When Should You Get Life Insurance?
Life insurance cover becomes an important consideration when you have dependents in your life, whether a partner, children, or family members who rely on your income.
Many factors go into deciding when should you get life insurance for you and your family, including your age. So, how do you know the best age to get life insurance?
Quick Summary:
Wondering when to take out life insurance? Here are a few key points to help you decide:
- In most cases, you can usually apply for life insurance once you turn 18.
- Premiums tend to be lower the younger and healthier you are.
- Your stage of life often matters more than your age, especially if you have loved ones who rely on your income or other financial support.
- If you’ve bought a property, your mortgage provider may suggest securing a policy that could clear the balance if you were to pass away.
- Common types of cover include decreasing term, level term, whole-of-life, and over-50s policies.
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What Is The Best Age To Get Life Insurance In 2025
Having life insurance is always a good idea, but it’s especially important to have coverage during your 20s and under 30s.
That’s because this is when you’re likely to be the healthiest and most affordable for an insurer. If you are no longer working, regardless of your age, you might wish to read our article about buying life insurance in retirement.
If you are slightly older, it would be worthwhile to read about life insurance options over 60. We also offer a comprehensive guide for life insurance over 65 coverage.
What is life insurance, and what does it cover?
Life insurance is a financial contract between an insurance provider and an individual whereby the provider agrees to pay a sum of money (the benefits) to the individual or their beneficiaries in the event of the individual’s death.
Life insurance aims to provide financial protection for loved ones if they die prematurely.
How do you know if you need to purchase life insurance coverage?
Speak with an insurance professional, such as Insurance Hero, to determine if you need life insurance and how much coverage would be best for you.
They will ask several questions about your current life situation, financial dependents, and plans. They will also ask about your health history to better understand the potential risks associated with insuring you.
How much life insurance should you buy for yourself and your family members?
The type of life insurance you need depends on several factors, including your age, health status, and family size. Generally speaking, you want sufficient coverage to provide for your loved ones in the event of your passing away.
What are the different life insurance policies available today, and which is right for you?
The most common life insurance policies available on the market are Term Life Insurance, Whole Life Insurance, and Critical Illness Coverage.
Term Life Insurance is a policy that provides coverage for a specific period (e.g., 10 or 20 years). If you die during the policy term, the beneficiary will receive the death benefit.
Whole Life Insurance is a policy that provides coverage for the rest of your life. The premiums are typically higher than those for Term Life Insurance, but the policy also has a cash value that can be accessed upon your death.
Critical illness cover is an optional add-on to a life insurance policy that provides a lump sum payment if a person is diagnosed with a critical illness.
How do you buy a life insurance policy, and what are the costs involved in doing so?
When you are ready to buy a life insurance policy, you should contact an insurance broker. They will help you find the best deal for life insurance that fits your needs and budget.
Life insurance costs depend on several factors, including age, existing medical conditions, and the amount of coverage you purchase.
What are the benefits of having a life insurance policy?
There are many benefits to having a life insurance policy in place. For starters, it can provide you and your loved ones with peace of mind in various life events.
It can also help protect your family’s finances in the event of your death. This is especially important if you are the primary breadwinner in your family.
How does age affect the cost of life insurance?
The older you are, the higher your life insurance premiums are because, statistically, you are more likely to be in poor health and die. This isn’t to say that your life insurance premiums will skyrocket as soon as you turn 40 or 50.
But over time, premiums generally do increase as you age. That’s why shopping around and comparing life insurance rates when renewing your policy or buying a new one is essential.
You may be able to find a policy that offers comparable coverage at a lower price than what you’re currently paying.
Why is younger better? At what age should you get life insurance?
For most people, the best time to purchase life insurance is when they’re young and healthy. That’s because younger people tend to pay lower premiums and are more likely to qualify for preferred rates.
If something happens and you need to make a claim, your policy will be worth more because you’ll have had it for longer.
Our comprehensive guide to life insurance for young people will give you further insights into buying life insurance for young adults.
What if I didn’t buy life insurance when I was younger?
You may wonder what happens if you don’t buy life insurance when you’re young and healthy.
First of all, it’s never too late to buy life insurance. You can still get coverage regardless of your age (within reason). However, the older you get, the more expensive it will be.
And if you wait until very late in life to buy a policy, there’s a good chance you won’t be able to find one that fits your needs.
If you don’t have life insurance and something happens to you, your loved ones will have to bear the burden of your funeral expenses and other costs associated with your passing.
Buying life insurance in your 30s
Buying a life insurance policy in your 30s can be a good idea. For example, life insurance for a 35-year-old can still be considered excellent value when weighing the costs against the benefits.
One of the primary benefits of getting life insurance in your 30s is that you will likely be able to secure a policy at a lower rate than if you wait until later in life.
This is because the older you get, the more likely you are to develop a serious illness that could impact your eligibility for coverage or increase your premiums.
Another benefit of purchasing life insurance in your 30s is that you will have plenty of time to build up a healthy policy balance, which can provide financial security for your loved ones in the event of your death.
Buying life insurance in your 40s
Generally, life insurance is most important for people in their prime earning years. So, if you’re in your 40s and you’re not yet at the peak of your career, buying life insurance might not be as important as buying life insurance as it would be for someone in their 20s or 30s.
There are a few reasons why buying life insurance in your 40s or mid 40’s might still make sense.
For example, if you have young children who would need financial support if you passed away, or if you have a spouse who relies on your income, then it is recommended to compare the offers of various life insurance providers and choose the one that would be the most helpful in the case of your death.
Buying life insurance in your 50s
At 50 years old, you may still enjoy good health and have many productive years ahead of you. That’s why it’s a great time to buy life insurance.
It can also be a valuable tool for estate planning, allowing you to leave a legacy for your heirs.
Are there age limits for taking life insurance?
There are no set age limits for taking out a life insurance policy. However, life insurers will typically refuse to cover anyone over a certain age, usually around 80 years old is the maximum age.
This is because the older you get, the more likely you are to die, and therefore, the greater the risk of a life insurer having to pay out on a policy.
The ideal age to have a term life insurance policy
You can choose to purchase term insurance between the ages of 18 and 65. Your 20s are an ideal time to explore the insurance market and begin planning for your family’s financial future.
Most people secure their first job in their 20s and start earning a modest income. This means they have a lower income and numerous expenses.
How does the cost of critical illness change with age?
The cost of critical illness changes with age because the risk of contracting an illness or having a complicated medical history increases with age.
For instance, seniors are more likely to contract pneumonia or experience a heart attack.
Additionally, medical treatments and procedures for seniors are often more expensive due to the higher likelihood of complications. As a result, the cost of critical illness coverage rises as you age.
How can I reduce the cost of life insurance?
There are a few things you can do to reduce the cost of life insurance:
- Get healthy. Insurance companies tend to charge healthy individuals less for life insurance. Ensure you eat well, exercise regularly, and maintain a healthy lifestyle.
- Shop around for the best rates. Don’t just go with the first life insurance company you find—do some research and compare rates from different providers.
- Bundle your policies. If you have other types of insurance policies – such as car or home insurance – with the same provider, you may get a discount on your life insurance policy.
- Ensure that your premiums are paid annually, rather than monthly or quarterly. This will save you money.
- Finally, you can reduce the cost of your premium by taking a health exam and answering the life insurer’s questions truthfully.
What else could affect my premium?
Apart from just age, health, and lifestyle, other factors that can affect your life insurance premium include:
- The amount of coverage you choose
- Your occupation
- Your marital status
- Whether you smoke or not
- Your gender
- The type of life insurance policy you buy
- Your credit score
Case Study: Protection for a young UK-based family
The Johnson Family
Ages: 32 & 30 | Children: 2 (ages 3 and 1)
| Financial Entity | Reported Amounts |
|---|---|
| Combined Household Income | £65,000 per year |
| Outstanding Mortgage | £185,000 (23 years remaining) |
| Emergency Savings | £8,000 |
| Existing Life Insurance | Basic employer coverage (2× salary) |
| Component | Calculation | Amount |
|---|---|---|
| Income Replacement | £65,000 × 10 years | £650,000 |
| Less: Employer Coverage | -£130,000 | |
| Less: Emergency Savings | -£8,000 | |
| Protection Requirement | £512,000 | |
| Plus: Mortgage Balance | £185,000 | |
| Total Protection Needed | £697,000 |
The solution the Insurance Hero team implemented
| Policy Type | Coverage Amount (over 25 years) | Monthly Premium |
|---|---|---|
| Level Term Life (Primary Earner) | £350,000 | £23 |
| Level Term Life (Secondary Earner) | £200,000 | £15 |
| Decreasing Term (Mortgage Protection) | £185,000 | £12 |
| Total Monthly Cost | £50 |
| Outcome | Details |
|---|---|
| Total Coverage | £735,000 (exceeds need) |
| Financial Security | Mortgage fully repaid if one parent dies |
| Income Replacement | Surviving parent receives funds to replace 10 years’ income |
| Lifestyle Protection | Children’s lifestyle and education are maintained |
| Additional Cover | Includes average funeral costs (~£5,000) |
What did we learn from this case study?
- Combining level and decreasing term policies offers a more cost-effective solution.
- It is better to cover both parents, not just the higher earner.
- Review coverage whenever family or financial circumstances change.
Have you purchased life insurance yet?
If not, complete one of our simple forms on our website to receive a no-obligation quote.
The companies we work with are leading life insurance brokers. They offer a wide range of life insurance policies from the top insurers in the country.
They can find one that’s perfect for you. Contact us today to learn more.
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Helpful related resources:
- https://www.aviva.co.uk/insurance/life-products/life-insurance/knowledge-centre/life-insurance-for-new-parents
- https://www.abi.org.uk/products-and-issues/choosing-the-right-insurance/life-cover
Steve Case is a seasoned professional in the UK financial services and insurance industry, with over twenty years of experience. At Insurance Hero, Steve is known for his ability to simplify complex insurance topics, making them accessible to a broad audience. His focus on clear, practical advice and customer service excellence has established him as a respected leader in the field.
