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Fidelity Life: Life Insurance Online Rates by Generation

We understand that trying to find the best life insurance policy for your family can often seem like a tedious process. We hope to help streamline your efforts, saving you time and money.

It’s no secret that life insurance rates can vary greatly depending on health and age, from Millennials to Baby Boomers. Curious about what online rates look like for each generation? You’re not alone.

Many cite affordability as an issue regarding life insurance, yet many Americans also vastly overestimate the cost nearly three-fold, according to LIMRA. This article breaks down average online rates for generations, from those that find ease at a young age to costs for life insurance with no medical exam for older generations.

How are Life Insurance Rates Calculated?

Age is not all the insurance companies will evaluate when determining your life insurance price. Many other aspects of the life insurance underwriting process will also determine what your life insurance will eventually cost you. Some of the factors below:

  • Age (life insurance age)
  • Gender
  • Tobacco use
  • Your general overall health
  • Hazardous activities and occupations
  • Family history
  • Type of coverage: term or permanent life insurance
  • Death benefit desired

Why Life Insurance Rates Varies by Generation

Several factors influence life insurance rates. Though briefly mentioned above, a lot goes into how life insurances each individual’s situation. This can include financial means and needs, the number of dependents, coverage amounts, and, most impactful, the risk.

When a life insurance company chooses to take an individual on as a client, they are on the hook for a payout should that individual die while the policy is in force. Monthly premium payments help cover some of the policy pay out over a pre-determined term or one’s entire life. However, if a person were to die prematurely, the life insurance company would most likely take a financial hit when it comes time to pay the benefit amount.

In other words, the risk that is associated with age can be broken down into generations. If a person is older and classified as a Boomer, they will present more of a risk when purchasing their policy than someone who is a Millennial, relatively young, and healthy. Less risk equates to better rates!

How Rates Increase

Typically, rates can increase up to 10% with each year of age. While this can seem insignificant if monthly premiums start low, it can make a big difference over time. For example,  a life insurance quote for a 20-year-old might be $100 a month, but they might expect to pay $200 at 30 and so on.

Life Insurance Costs for Millennials

Millennials can find rates online that vary depending on gender and other factors. For example, prices for a 25-year-old for a 20-year, $500,000 term policy can range from $27 to roughly $234 per month. However, if opting for a cheaper policy, for example, $250,000 coverage, the premium amount will likely be reduced. Alternately, policy amounts of $1,000,000 may go up to $70 for a 40-year-old.

Life Insurance Costs for Baby Boomers

The cost of life insurance coverage undoubtedly rises across generations and even as often as annually Baby boomers were born between 1946 and 1964. A 60-year-old falls within this generation, and for a 20-year term policy with an amount of $500,000, the monthly cost can be as much as $272 per month! Looking for a bigger policy? Expect to pay upward of $539 for a monthly premium.

Buying Life Insurance with Fidelity Life

When searching for a life insurance option that fits your coverage needs and budget, consider Fidelity Life. Fidelity life offers life insurance with no medical exams and the option for seniors to purchase term life insurance, guaranteed issue life insurance, and final expense insurance – all uniquely tailored to each individual’s needs.

Fidelity Life offers no medical exam life insurance, Life insurance shoppers can discuss their options with an agent or shop for online life insurance quotes. Shoppers just need to answer a few questions before being matched with a policy that suits their needs.

Fidelity Life offers a variety of life insurance policies and makes it easier for people to get coverage. Shoppers can get a quote online or with the help of a licensed agent who can provide guidance through the application and purchasing process.

Contact Information:

Name: Michael Bertini
Email: michael.bertini@iquanti.com
Job Title: Consultant

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