How your health impacts life insurance rates after 50
With age, we think about our health in a different way. We want to maintain mobility to play with the grandkids, for example. Or maybe it's keeping cognitive abilities sharp to manage finances. Something else to think about as we age is how health can affect life insurance rates.
Risk and rates
When deciding on rates, life insurance companies consider a handful
of factors. Typically, it's age, height, weight, gender, and health
history. Those with a history of things like heart disease, diabetes, or
smoking can be considered high risk. This might result in higher life
insurance rates. Sticking to a healthy lifestyle, though, may allow for
better rates. A healthy lifestyle can include staying active, eating
well, and keeping up with regular doctor visits.
Whole life vs. term life
When comparing whole life insurance rates and term life insurance
rates, it might help to consider what you're looking for. Whole life
coverage (also known as permanent life) can last your lifetime. Also,
it may build cash value over time. Term life can provide coverage for
a specific period. The rates are often lower to start with and typically
increase with age.
Age and health
Here's a simple look at how rates may vary by age and health:*
| Age Range | Good Health (Non-Smoker) | Some Health Conditions | Type of Coverage |
|---|---|---|---|
| 50–54 | Lower monthly rate | Moderate monthly rate | Term or Whole Life |
| 55–59 | Moderate monthly rate | Higher monthly rate | Term or Whole Life |
| 60+ | Higher monthly rate | Highest monthly rate | Term or Whole Life |
*Rates are determined by underwriting and vary based on multiple individual factors. Examples shown are illustrative only and do not guarantee eligibility or pricing.
For adults over 50, overall health can play a significant role in the cost of coverage. Making lifestyle adjustments might improve your health. And it may improve your life insurance rates, too.
This article is provided by New York Life for informational purposes only. Neither New York Life, AARP, nor its affiliates provide tax, legal, financial, or accounting advice. Please consult your own professional for advice specific to your circumstances.
