If you’re looking into life insurance, you might wonder when the best time to buy a policy is.
The truth is that life insurance can be useful in your 20s, 30s, 40s, 50s and beyond - it’s all down to your personal circumstances.
Keep reading to find out why life insurance is important and what the age criteria is to take out a policy.
When should I get life insurance?
There’s no right or wrong time to buy life insurance. But, for many, it’s a big milestone that triggers the need to buy a policy.
Perhaps you’ve just bought your first home, got married, are expecting your first child or you've recently lost a loved one.
These are all life events that might prompt the need for financial protection in case the worst were to happen.
Life insurance can provide you with peace of mind if you were to die. The lump sum payment your loved ones receive can help them cover large expenses like the mortgage, as well as smaller daily living costs.
What is the best age to get life insurance?
It’s often suggested that it’s better to buy life insurance when you’re young and in good health.
This is because you’ll benefit from the cheapest prices and, if your needs change later on during your policy term, most insurers allow you to make changes to your policy (such as increasing your cover amount).
But, in reality, it’s hard to say if there is a ‘best’ age to get life insurance.
This is because we all hit different milestones at different times and all have different reasons for taking out protection.
As a general rule, if you have anyone that depends on you financially (such as a partner or family) and you have financial commitments, life insurance could be beneficial.
How does age affect the cost of life insurance?
Age can be a big factor in how much you’ll pay for your life insurance policy.
Typically, the older you are when buying life insurance, the more you’ll pay for your policy.
This is because insurers generalise that the older you are, the more likely you are to die (meaning a claim on your policy is more likely to happen).
The table below shows monthly life insurance costs by age:
| Age | Price for life insurance* |
|---|---|
|
20
|
£3.50
|
|
30
|
£4.82
|
|
40
|
£9.10
|
|
50
|
£22.18
|
|
60
|
£62.96
|
*Cheapest quote offered on a 25 year policy with £100,000 of level cover for an individual with no medical conditions and no history of smoking. Based on data from online sales December 2024.
The quotes above help to give an idea of how much you could pay at each age, but age isn’t the only factor that impacts how much you pay for your life insurance premiums.
Insurers will also need to know about your medical history, lifestyle, occupation and smoking status.
What is the maximum age for life insurance?
The maximum age for life insurance can vary depending on the insurer and the policy type.
Life insurance age limits UK:
| Policy type | Policy description | Maximum age to buy a policy |
|---|---|---|
|
Level term life insurance
|
"Covers you for a set amount of time (the term) and pays out if you die during this time. It provides a pay out which stays the same (level) throughout the policy term. With most insurers you’ll need to be 18 to buy a policy (although some insurers offer cover from the age of 16)."
|
|
|
Decreasing term life insurance
|
"Covers you for a set amount of time (the term) and pays out if you die during this time. It provides a pay out which reduces throughout the policy term. With most insurers you’ll need to be 18 to buy a policy (although some insurers offer cover from the age of 16)."
|
|
|
Whole of life insurance
|
"Offers lifelong cover and guarantees a pay out when you die. With most insurers you’ll need to be 18 to buy a policy (although some insurers offer cover from the age of 16)."
|
|
|
Over 50s life insurance (over 50s plan)
|
"Specifically designed for those over 50. It guarantees acceptance to UK residents aged 50 – 85 with no medical questions asked. Over 50s plans provide lifelong cover and guarantee a pay out when you die (after a 12 or 24 month waiting period has passed)."
|
|
What age does life insurance stop?
The age life insurance stops will depend on how long your policy term is.
With term life insurance, you’ll be covered for an agreed amount of time.
So, if you took out life insurance at 30 years old and had a term length of 30 years, your policy would stop if you die during the policy term or when you reach the age of 60.
With whole of life insurance or an over 50s plan, cover lasts for life so your policy will stop when you die.
When a policy is in place it could also stop if:
- The policy is cancelled
- You stop paying your premiums
Why would I need life insurance?
If you’re in the age range to buy a life insurance policy, it could help to provide you with peace of mind that certain costs are covered in the event of your death during the policy term.
The pay out from a life insurance policy can help to:
- Pay off the mortgage and cover household bills
- Cover the cost of your funeral
- Replace your lost income so your family can continue with daily living costs
- Contribute towards childcare and education costs
- Pay off any unpaid debts
- Provide your loved ones with an inheritance
- Make a donation to a charity that’s close to your heart
If you have a family or anyone who depends on you financially, life insurance acts as a safety net and means that financial stress isn’t something that’s on their mind during a difficult time.
How to get the right life insurance (and get a good deal)
Regardless of age, it’s likely that life insurance could be useful during your lifetime.
Here are some top tips on how to get the right policy for your needs:
- Find out about all your options - there are different life insurance policy types, each suited to protecting different costs.
- Think about what you want to protect - adding up the costs you'd like to protect can help you calculate your ideal cover amount. Why not use our handy life insurance calculator to do this?
- Ask for help if you need it - seeking help from an expert (like us) can help you gather all the information you need.
- Compare quotes - We can also help you compare quotes from leading UK insurers to find you your ideal policy.
We all like to save money and get a good deal where we can, did you know you can save money on your policy by:
- Leading a healthy lifestyle - smoking, alcohol intake and weight are all factors that insurers asses when working out how much you'll pay. You can benefit from cheaper premiums by quitting smoking (including replacements, like vapes), cutting down on alcohol and maintaining a healthy weight.
- Take out a policy sooner rather than later - you can lock in some of the cheapest life insurance rates while you're young and in good health.
- Taking out a joint policy - with a joint policy, two lives are covered under one policy. This means there's only one premium to pay. And there'll be one pay out if one partner dies during the policy term.
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