A healthy 35-year-old can lock a 20-year, $500,000 term policy for around $25-$35 a month. The same policy applied for at 50 often costs three to four times as much, because term rates are priced almost entirely on your age and health at the moment you apply, then held flat for the rest of the term.
Illustrative monthly premiums for a healthy applicant. Health class, tobacco use and the carrier underwriting you move these numbers.
| Age at application | Female | Male |
|---|---|---|
| 30 | $21/mo | $24/mo |
| 35 | $24/mo | $28/mo |
| 40 | $32/mo | $38/mo |
| 45 | $49/mo | $58/mo |
| 50 | $79/mo | $95/mo |
Sample rates for illustration only, not a quote. Rates lock for the full term once approved; they don't rise as you age within the term.
Term life is priced at application and then fixed for the entire term. Waiting five years to apply doesn't just mean paying a higher rate starting then, it means paying that higher rate for every remaining year of coverage. A health change in the meantime, a new diagnosis, a few extra pounds, can move you out of the best rate class entirely.
Guy Jean compares term rates across multiple carriers so the number you lock in is the lowest one you actually qualify for, not just the first quote you saw.
No. Once approved, your premium is fixed for the full length of the term, whether that's 10, 20 or 30 years. It only changes if you let the policy lapse and reapply, or if you convert or renew after the term ends.
Significantly. A Preferred Plus health class can cost less than half what a Standard rating pays at the same age. Tobacco use alone typically adds 2-3x to the premium.
Nothing. Your rate is locked at issue regardless of what happens to your health afterward, as long as premiums are paid. That's the main advantage of applying while you're healthy rather than waiting.
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