This means you can provide financial protection for your loved ones well into your golden years, ensuring they are taken care of in the event of unforeseen circumstances.
This isn’t a question that’s easy to answer for everyone, because each person’s situation is unique. Some people may not realize the value of exploring term life insurance until they’re already seniors.
In addition to this, life circumstances can change unexpectedly. Changes in living or working situations. Growing families. Sudden, unforeseen expenses that add to your debt. These are just some of the reasons why someone may suddenly realize that they need financial protection for those closest to them.
At what age should you stop having term life insurance? The only option that we can think of to answer this in a general sense, is when you’re over the age of 75 and can no longer qualify for a new plan, as a ten-year plan is the term minimum (Blue Cross Life can cover you up to the age of 85, but other insurance companies may not be able to).
Otherwise, there could always be a change in life that justifies finding a term life insurance plan that works for you.
With that said, it’s important to remember that the earlier you get term life insurance, the lower your rates will likely be. So, if you’re looking to find the most affordable, long-term protection, you should consider getting term life insurance sooner, rather than later.
Beyond your actual age, there are a variety of factors that can impact the average term life insurance rates by age. Some of these could include:
These are just some of the medical-related elements that can impact your rates. Some personal and lifestyle factors can also impact the amount of coverage you require, such as:
All of these factors can impact what the best coverage amount for you could be. However, only you can determine exactly what your specific financial needs are, which is why it can be useful to speak with an expert insurance advisor like the ones at Blue Cross Life, to help you figure out how much it would cost.
As you can see, it’s nearly impossible to chart the average term life insurance rates by age for everyone, because each person will have a unique set of personal and financial elements that can impact their rates.
The good news is that if you’re looking for some of the most affordable, reliable, and accessible term life coverage in Canada, you’re already in the right place.
You can easily speak with one of our insurance advisors and get started in just 60 seconds, or apply online through Blue Cross Life’s Term Life Insurance online platform, and you could get coverage in as little as 20 minutes.
With Blue Cross Life, you can protect your family for the future, so you can focus on cherishing time with them in the present.
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Term Life and Critical Illness Insurance products are underwritten by Blue Cross Life and distributed by PolicyMe Corp.
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