Whole life insurance, or permanent life insurance, is a policy that can be affected by age along with a number of other factors. It is also a contract between you and your insurance provider. To maintain this policy, you agree to pay a monthly premium in exchange for a payout to your listed beneficiaries in the event of your passing. As long as you pay your premiums on time, you guarantee some financial security for your family.
The amount you pay in monthly premiums can vary by person and insurance provider, and it’s important to work with an insurance agency that can shop around and quote whole life insurance rates by age. There are several factors that affect your premium rate, including health, occupation, smoking and drinking habits, gender, and lifestyle; still, the age of the policyholder holds the most weight.
Why Age Matters with Life Insurance Coverage
Overall, whole life insurance rates will typically increase with age. In recent years, premium rates have been known to increase each year by 5-8% in your 40s and by 9-12% each year over the age of 50. For instance, a healthy 40-year-old man might pay $350 a year for life insurance, while a healthy 50-year-old man in the same policy might have to pay $1,000 a year. While your health insurance provider will work with you to limit this increase, it’s important to maintain your health and well-being as best you can.
The best way to find more accurate whole life insurance rates by age is to contact one of our knowledgeable, licensed representatives at HealthMarkets Insurance Agency. Your local life insurance agent is a valuable resource to help you determine which policy type is suited for your family’s needs and budget.