Understanding Life Insurance Rate Increases

Shawn Plummer

CEO, The Annuity Expert

Key Age Milestones for Insurance Costs



  • Age 45 and Beyond: Smokers see an earlier spike in insurance rates.

Impact of Age on Insurance Rates

As you age, life insurance companies view your policy as a higher risk, leading to increased premiums. This trend is more pronounced for smokers, who typically face higher rates due to the associated health risks.

  • Non-Smokers: Generally enjoy lower rates until 65, after which premiums increase due to age-related risk factors.
  • Smokers: Face higher premiums starting from age 45, reflecting the compounded risks of smoking and aging.

Why Age Matters in Life Insurance

  1. Risk Assessment: Insurance companies base their rates on risk assessment. As age increases, so does the risk of health issues, leading to higher premiums.
  2. For Smokers: The health risks associated with smoking compound with age, resulting in steeper rate increases compared to non-smokers.

How This Affects You

  • Planning: Understanding these age milestones helps financial planning and budgeting for life insurance costs.
  • Policy Choices: Knowing when rates increase can influence decisions about the type of policy you choose and when to purchase it.

Tips for Managing Life Insurance Costs

  1. Buy Early: Consider purchasing life insurance at a younger age to lock in lower rates.
  2. Lifestyle Changes: For smokers, quitting smoking can significantly reduce rates.
  3. Policy Review: Regularly review your policy to ensure it meets your needs and budget.

Life Insurance Rate Changes by Age

Age GroupNon-SmokersSmokers
Under 45Lowest RatesModerate Increase
45 – 64Gradual IncreaseSignificant Increase
65+Noticeable SpikeHighest Rates


Understanding the impact of age on life insurance rates empowers you to make informed decisions about your insurance needs. Whether you’re a smoker or a non-smoker, being aware of these key age milestones can help you plan effectively and choose the right policy for your circumstances. Remember, the earlier you plan, the more you can mitigate the cost impact of aging on your life insurance. Contact us today for a free quote.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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