When Can You Buy Life Insurance?

Shawn Plummer

CEO, The Annuity Expert

Age Requirements for Buying Life Insurance

  • Minimum Age: To personally purchase life insurance, the minimum age is typically 18 years. This is because you need to be of legal age to sign a contract.
  • Purchasing for Minors: However, a person with an insurable interest, such as a parent or guardian, can buy life insurance for someone younger. Policies can be purchased for individuals as young as 10 days old.

Benefits of Early Purchase

  • Lower Premiums: Generally, it’s more cost-effective to buy life insurance at a younger age. Premiums are usually lower for younger individuals, as they are considered lower risk.
  • Avoiding Medical Issues: Purchasing life insurance before any medical conditions arise is beneficial. Once you have certain health issues, it might be more challenging or expensive to obtain life insurance.

Insurability Considerations

  • Medical Underwriting: Most life insurance policies require medical underwriting. Being in good health can result in more favorable policy terms and premiums.
  • Non-medical Policies: Some policies do not require medical underwriting but might come with higher premiums or lower benefit amounts.

Life Insurance Purchase Guide

Age GroupPolicy TypeConsiderationsIdeal For
0-17 yearsMinor’s PolicyPurchased by guardian, covers essential expensesParents, Legal Guardians
18-29 yearsTerm/Whole LifeLower premiums, long-term planningYoung Adults, New Families
30-49 yearsWhole Life/UniversalFamily protection, investment componentEstablished Families, Investors
50+ yearsSenior LifeFocused on final expenses, less emphasis on medical underwritingSeniors, Retirees


Purchasing life insurance is a thoughtful decision that varies with age and personal circumstances. Understanding the right time and type of policy for your needs ensures financial security and peace of mind. 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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