When Should You Get Life Insurance?

The best time to get life insurance is when you’re young and healthy because rates are lower. Choose a policy that fits your financial and family needs.

Find out if you're overpaying for life insurance below.

By Mark Fitzpatrick

Edited by Nica Gonzales-Villaraza

Updated: August 10, 2025

Advertising & Editorial Disclosure

Key Takeaways

Life insurance provides financial security, covers debts and aids in estate planning for loved ones after your passing. It ensures your financial responsibilities are managed effectively even after death.

Major life events like marriage, homeownership or having children often highlight reasons to buy life insurance.

The best age to get life insurance varies by person, but starting at a younger age generally secures lower premiums due to reduced risk factors.

When Is the Best Time to Get a Life Insurance?

The best time to get life insurance is when you're young and healthy, typically in your 20s or 30s. Premiums are lowest at this stage, and securing a policy early can lock in affordable rates for years to come.

The right time to buy life insurance depends on your personal and financial circumstances. Major life events like getting married, having a child, buying a home or taking on significant debt often signal the need for coverage.

Your age, health and goals affect life insurance options and can help you make a confident, well-timed decision. The earlier you act, the more you'll save and the more secure your loved ones will be.

Life Events That Could Trigger the Need for Life Insurance

Major life events often indicate the best time to buy life insurance to ensure financial security for your dependents. These events can guide your decision to start life insurance coverage.

Starting a family

Becoming a parent significantly increases your financial responsibilities. Life insurance can ensure your children and co-parent are financially secure if something happens to you, covering costs from daily living expenses to future college tuition.

Getting married

When you have a spouse who depends on your income, life insurance can replace lost income, allowing your spouse to manage ongoing expenses and financial commitments without financial stress.

Homeownership

If you've taken on a mortgage, life insurance can help ensure that your family won't struggle with mortgage payments if you're no longer around.

Starting a business

Business owners often need life insurance. It can be part of a business succession plan, ensuring the business's continuity or covering business loans, which prevents the business from falling into debt.

Significant debt

If you have substantial debts, life insurance can prevent those debts from becoming a burden to your loved ones, relieving them from the obligation of repaying your personal loans or credit card debts.

Knowing when to purchase life insurance relative to specific life events helps ensure you're adequately prepared. Life insurance addresses immediate financial concerns and builds a foundation of support for future generations.

MONEYGEEK DICTIONARY

For couples, life insurance options extend beyond individual policies. Couples life insurance offers a way for partners to ensure each other's financial security under a single policy, often resulting in cost savings and simplified management.

These joint policies are beneficial when both partners contribute to the household's financial stability and share the same financial protection goals. Options include first-to-die policies, which pay out upon the first partner's death, and second-to-die policies, which pay out after both partners have passed.

Best Age to Get Life Insurance

When determining the best age to get life insurance, consider financial responsibilities, health, family needs and long-term goals.

As a Young Adult

Getting life insurance in your 20s and 30s might seem premature, but it can be a strategic financial move. Here are the pros and cons of purchasing coverage at this age:

Pros

Lower premiums: Younger individuals enjoy lower premiums due to better health, making this the best time to buy life insurance if you value affordability most.
Long-term planning: Starting early allows for long-term financial planning and security.
Flexibility: Young adults often have fewer financial obligations, allowing for more flexible coverage options.

Cons

Potential overbuying: Because young adults tend to have fewer financial obligations, they risk purchasing more coverage than they need at this life stage.
Opportunity cost: Money spent on premiums, such as investments or debt reduction, might be used elsewhere.
Changing needs: Life insurance needs may change significantly as family and financial situations evolve.

In Your 40s and 50s

Your 40s and 50s are often a time of peak financial responsibility, making it an ideal period for many to purchase life insurance coverage. Here are the pros and cons:

Pros

Family protection: Purchasing coverage at this age often aligns with the need to protect dependents, which is one of the common reasons to get life insurance.
Estate planning: A life insurance policy offers estate planning and wealth transfer opportunities.
Financial security: Coverage provides a safety net during a period of significant financial obligations.

Cons

Higher premiums: Health issues may arise during this period, leading to higher premiums.
Limited options: Fewer policy options may be available at this age due to health concerns.
Potential overlap with savings: At this age, accumulated savings might reduce the need for extensive coverage.

Over 60 Years Old

Purchasing life insurance over the age of 60 requires careful consideration of your unique needs and goals. Here are the pros and cons:

Pros

Legacy planning: Purchasing coverage at this age allows for structured legacy or philanthropic giving.
Final expense coverage: Life insurance can cover funeral and other end-of-life expenses, a primary reason for buying life insurance.
Supplement retirement: A policy could provide additional financial support during retirement.

Cons

High premiums: Premiums can be much higher after age 60 due to age and potential health issues.
Limited availability: Fewer policy options may be available to individuals at this age.
Potential redundancy: Other financial assets and plans may already cover the needs addressed by life insurance.

UNDERSTANDING LIFE INSURANCE AGE LIMITS

The best age to buy life insurance depends on the age limits that insurance providers use to manage risk and set coverage eligibility parameters.

Age Limit for Life Insurance

Life insurance companies often set a maximum age for term life insurance, generally capping eligibility for new policies at around 75 to 80 years old. This age limit balances the insurer's risk with the policyholder's coverage needs.

For permanent policies, such as whole life, the age limit might be slightly more flexible, extending coverage opportunities deeper into your senior years.

Minimum Age for Life Insurance

Insurance providers also set minimum age requirements, which vary by policy type.

The minimum age for whole life insurance can be as early as 14 days old. The typical minimum age for term life insurance policies is 18. Term life insurance for minors is usually available as a rider added to a parent's or guardian's policy, not as a standalone policy. These riders are available for children from 15 days old and provide coverage until the child reaches adulthood.

Early Bird Advantages When Getting Life Insurance

The mantra "the earlier, the better" applies to buying life insurance. Getting life insurance at a younger age offers several key advantages:

Lower premiums

Life insurance premiums are based on risk factors, with age and health being primary considerations. Younger, healthier individuals pose less risk to insurance companies. This is why buying life insurance young saves money.

Guaranteed insurability

Getting life insurance at a young age protects your insurability. This protects against future health conditions that might make insurance prohibitively expensive or unattainable.

Long-term financial protection

A life insurance policy provides a financial safety net for your loved ones, ensuring their economic stability if you pass away unexpectedly. This protection becomes increasingly important as you take on more financial responsibilities.

Getting life insurance early can result in lower rates and better terms while building a foundation for future financial planning. Life insurance helps manage life's uncertainties, so it's best to get it sooner rather than later.

Cost of Waiting

Waiting to buy life insurance increases premium costs. Here's a breakdown showing the difference:

Scenario 1:

A 25-year-old non-smoker male buys a 20-year term policy with a $500,000 death benefit, paying $28 monthly for coverage. The total cost over the 20-year term is $6,720.


25	$500,000	20 years	$ 28	$ 6,720

Scenario 2:

The same person waits until age 35 to buy a similar policy. At this age, the policy costs $44 per month, totaling $10,560 over 20 years.


35	$500,000	20 years	$ 44	$ 10,560

The person who bought insurance at 35 paid $3,840 more for the same coverage amount and term length, but this comparison isn't entirely fair. Purchasing insurance at 35 covers you during a higher-risk age range (35 to 55), compared to being covered between 25 and 45.

The earlier buyer still saves on total premium payments and can find cheap life insurance, offering a financial advantage over time.

Risk of Developing Health Conditions

Securing life insurance at a young age helps protect against health conditions that could inflate policy costs or render you uninsurable. Insurance companies base premiums on risk factors like your age, health status and lifestyle habits.

Young, healthy individuals typically enjoy lower premiums, but health issues like heart disease, cancer or diabetes can dramatically increase premiums. For instance, a 25-year-old non-smoker might secure a 20-year term policy with a $500,000 death benefit at $28 per month.

If this person is diagnosed with diabetes at 40 and seeks a new policy, they could face a premium increase due to their heightened risk, potentially double the original rate or more.

This risk shows why the best age to get life insurance is in your younger years. Getting life insurance while young and healthy effectively "locks in" your insurability, ensuring your coverage and rates won't be affected by future health issues.

Term vs. Permanent Insurance: When Does Each Make Sense?

Life insurance comes in two main forms: term and permanent, each serving different needs.

Term life insurance

Term insurance covers a specified period (like 20 or 30 years). It's suitable for people seeking financial protection temporarily, such as until children are grown and financially independent or a mortgage is paid off.

Here's when it makes the most sense to buy term life insurance:

Financial protection for young families: Term insurance can provide coverage until children are grown and financially independent, working well for families with limited financial resources.
Mortgage protection: Term insurance is a good choice if you want coverage that lasts until your mortgage is paid off.
Temporary financial obligations: Term insurance offers financial protection for specific periods for those with end-date financial commitments, such as a business loan or educational expenses for children.

Permanent life insurance

Permanent life insurance offers lifelong coverage and a cash value component that grows over time. Though it's more expensive, it serves people who want to use it for estate planning or leaving a legacy.

Permanent insurance makes the most sense for:

Estate planning: People looking to cover estate taxes or leave a large inheritance may find permanent insurance suitable.
Long-term financial security: Permanent insurance offers continuous protection for those who want a financial safety net that lasts a lifetime.
Investment component: The cash value growth in permanent insurance can be an investment opportunity for those looking to build wealth over time.
Leaving a legacy: If you have philanthropic goals or want to leave a financial legacy for future generations, permanent insurance can be a strategic choice.

MONEYGEEK EXPERT TIP

Employer-sponsored life insurance is a workplace benefit that provides employees with life insurance coverage, often at little or no cost. This type of insurance typically doesn't require a medical exam and may offer lower premium rates.

It can be a practical starting point, especially if private insurance seems too expensive or complex initially. However, this type of policy usually only offers basic coverage, so you may need to supplement it with an individual policy to fully meet your life insurance needs.

How to Find the Right Life Insurance Policy

Finding the right life insurance policy requires careful consideration and planning. Choose a policy that aligns with your needs, goals and financial situation. Follow these steps:

1
Assess your needs
Start by evaluating your financial responsibilities, dependents, debts and long-term goals. Understanding what you need to protect will guide you in determining the type and amount of coverage you need.
2
Compare quotes from multiple providers
Don't buy a policy from the first provider you contact. Shop around and compare quotes from different providers to get the best value. Consider both the cost and the insurance company's reputation.
3
Consider additional riders or features
Many policies offer additional life insurance riders or features that can enhance your coverage. Whether it's a disability rider or an investment component, evaluate these options to tailor the policy to your specific needs.
4
Review the policy details carefully
Before committing, review the policy details, including the terms, exclusions and potential penalties or fees. Understanding the fine print will prevent surprises down the road.
5
Consult with a financial advisor or insurance professional
If you're unsure about any aspect of the policy or need personalized guidance, consult with a financial advisor or insurance professional. Their expertise can help you make a decision that aligns with your situation.
6
Reevaluate your coverage regularly
Life changes, and so do your insurance needs. Regularly reevaluate your policy to ensure it continues to meet your needs.
Whether it's a new family member, a change in financial obligations or retirement planning, periodic reviews will keep your coverage aligned with your life.

REASONS NOT TO BUY LIFE INSURANCE

Life insurance may not be necessary if you have no dependents or financial obligations others would inherit upon your passing. People with sufficient assets to cover their debts or funeral costs and provide for their heirs' welfare might not need additional coverage.

Those with a strong investment portfolio that can sustain their family's financial needs may also benefit less from life insurance. Carefully evaluating personal circumstances can help determine if life insurance aligns with your financial and family situation.

Best Age to Get Life Insurance: Bottom Line

The best time to get life insurance is when you're young and healthy, as premiums are lower and policies are easier to obtain. Major life events such as getting married, having children, buying a home or taking on debt are key indicators that life insurance should be considered.

Even if you're single, a small policy can help cover funeral expenses and debts. Life insurance provides financial protection for your loved ones, ensuring they are supported in your absence.

When to Get Life Insurance: FAQ

Below are commonly asked questions to help you better understand life insurance and decide when it's the right time to get a policy.

What is life insurance used for?

One key use of life insurance is to provide financial protection to your beneficiaries after your death. It helps cover funeral costs, outstanding debts and living expenses, ensuring financial stability for your loved ones.

Do I need life insurance?

Life insurance is important for those with financial dependents or debts, ensuring your obligations are covered after you pass.

Should I get life insurance?

Securing life insurance is wise if you seek to protect loved ones from financial strain, cover debts or prepare for future financial obligations.

What should you consider before you buy life insurance?

Before buying life insurance, assess your needs, including your financial obligations, dependents' needs, and long-term financial goals.

Consider factors like the amount of coverage needed and the type of policy that suits your situation.

When is the best time to get life insurance?

The best age to buy life insurance varies by person. Understanding your current and future financial obligations, assessing the potential impact of life-changing events and considering the cost implications of waiting helps you decide when to buy life insurance.

Consulting with a financial advisor or insurance professional can help you choose the right life insurance solution for your situation.

At what age can you get life insurance?

Life insurance policies are available for people of all ages, with minimum and maximum age limits depending on the type of policy. Whole life insurance coverage can begin as early as 14 days old.

Term life insurance generally requires the insured to be at least 18 years old, but offers the option to add minors as riders to a parent's policy from 15 days old. The maximum age to initiate new term life policies typically ranges from 75 to 80 years old, although it can vary by insurer.

The maximum age for purchasing whole life insurance is generally 80 to 85, though it can vary by insurer.

Is it smart to get life insurance young?

Investing in life insurance while young, such as in your 20s or 30s, is smart as it helps secure lower premiums and ensures long-term financial protection.

Does life insurance premium increase with age?

Yes, for most term life insurance policies, premiums increase with age when renewing or starting a new policy because the risk to the insurer increases as you age.

Can I change my life insurance policy as my needs change?

Yes, life insurance needs may change over time, and it's possible to adjust your policy accordingly. Regular reevaluation and consultation with a financial advisor or insurance professional can ensure your coverage continues to align with your life.

Can I have more than one life insurance policy?

Yes, it's possible to have multiple life insurance policies. People often choose to have different policies to cover various needs, such as a term policy for mortgage protection and a permanent policy for estate planning. Coordinate these policies to ensure they align with your overall financial strategy.

What happens if I outlive my term life insurance policy?

If you outlive your term life insurance policy, the coverage ends, and you typically won't receive any payout. Some policies offer a return of premium option or the ability to convert the term policy into a permanent one.

Review these options when selecting a term policy to understand what's available at the end of the term.

Is life insurance mandatory?

Life insurance is not mandatory, but most people buy life insurance to provide financial security for their loved ones in the event of their unexpected death, particularly if they are the primary breadwinner.

How long do you need to have life insurance before it pays out?

There's no required period before life insurance pays out, but most policies include a contestability period in the first two years. After this period, the policy typically pays out regardless of when the insured dies.

When do you not need life insurance?

You might not need life insurance if you have no dependents or if your assets are sufficient to provide for your heirs’ needs after your debts and final expenses are paid. This could make life insurance an unnecessary expense.

When do you no longer need life insurance?

You may no longer need life insurance if your financial obligations have decreased, your children are financially independent or your savings and investments can adequately support your spouse or partner in your absence. This is typically considered during retirement planning when assessing ongoing insurance needs.

Ideal Age and Time to Get Life Insurance Coverage: Our Review Methodology

Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best term life insurance companies.

MoneyGeek created a scoring system to compare life insurance companies across five categories and ranked them based on their scores. We chose to review these companies based on their broad national coverage and ability to provide an online quote.

MoneyGeek's Scoring System

In our scoring system, companies can earn up to five points in each of five categories. We then use these category scores to calculate an overall MoneyGeek score out of 100.

We applied the following weightings to score insurers:

Affordability: 30%
Financial Stability: 25%
Buying Process: 20%
Customer Satisfaction: 15%
Product Diversity: 10%

Each company's score incorporates:

Cost data obtained through online quotes
Financial strength ratings from AM Best and number of years in business
Customer satisfaction data from the National Association of Insurance Commissioners (NAIC) customer complaint index (we reviewed annual complaint data from 2020 to 2022, the most recent year available)
Availability of tools to aid in the buying process, such as online product materials and multiple payment options
Diversity of life insurance products offered

Sample Customer Profile

MoneyGeek used a standard profile to obtain life insurance quotes:

40-year-old male
Non-smoker
5 feet 11 inches tall and 175 pounds
Excellent health rating

Premiums are based on the standard profile unless otherwise noted.

We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect various quotes and determine the best life insurance company for several types of customers. We collected quotes for term life insurance with varying term lengths and coverage amounts too.

We identified trends in the data and used those patterns to calculate projections and extend the data beyond what was originally collected.

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About Mark Fitzpatrick

Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.

Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!

Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.

Read Full Bio »

When Should You Get Life Insurance?

Key Takeaways

When Is the Best Time to Get a Life Insurance?

Life Events That Could Trigger the Need for Life Insurance

Starting a family

Getting married

Homeownership

Starting a business

Significant debt

MONEYGEEK DICTIONARY

Best Age to Get Life Insurance

As a Young Adult

Pros

Cons

In Your 40s and 50s

Pros

Cons

Over 60 Years Old

Pros

Cons

UNDERSTANDING LIFE INSURANCE AGE LIMITS

Age Limit for Life Insurance

Minimum Age for Life Insurance

Early Bird Advantages When Getting Life Insurance

Lower premiums

Guaranteed insurability

Long-term financial protection

Cost of Waiting

Scenario 1:

Scenario 2:

Risk of Developing Health Conditions

Term vs. Permanent Insurance: When Does Each Make Sense?

Term life insurance

Permanent life insurance

MONEYGEEK EXPERT TIP

How to Find the Right Life Insurance Policy

Assess your needs

Compare quotes from multiple providers

Consider additional riders or features

Review the policy details carefully

Consult with a financial advisor or insurance professional

Reevaluate your coverage regularly

REASONS NOT TO BUY LIFE INSURANCE

Best Age to Get Life Insurance: Bottom Line

Compare Life Insurance Rates

When to Get Life Insurance: FAQ

What is life insurance used for?

Do I need life insurance?

Should I get life insurance?

What should you consider before you buy life insurance?

When is the best time to get life insurance?

At what age can you get life insurance?

Is it smart to get life insurance young?

Does life insurance premium increase with age?

Can I change my life insurance policy as my needs change?

Can I have more than one life insurance policy?

What happens if I outlive my term life insurance policy?

Is life insurance mandatory?

How long do you need to have life insurance before it pays out?

When do you not need life insurance?

When do you no longer need life insurance?

Ideal Age and Time to Get Life Insurance Coverage: Our Review Methodology

When Is the Right Time to Buy Life Insurance: Related Articles