As you begin your research for life insurance in Canada, you will quickly discover that your age is the single most significant factor influencing your premium costs. Simply put, the older you are, the higher the insurance company’s risk, and thus, the higher your annual or monthly cost.
This guide examines how age, coupled with health and gender, dictates the price of life insurance policies across Canada. Arm yourself with the knowledge to secure the most suitable life insurance protection for your needs and budget.
Disclaimer: The rates shown in this article are illustrative monthly estimates for healthy, non-smoking individuals. They are intended to demonstrate how premiums change with age and are not guaranteed quotes. Your actual rate will depend on your unique health profile, lifestyle, and the insurer you choose.
How Your Age Impacts Life Insurance Premiums
Life insurance companies calculate your premium based on the probability of paying out a death benefit. Since this probability increases predictably over time, premiums rise with age. This increase is gradual in your 20s and 30s but accelerates dramatically after age 50.
In your 20s
People in their 20s are often just starting careers. You may have student loans or a new car loan. While obligations are low, this is the cheapest time in your life to lock in low rates for decades to come. A small term policy can be incredibly affordable.
Full review: Best Life Insurance for Ages 20-29
In your 30s
As financial obligations increase with mortgages, families, and expenses, this is a peak time for life insurance needs. With good health, applicants in their 30s can secure low-cost term life insurance well-suited to 10-30-year terms. Some permanent life insurance options also become more relevant for long-term family planning.
Full review: Best Life Insurance Rates in Your 30s
In your 40s
By the 40s, rates begin to increase more noticeably. A 45-year-old might pay double what a 35-year-old pays for the same policy. This is a crucial decade to ensure your coverage is adequate for your family’s needs.
Full review: Best Life Insurance Rates For Ages 40-49
In your 50s
Life insurance rates continue rising through the 50s as health risks escalate past the half-century mark. Term policies become more expensive, and some may consider permanent insurance for final expenses and estate planning.
In your 60s and beyond
Life insurance options narrow and costs rise dramatically. Term insurance is difficult and expensive to secure. The focus often shifts to smaller permanent policies (like final expense insurance) to cover funeral costs and leave a small legacy.
| Age Band | Risk Profile Summary | Rate Increase Trend |
|---|---|---|
| 20s – 30s | Lowest mortality risk; typically excellent health. | Small, incremental annual increases. |
| 40s – 50s | Mortality risk rises; potential onset of chronic health conditions (e.g., high blood pressure, cholesterol). | Significant, compounding annual increases. |
| 60s and beyond | Highest mortality risk; policy options become limited, and underwriting is strictest. | Dramatic, exponential rate increases. |
Term Life Insurance Rates By Age Chart
Term life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years). It is the most affordable type of life insurance. The following tables show illustrative monthly premiums for different age ranges.
Applicants in their 20s
The following table shows sample monthly rates for term policies for applicants in their 20s:
| Age | 10-Year Term | 20-Year Term |
|---|---|---|
| 20 | $13.81 (Male) $10.30 (Female) | $15.58 (Male) $13.76 (Female) |
| 22 | $13.90 $10.32 | $16.08 $13.83 |
| 24 | $13.98 $10.34 | $16.58 $13.89 |
| 26 | $14.07 $10.55 | $16.77 $13.99 |
| 28 | $14.18 $10.94 | $17.17 $14.13 |
As expected, rates incrementally increase every few years for applicants in their 20s while still remaining low overall. The longer the term length, the more expensive the policy.
Applicants in their 30s
Here are sample monthly term policy rates for applicants in their 30s:
| Age | 10-Year Term | 20-Year Term |
|---|---|---|
| 30 | $14.28 (Male) $11.34 (Female) | $17.57 (Male) $14.26 (Female) |
| 32 | $14.49 $11.86 | $18.11 $15.19 |
| 34 | $14.69 $12.37 | $18.65 $16.11 |
| 36 | $15.26 $13.23 | $20.08 $17.30 |
| 38 | $16.20 $14.45 | $22.39 $18.76 |
The premiums show a steady rise through the 30s age band. A 38-year-old male pays about 28% more than a 30-year-old male for equivalent coverage.
Applicants in their 40s
Monthly term life rates continue climbing for applicants in their 40s:
| Age | 10-Year Term | 20-Year Term |
|---|---|---|
| 40 | $20.98 (Male) $18.18 (Female) | $31.43 (Male) $25.97 (Female) |
| 42 | $24.31 $19.72 | $38.62 $30.59 |
| 44 | $28.00 $21.27 | $45.81 $35.20 |
| 46 | $32.45 $24.39 | $56.04 $42.13 |
| 48 | $37.86 $28.55 | $69.32 $51.37 |
The increases are more pronounced through the 40s age range. A 48-year-old male may pay 120% more than a 40-year-old male for a 20-year policy of the same coverage amount.
Applicants in their 50s
Here are sample monthly premiums for applicants in their 50s seeking term coverage:
| Age | 10-Year Term | 20-Year Term |
|---|---|---|
| 50 | $43.26 (Male) $32.72 (Female) | $82.59 (Male) $60.61 (Female) |
| 52 | $55.65 $42.01 | $106.85 $77.43 |
| 54 | $68.04 $51.29 | $131.12 $94.25 |
| 56 | $85.51 $63.49 | $166.55 $118.35 |
| 58 | $108.08 $78.35 | $213.13 $149.75 |
Term policy rates see large jumps through the 50s. A 58-year-old male pays about 150% more than a 50-year-old male. Lengthy terms become expensive.
Applicants in their 60s
Monthly premiums continue rising steeply for applicants in their 60s:
| Age | 10-Year Term | 20-Year Term |
|---|---|---|
| 60 | $213.74 (Male) $151.19 (Female) | $423.89 (Male) $298.49 (Female) |
| 62 | $272.33 $188.27 | n/a |
| 64 | $343.48 $231.20 | n/a |
| 66 | $428.89 $289.30 | n/a |
| 68 | $530.05 $368.99 | n/a |
Term life insurance grows quite costly after age 60. A 68-year-old male may pay approximately 150% more than a 60-year-old male for a 10-year policy of $500,000 coverage amount. Policy options are also narrow.
Applicants in their 70s
Here are sample monthly rates for applicants still seeking term coverage in their 70s:
| Age | 10-Year Term | 20-Year Term |
|---|---|---|
| 70 | $647.99 (Male) $465.29 (Female) | n/a |
| Over 70 | n/a | n/a |
As you can see, term coverage is extremely costly past age 60 and is unavailable for those over 70. For seniors primarily concerned with final expenses, Simplified Issue or Guaranteed Issue policies (which require no medical exam) are the only accessible options, though often more expensive.
Whole Life Insurance Rates By Age Chart
Below are sample annual premiums for whole life policies across age groups to illustrate how rates increase with age.
Applicants in their 20s
Annual premiums for a whole life policy remain relatively affordable for applicants in their 20s:
| Age | Whole Life Policy |
|---|---|
| 20 | $5,613.48 (Male) $5,153.76 (Female) |
| 24 | $6,009.84 (Male) $5,503.20 (Female) |
| 28 | $6,429.96 (Male) $5,876.04 (Female) |
Premiums increase incrementally but remain reasonable for applicants in their 20s, given the permanent coverage.
Applicants in their 30s
Here are sample Annual whole life rates for applicants in their 30s:
| Age | Whole Life Policy |
|---|---|
| 30 | $6,648.24 (Male) $6,072.84 (Female) |
| 34 | $7,153.08 (Male) $6,537.72 (Female) |
| 38 | $7,487.88 (Male) $7,025.88 (Female) |
Permanent coverage premiums steadily rise through the 30s but remain relatively affordable, assuming good health. Expect to pay around 16% more than someone 10 years younger.
Applicants in their 40s
Annual premiums for whole life continue to climb through the 40s:
| Age | Whole Life Policy |
|---|---|
| 40 | $11,011.20 (Male) $10,590.96 (Female) |
| 44 | $11,812.80 (Male) $11,391.24 (Female) |
| 48 | $12,694.44 (Male) $12,235.56 (Female) |
Rate hikes become more significant through the 40s as mortality risk increases.
Applicants in their 50s
Here are sample Annual whole life rates for applicants in their 50s:
| Age | Whole Life Policy |
|---|---|
| 50 | $13,205.16 (Male) $12,721.92 (Female) |
| 54 | $14,131.20 (Male) $13,118.64 (Female) |
| 58 | $14,829.48 (Male) $14,222.52 (Female) |
The considerable premium jumps continue through the 50s. A 58-year-old female may pay 16% more than a 48-year-old female.
Applicants in their 60s
Annual premiums grow quite high for whole life applicants in their 60s:
| Age | Whole Life Policy |
|---|---|
| 60 | $15,476.40 (Male) $14,823.84 (Female) |
| 64 | $18,100.68 (Male) $17,438.76 (Female) |
| 68 | $21,179.28 (Male) $19,638.36 (Female) |
Whole life insurance rates climb steeply through the 60s. Expect to pay 40%+ more versus just 10 years prior.
Applicants in their 70s
Here are the annual monthly whole life rates for seniors in their 70s:
| Age | Whole Life Policy |
|---|---|
| 70 | $22,973.64 (Male) $21,002.64 (Female) |
| 74 | $27,084.48 (Male) $24,891.24 (Female) |
| 78 | $31,793.64 (Male) $30,538.20 (Female) |
| 80 | $34,173.00 (Male) $32,090.28 (Female) |
| 81 | n/a |
In short, whole life is cheapest when young. Locking in a policy at age 20 means the premium remains level for the rest of your life (or for the 20-year payment duration), securing the maximum tax-deferred growth period. Whole life insurance grows extremely expensive after age 70 and is only available until age 80. The primary appeal for older Canadians is the coverage guarantee and the ability to use the policy for estate planning and minimizing future tax burdens, despite the high premium.
Hard to Decide Between Term and Whole Life Insurance? Think about your budget, timeline of needs, desire for cash accumulation, and existing coverage when weighing term versus whole life insurance. It’s also perfectly fine to utilize both policy types for a customized layered approach. An insurance advisor can help assess your specific situation.
Other Factors Impacting Your Life Insurance Rates
While age plays the biggest role, insurance companies weigh several other applicant characteristics when pricing policies.
Gender
According to Statistics Canada’s Health Report 2025, women have a longer life expectancy than men (84.1 years vs. 79.6 years). This lower mortality risk means women consistently receive lower rates than men of the same age and health status.
Health Status
A medical exam and your medical history will place you in a risk class. Conditions like diabetes, heart disease, or a history of cancer will increase your rates. Well-managed conditions like high blood pressure also raise rates, but to a smaller degree.
Applicants undergo medical exams and testing to determine their health risk class, which directly impacts premiums. Preferred classes get the lowest rates, while Substandard classes pay the most.
Smoking Status
Smokers or vapers can expect to pay two to four times higher premiums compared to non-smokers due to the many adverse health effects of smoking. Most insurers require you to be tobacco-free for at least 12 months to qualify for non-smoker rates.
Occupation
Low-risk office-based occupations typically qualify for standard rates, assuming good health. Retirees also get favourable rates based on health. High-risk occupations like skydivers, police officers, and firefighters may lead to higher premiums.
Hazardous Activities
Insurers will inquire about lifestyle and hobbies on your application. Those who regularly engage in high-risk activities like skydiving, rock climbing, scuba diving, or motorcycle racing may pay higher premiums due to increased mortality risk.
Term Length and Coverage Amount
The more coverage you buy and the longer the term, the more expensive the policy. A 30-year term life policy will cost significantly more than a 10-year or 20-year term policy for equivalent coverage. The longer timeframe increases the risk of an insurer payout.
How to Find Affordable Coverage to Fit Your Budget
Despite the age-related rate increases, there are strategies to secure budget-friendly coverage throughout your lifetime.
Lock In Long-Term Rates Early
The best financial move is to obtain life insurance when young and healthy to lock in the lowest premiums. Rates on most term life and some permanent policies won’t increase over time. Buying early can secure your coverage for decades.
Work with an Independent Broker
Insurance rates can vary significantly between companies for the same person. Getting quotes from multiple companies can help you find the most competitive rate for your situation. An independent broker is not tied to one company and can shop the market for you to find the best fit.
Prioritize Essential Needs First
If budget is a concern, focus first on purchasing a term policy with just enough coverage for essential needs like mortgages, final expenses, and childcare costs. Additional coverage can wait until it is more financially feasible. Paying for smaller essential policies is doable, even with steeper age-related rates.
Match the Term to Your Need
Instead of automatically buying the longest 30-year terms, think about your actual needs. A 20-year term may be sufficient to cover a mortgage payoff, for example. Avoid overpaying for unneeded extra years of coverage. Needs often decrease heading into retirement as debts shrink.
Check Conversion Options
Many Canadian term policies allow you to convert the policy to permanent coverage later in life without any new medical exam. This is an essential safeguard for future insurability, especially if your health declines.
Maintain Good Health
Sticking to healthy lifestyle habits around diet, exercise, and regular checkups enables you to delay rate increases. Paying attention to any developing conditions and controlling issues like high blood pressure also helps keep rates low.
FAQs on Life Insurance Rates by Age Chart in Canada
How often do life insurance rates change as you age?
Life insurance rates typically increase about 3% to 5% each year as you age. The increases are due to the rising mortality risk associated with aging. Rate hikes can accelerate after age 50.
What is the average cost increase each year for life insurance rates?
On average, life insurance rates increase about 4% to 7% each year for the same policy as you age. However, the increases are cumulative and compounded over time.
Where can I find the best life insurance rates in Canada?
The best way to find affordable life insurance rates is to compare quotes from about 5 of the top national life insurance providers in Canada. This allows you to find the most competitive rate for your situation.
When should I lock in life insurance rates?
The ideal time to lock in low life insurance rates is typically in your 20s or 30s while young and healthy. Rates rise consistently as you age. Buying early can lock in lower premiums for life or lengthy terms.
Do life insurance rates ever go down as you age?
Life insurance rates very rarely go down as you age. The only exception is if you make major health improvements that allow you to qualify for a better risk class, which could lower your premium.
Can I negotiate better life insurance rates as I get older?
Unfortunately, you cannot negotiate life insurance rates as you age. Rates are based on actuarial mortality data tied to your age. The best way to save is to maintain good health and compare insurer quotes.
Is whole life insurance cheaper when you're younger?
Yes, whole life insurance premiums are significantly cheaper when purchased at a younger age. Monthly premiums for a policy can double from age 30 to age 60.
How much more do seniors pay for term life insurance?
Seniors may pay up to 500-1000% more for term life insurance compared to younger applicants. A 70-year-old often pays 8-10 times more than a 30-year-old for a 20-year term policy.
What's the best age for seniors to buy life insurance?
The ideal age for seniors to buy life insurance is in their early to mid-60s while still relatively healthy. Rates for term and permanent insurance rise dramatically after age 70.
Do life insurance rates ever plateau?
No, life insurance rates do not plateau at any age. They increase incrementally every year for the same coverage based on rising mortality risk as you age.
The Bottom Line
The cost of life insurance depends on many personal factors, and the only way to find the most affordable rates tailored to your needs is to compare customized quotes.
At Lifebuzz.ca, we make it easy to compare quotes from top Canadian life insurance providers. Just answer a few quick questions. Our online tool provides side-by-side quotes so you can find the optimal rate for your budget and coverage needs.
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