How Old Do You Have to Be for Life Insurance?

Life insurance provides financial protection for an individual’s dependents. It offers financial security to beneficiaries upon the insured’s death, helping with expenses like mortgages, daily living costs, or future education. Age is a prominent factor insurers evaluate for eligibility.

Minimum Age Requirements

Individuals become eligible to purchase their own life insurance policies once they reach the age of majority, 18. At 18, individuals can legally enter contracts and own policies. This allows young adults to secure coverage with lower premiums due to age and good health.

Life insurance coverage can also be obtained for minors, known as “juvenile” or “child life” policies. Adults, like parents or grandparents, typically purchase these for children. Children can be insured as young as 0-14 or 15-30 days old, depending on the provider.

The adult purchasing the policy is the owner; the child is the insured. Juvenile whole life policies lock in low premium rates for the child’s life and build cash value. This cash value can be accessed later, and the policy ensures future insurability regardless of health changes.

Maximum Age for Obtaining Coverage

Maximum age limits for new life insurance policies vary by insurer and policy type. While coverage is possible at older ages, it becomes more challenging and expensive. Each company sets its own guidelines for maximum issue ages.

For term life insurance, policies are available up to an issue age of 65 to 85, some extending to 86. Term lengths often cannot extend beyond age 90 or 100. This means that while a 70-year-old might purchase a 10-year term policy, a 30-year term might be unavailable.

Permanent life insurance, like whole or universal life, often has higher maximum issue ages than term. Many insurers offer these up to age 80 or 85. Some permanent policies, like universal life, may not have a strict maximum age limit, but health and cost still apply. These policies provide lifetime coverage, often extending to ages 100 or 105, as long as premiums are paid.

Factors Affecting Age-Related Eligibility

Beyond age, other factors influence eligibility and premiums. Health status is a primary determinant, assessed through medical exams and questionnaires. Pre-existing conditions like diabetes, heart disease, or other chronic illnesses can impact approval or result in higher premiums.

Lifestyle factors also play a role in underwriting. Smoking or tobacco use can lead to higher premiums. High-risk hobbies like skydiving or car racing, or hazardous occupations, can increase perceived risk and affect eligibility or cost.

The type of policy also influences age-related eligibility, as term and permanent life insurance have different maximums. Each insurer maintains unique underwriting guidelines and risk models. These variations mean eligibility and premium rates can differ between insurers, even for similar applicants.