The age of an adult person and life insurance premium at the time of taking an insurance
under a plan.
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Your age is one of the primary factors influencing your life insurance premium rate, whether you're seeking a term or permanent policy.
Typically, the premium amount increases average about 8% to 10% for every year of age; it can be as low as 5% annually if your 40s, and as high as 12% annually if you’re over age 50.
With term life insurance, your premium is established when you buy a policy and remains the same every year. With whole life insurance, the premium rises every year.
Age also affects whether a person will qualify for life insurance coverage at all, with qualifying medical exams getting increasingly stringent.
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