1. How Does Age Affect the Cost of Life Insurance?

    Family on Front PorchLife insurance rates are determined by such factors as health, length of term and coverage amount. However, an applicant’s age has the biggest influence on the annual premium he or she will pay. Insurance rates go up as a person ages, making coverage more affordable for healthy individuals under age 50 than for older adults nearing or in retirement.

  2. What determines life insurance rates?

    Senior Couple Bike RidingLife insurance rates are not “one-size-fits-all.” According to the New York Department of Financial Services, an assortment of factors can affect how much money will be paid for coverage. For example, a $500,000, 30-year Term Life policy could cost much less for a healthy, non-smoking 20-year-old than the same policy would cost for a 50-year-old smoker or someone who participates in high-risk sports.

  3. Buying Whole Life Insurance

    Woman Researching Whole Life InsuranceWhole Life insurance is one of the most popular kinds of life insurance. Unlike Term Life insurance, which covers only a pre-selected number of years, Whole Life insurance provides coverage for your entire life, regardless of how long you live.