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Life Insurance Rates by Age

Life Insurance is an important financial product that helps people protect their loved ones and their future. If you're looking for a way to save money on life insurance, you should consider your age, gender, and the other factors that go into calculating your life insurance premium rates. But Life insurance premium prices primarily depend on the age of the prospect. Life insurance prices typically increase as you get older because, as you get older, you're more likely to have health complications or a shorter lifespan. In this article, we will talk about how age will affect the life insurance premium price and what is the price of life insurance for different ages...Read More

Life Insurance Rates by Age

How Life Insurance Rates Determined by Age

The last birthday of the prospect is taken into consideration while calculating the life insurance premium. It is important to note that the premium changes with each passing year as the risk of mortality increases. It is well known that the mortality rate is higher in the elders when compared to the youngsters; this is due to the older people contracting life threatening diseases and being heavily prone to illness. The resistance power among the old people is less compared to the young people.

Life insurance premium increases with the increase in age of the prospect due to the high mortality ratio which can be observed to increase as the age increases. The life insurance calculator takes the mortality ratio into consideration while calculating the life insurance premium. The higher the mortality ratio, the higher would be the premium charged by the insurance company. Hence, it is advisable to take a life insurance policy at a very young age to reduce the premium at old age as the life insurance premium calculator throws high premiums at old age.

Life Insurance Rates by Age, 20’s

It's important to have life insurance at 20 years old because if something happens to you, your family will be protected financially. It's also important to take into account that there is a higher risk of accidents happening when you are young than when you are older. Another important reason is that it provides peace of mind. If you have a family, it will provide financial stability for them if anything were to happen to you.

Life Insurance is an important investment, which can save you from financial trouble in the future. Insurance is a way of safeguarding your family's future, especially if you are the sole breadwinner. The most common type of life insurance policy for a 20-year-old person would be term life insurance. Term life insurance for 20 years old will cover the insured individual for a specific amount of time, usually until they reach an age specified in the policy contract.

Life Insurance Prices per Year for a 20-Year-Old

Term Total Payout- Rs.10 Lakhs Total Payout- Rs.20 Lakhs Total Payout- Rs.50 Lakhs Total Payout- Rs.1 Crore
10 Years 3584/- 3854/- 4012/- 4124/-
20 Years 3959/- 4087/- 4145/- 4215/-
30 Years 4065/- 4125/- 4254/- 4325/-

*The above-given premium rates are for illustration purposes only*Please refer to our website for the exact premium.

Life Insurance Rates by Age, 30’s

Life insurance is an important financial protection for any person, especially for those who are in their 30s. Life insurance can also be used as a tool to generate income for the insured’s family in the event of death. In your 30s, you may have several financial liabilities, such as a house loan or car loan, etc. Buying life insurance can help you meet your life goals. In case of your unfortunate demise, it will help your family deal with the burden of loans and other financial liabilities.

Life Insurance Prices per Year for a 30-Year-Old

Term Total Payout- Rs.10 Lakhs Total Payout- Rs.20 Lakhs Total Payout- Rs.50 Lakhs Total Payout- Rs.1 Crore
10 Years 4484/- 4587/- 4658/- 4682/-
20 Years 4587/- 4658/- 4678/- 4784/-
30 Years 4678/- 4784/- 4785/- 4875/-

The above-given premium rates are for illustration purposes only*Please refer to our website for the exact premium.

Life Insurance Rates by Age, 40’s

There are several reasons life insurance is important for 40 year old. In India, the 40s are the most financially productive and remunerative periods during their working life. At 40 years old you may have a lot of financial liabilities and additional financial hardships in your life. The necessities are being taken care of by your children, looking forward to furthering education and EMIs are being paid on time, etc. So, At 40 years old, life insurance is the best choice because you have kids who are financially dependent on you, you have to work post-retirement, you have any outstanding debts or loans, you're the sole breadwinner of the family, your wife is dependent on your pension and many other.

Life Insurance Prices per Year for a 40-Year-Old

Term Total Payout- Rs.10 Lakhs Total Payout- Rs.20 Lakhs Total Payout- Rs.50 Lakhs Total Payout- Rs.1 Crore
10 Years 6058/- 6089/- 6124/- 6325/-
20 Years 6117/- 6145/- 6214/- 6425/-
30 Years 6254/- 6298/- 6354/- 6545/-

The above-given premium rates are for illustration purposes only*Please refer to our website for the exact premium.

Life Insurance Rates by Age, 50’s

When you are 50 years old, it is time to start thinking about life insurance. You have a lot of responsibilities and you need to think about your family’s future. Life insurance will provide financial security for your loved ones. There are a variety of life insurance plans for 50-year-old in India. It is important to compare the benefits and premiums before deciding on one plan. The best life insurance plan will be one that covers all your needs, provides the maximum coverage at the lowest price, and has no hidden costs or exclusions.

Life Insurance Prices per Year for a 50-Year-Old

Term Total Payout- Rs.10 Lakhs Total Payout- Rs.20 Lakhs Total Payout- Rs.50 Lakhs Total Payout- Rs.1 Crore
10 Years 12548/- 14875/- 18457/- 20154/-
20 Years 13254/- 16254/- 19785/- 21487/-
30 Years 14857/- 17485/- 20154/- 23587/-

The above-given premium rates are for illustration purposes only*Please refer to our website for the exact premium.

Life Insurance Rates by Age, 60’s

In India, people are living longer and the number of people over 60 is increasing. This is a good thing, as it means that they can enjoy their Golden Years to the fullest. The best life insurance for 60 years old in India would be a policy that offers them a lump sum amount of money after their death. Life insurance will provide financial security for your loved ones. There are a variety of life insurance plans for 60-year-olds in India. It is important to compare the benefits and premiums before deciding on one plan.

Life Insurance Prices per Year for a 60-Year-Old

Term Total Payout- Rs.10 Lakhs Total Payout- Rs.20 Lakhs Total Payout- Rs.50 Lakhs Total Payout- Rs.1 Crore
10 Years 27485/- 28875/- 30457/- 34154/-
20 Years 28254/- 29254/- 31785/- 36487/-
30 Years 29857/- 30485/- 32154/- 37587/-

The above-given premium rates are for illustration purposes only*Please refer to our website for the exact premium.

Life Insurance Rates for Age Above 60

Life insurance rates for ages above 60 change through the years. However, it is important to take into account the risk factors when you are calculating your life insurance rate.

Age

Term

Total Payout- Rs.10 Lakhs

Total Payout- Rs.20 Lakhs

Total Payout- Rs.50 Lakhs

Total Payout- Rs.1 Crore

65 years

10 Years

32487/-

38987/-

40587/-

42587/-

70 years

20 Years

45514/-

45547/-

48547/-

52478/-

7 years

30 Years

49872/-

50587/-

52487/-

54787/-

The above-given premium rates are for illustration purposes only*Please refer to our website for the exact premium.

What Are The Other Factors That Affect Life Insurance Prices?

  • Gender:

Gender determines the life insurance premium to be paid by the customer. It can be noted that the premium for Women would be considerably lower than that of Men. This is because women are more likely to live an average of 5 years more than men which means that the mortality ratio for the same period would be less in women. This results in life insurance premiums being paid by women when compared to men.

But it is important to note that most of the deaths occur in women at the time of pregnancy and the insurance companies would not be willing to insure a carrying woman. Due to the complication arising at the time of delivery or during pregnancy, there are high chances that the mortality ratio can increase in women. With the advent of technology, the number of deaths during pregnancy has been reduced drastically, but insurance companies are still skeptical when it comes to ensuring life insurance underwriting pregnant women.

  • Health History:

The health history of the prospect also plays an important role in deciding the premium to be charged by the insurance company. The life insurance calculator takes into account the health history of the prospect and decides on the acceptance of the proposal. Every insurance proposal requires the health history of the prospect to be taken into consideration before deciding on the acceptance of the proposal.

Life insurance factors involve getting adequate information from the prospect regarding the health history such as pre-existing diseases if the prospect has undergone any treatments or operations, any hereditary diseases, etc. All these factors of life insurance that affect life insurance premiums are considered by the underwriting team of the life insurance company before deciding on the life insurance premium.

  • Sum Assured:

Sum assured is the maximum liability of the insurance company in case of death of the policyholder or maturity of the life insurance policy. The sum assured is paid to the nominee or legal heir in case of the death of the policyholder. Sum assured can be increased or decreased by the customer on the online portal as per the life insurance calculator of each insurance company.

Most insurance companies offer a sum assured 15-20 times your annual income and this can be calculated using the online calculators available. Any sum assured above this limit needs to be justified to the underwriting team of the life insurance company and the underwriter will decide on this. The life insurance premium calculator increases the premium if the sum assured is increased and decreases the premium when the sum assured is decreased. The premium increase is due to the extra risk that needs to be taken by the insurance company which comes with an increased premium.

  • Lifestyle:

The premium in the life insurance calculator increases if your lifestyle is risky i.e. smoking, drinking, or consuming tobacco. The life insurance premium calculator is designed to increase the premium or refer your proposal to the underwriter in case you have smoking or drinking habits which are considered risky elements in the life insurance underwriting process. The chance of death happening is high in case of people smoking or drinking or consuming alcohol, this increases the mortality ratio when people have these habits.

Consuming tobacco and drinking liquor can cause various diseases such as Cancer, Heart attack, Diabetes, etc. which increases the chance of death in the prospect. Hence the life insurance premiums for these categories are on the higher risk side when compared to people without these habits. In general insurance companies accept proposals from people who are occasional drinkers and smokers and the proposal is verified by the underwriters before accepting the risk.

  • Hobbies / Occupation:

The occupation of the prospect also decides the life insurance premium to be paid. For insurance, some occupations such as Persons working in Chemical, Fire Crackers, Army and police, etc. services are classified as Hazardous and pose a high level of risk for the insurance companies in terms of death claims. These occupations have higher mortality rates and thereby higher life insurance premiums.

Life insurance proposals of people engaged in these occupancies would be referred to underwriters and the final decision would be taken by the underwriter after considering all the life insurance risk factors. The risk involved in a desk job is less than that of a marketing job and the premium is calculated according to the occupation of the prospect.

Hobbies such as Scuba diving, Paragliding also attract special attention from the underwriters as there is a high mortality ratio in people having these hobbies. The life insurance premium calculator determines the premium of the prospect after considering the hobbies and occupations of the prospect.

  • Type of Policy:

Lastly but most importantly, the major factor determining life insurance premiums using the life insurance premium calculator is the type of life insurance policy opted by you. There are many types of life insurance policies such as Term insurance, Endowment insurance, Annuity insurance, and Money back insurance, etc. All these types of life insurance policies have different premiums but all of them cover the life of the insured.

Also, there are many insurance companies in the market offering life insurance policies that have different premiums. The premium of the company depends on the service levels also; the better the service the higher the premium. It is advisable to opt for a life insurance company that provides better service and extensive coverage at the most affordable premiums.

Conclusion

The conclusion is that the cost of life insurance varies by age. The older you are, the more expensive it is.

Higher Age = Higher premium

Get a life insurance policy at the right age by comparing the quotes online at PolicyBachat. Here you can select the suitable payout option according to your requirement and budget.

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