Rates are dependent upon many factors as discussed above. Besides age, underwriting companies consider other factors like your chosen type of coverage, health class, lifestyle and gender.
Life insurance rates increase as you age because advanced age generally corresponds to health complications or a shorter life expectancy. Since insurance companies assume a greater risk of having to pay a death benefit, older applicants can expect to pay higher premiums.
With every birthday, your potential rate for a new life insurance plan increases as you get closer to your life expectancy. However, your rate for coverage is locked in at the time of purchase.
If you want affordable coverage, a general guideline to buying life insurance is the earlier, the better. It may benefit you to speak with a licensed insurance agent or financial professional about the best time to buy life insurance based on your specific circ*mstances and financial goals.
