No one likes to admit they’re getting older, but your age is a huge determining factor in your life insurance rate. If you don’t already have a policy, you can expect to have a higher premium as a senior than someone who is younger. Young or middle-aged adults have lower premiums because they statistically have a longer amount of time to pay their policy.
Do you already have a policy? Some companies state that term life insurance policy rates don’t increase as you grow older. However, no law says they have to remain the same. After your term policy or during a whole life insurance, the rate could increase because premiums are determined each year based on actuarial tables. According to Frazzitta from Investopedia, prices rise “at each successive age because each year there is a bigger drain on the cash value due to the rising mortality charges.”
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