If you’re here, we’re guessing things are getting pretty serious—you might even be thinking about taking your relationship with term life insurance to the next level. We’re all for that.

And get this: Term life insurance rates are mainly based on two factors—your health and your age. So, it really does pay to get it now instead of later! In fact, age plays such a big role in setting your rate that estimating how much you’ll pay for coverage is pretty easy based on that alone. We’ve put together a chart of term life insurance rates by age so you can get an idea of how much it will cost you if you get it now versus later.

And here’s our recommendation for pretty much everybody: Get it now! Especially if anyone depends on your income. There’s no reason to put off having the peace of mind that goes with knowing your family’s taken care of.

While it’s true you’ll pay less for term life insurance the younger you are, it’s also true that term life is always going to be a way better deal than any form of whole life insurance. We’ve crunched the numbers for 2024. So why not find your age in our charts below to get an idea of your monthly cost?

Let’s get into it.

Term Life Insurance Rates by Age

Like we said, age plays a huge role in pricing for term life policies. If you’re wondering why, it’s simply because your probability of dying goes up as you age. Fun thoughts.

Of course, there are other factors as well. A few more things insurance companies look at to calculate a term life rate include:

• Whether you use tobacco: Rates are higher—sometimes double—for smokers.
• Your health: Eat those peas!
• Your gender: Men have shorter life expectancies because they tend to take risks and work more dangerous jobs, so their rates are higher in general, regardless of age.

We used our Term Life Estimator to find the average rates for term life policies based on age. Let’s look at how much you’d pay per month as a nonsmoker for a $1 million policy in several different yearly coverage terms.

Term Life Insurance Rates by Age and Term Length for Men*

_{*Monthly rates reflect the average price of $1 million in coverage for nonsmokers. Data is based on a 5’9”, 150 lb. male with a January 1 birthday. Data assumes health rating of good. Actual prices may vary based on health class.}
 

Term Life Insurance Rates by Age and Term Length for Women*

_{*Monthly rates reflect the average price of $1 million in coverage for nonsmokers. Data is based on a 5'4", 125-lb. female with a January 1 birthday. Data assumes health rating of good. Actual prices may vary based on health class.}

As you can see, there’s no time like the present to get a good term life insurance rate locked in. In fact, with each passing year, the cost of getting a new policy rises just a bit. And then it really shoots up in your 50s!

Check out how much a 20-year-old can expect to pay for a new policy of any length and compare those numbers to the average rates for a 50-year-old. Depending on the term, you’re talking about double, triple or even quadruple the monthly payment. Ouch.

On the other hand, if a 30-year-old guy—let’s call him Jesse—gets his policy in place today, and opts for a 25-year term, he’ll pay $58.50 a month for coverage . . . and that price will be the same when he’s 45! And if Jesse waits to buy until he’s 48? The same term of coverage will cost him a whopping $202.50 a month. (By the way, that number will actually be even higher because that’s the number he’d pay if he was 48 now. In 18 years, inflation will have pushed prices up even more.) It really does pay to buy now.

What about a 40-year-old woman—let’s call her Jesse—shopping for 25-year term life insurance rates? Although she could have gotten in on cheaper rates when she was newly married 20 years ago—and we all wish she had—she still has time to get a pretty good deal at $78.50 a month for coverage that will last her into retirement. But compare that to the same policy value purchased at 60—the average monthly cost shoots up to $540! Let’s hope Jesse’s already self-insured by that point because not many people can afford to pay thousands a year for life insurance.

The beauty of term life coverage is that so long as you keep up with the premium payments, the price is locked in for the life of the policy. That’s why time is of the essence. 

 Do You Need to Buy Term Life Insurance?

In most cases, you do need term life insurance. Here are some of the reasons you would need term life insurance in place today:

• You have someone who depends on your income for their daily expenses.
• You have outstanding consumer debt, student loans or a mortgage.
• You’re not self-insured yet. (Self-insured means you have so much money saved in investments that it grows enough each year to replace your income.)

The truth is that most young people (and many people of all ages) check at least one, and probably all three, of those boxes. So, if that list describes your financial reality, life insurance is a must-have for you.
 

How Does Term Life Insurance Help Me?

Life insurance has one job, and one job only: to replace your income when you’re gone. That’s it! Dealing with the death of a loved one is always hard—it shouldn’t be compounded by new financial burdens for the survivors. Life insurance is a key protection for your family and your entire financial legacy.

The great news is there’s no better or more affordable way to replace your income than through a term life policy. While the length and amount of the policy are ultimately up to you, we always recommend getting a policy that’s 10–12 times your annual income. And for most people, a term of 15 or 20 years does the job.

Here are a few things to think about as you decide what’s best for you:

• How long do you expect to have children or other dependents needing your income for their daily expenses? If you have toddlers today and don’t expect any more children to come along, a 15-year policy might make sense for you. Or if you just welcomed your first baby and expect to have more, consider a 20-year policy. 
• How long do you think it will take to build up your retirement accounts to a point where they can annually replace your salary? There’s no way to predict this for sure, but the further along you are in your wealth-building journey, the shorter your path to self-insurance.

Get Term Life Insurance in Place Today

No matter your age, it’s very likely you need a cheap term life policy with a fixed rate to give yourself and your whole family peace of mind. As a reminder, that means coverage that’s 10–12 times your income and a term that’s 15–20 years in length.

The goal of term life insurance is not to make your family rich. The goal is to replace your income if you die. When you buy life insurance, you’re providing ahead of time for the possibility of a very hard event in the future. But no matter what, keep working the Baby Steps and invest wisely when you’re ready.

If you’re in the market for new life insurance or want to talk to an expert, we recommend RamseyTrusted provider Zander Insurance. They’ve been serving Ramsey fans for over 20 years.

Christine R. already had term life insurance (way to go, Christine!), but she decided she wanted to extend her term and got her new policy through Zander.

“My annual premium is $35 less with $150,000 more coverage!” she said in the Ramsey Baby Steps Facebook Community. “Zander was great to work with!”

Don’t let another day go by without being protected.