Trusted by CanadiansLife Insurance by Age Group
Your age is the single biggest factor in what you'll pay for life insurance. Here's what to expect at every stage of life, and why acting sooner is always cheaper.
Why Age Matters So Much
Here's the blunt truth: life insurance premiums increase with age. Every year you wait, you'll pay more. A 25-year-old and a 45-year-old getting the exact same policy could see a price difference of 3 to 5 times. That's not a typo.
Age affects both your health risk profile and the length of time the insurer will be covering you. The math simply works in your favour when you're younger. Think of it like buying concert tickets early: the price only goes up.
Your Options by Age
In Your 20s
You're young, healthy, and insurance is dirt cheap right now. Locking in a 20 or 30 year term policy at this age gives you rock-bottom rates. Even if you don't have dependents yet, future you will thank present you.
In Your 30s
This is when most Canadians start families and buy homes. Life insurance goes from 'I should get around to that' to 'I actually need this yesterday.' Rates are still very affordable at this age.
In Your 40s
Kids are growing, the mortgage is still there, and retirement planning is getting real. If you don't have coverage yet, don't wait any longer. Every year you delay costs more. If you do have coverage, make sure it's still enough.
In Your 50s
Premiums go up noticeably in your 50s, but coverage is still available and still worth it. This is also when no-medical options become more relevant if health has changed over the years.
60 and Beyond
Coverage gets more expensive but you have options. Guaranteed issue plans accept everyone regardless of health. Final expense coverage handles funeral costs and outstanding debts without burdening your family.
*Cost estimates are for healthy non-smokers on a term policy. Actual rates vary by insurer, province, and health.
How Age Affects Your Premiums
Premiums Rise with Age
Rates increase 8-10% per year on average. A 5-year delay can mean 40-50% higher premiums for the same coverage.
Health Changes
As you age, the likelihood of developing health conditions increases. This can further raise rates or limit your options.
Shorter Coverage Available
Some longer-term products may not be available to older applicants. A 30-year term at age 55 means coverage to 85, which many insurers won't offer.
Less Coverage Per Dollar
The same monthly premium that buys $500K at 30 might only buy $150K at 55. Your money goes further when you're younger.
Changing Needs
Your coverage needs change with age. Young families need income replacement. Seniors need final expense coverage. Plan accordingly.
Tips for Affordable Coverage at Any Age
- Apply now, not later. This is the youngest (and cheapest) you'll ever be for insurance purposes.
- Choose term insurance for the most coverage per dollar, especially when you're younger.
- Lock in a longer term to protect your rate. A 30-year term at 25 costs less per year than a 10-year term at 35.
- Compare quotes from multiple insurers. Rates vary significantly between companies, especially for older applicants.
- Consider no-medical options if you're over 50 and want to skip the exam process.
- Review and update your coverage every 5 years or after major life events.
What Canadians Are Saying
"I kept putting this off for years. Turns out, it only took about 10 minutes. Now I actually sleep better knowing my kids are covered."
Sarah M.
Toronto, ON
"As a smoker, I thought I'd be turned away everywhere. The team found me a plan that was actually affordable. No judgment, just help."
James R.
Vancouver, BC
"The whole process was straightforward and fast. I compared several quotes and found one that fit my budget perfectly. Highly recommend."
Priya K.
Calgary, AB
Frequently Asked Questions
The Best Time to Get Covered? Right Now.
Every day you wait costs more. Get a free quote and see what coverage looks like at your age.