Key facts: Life insurance premiums rise with age at an accelerating rate — a healthy 30-year-old typically pays a small fraction of what a 55-year-old pays for identical cover. Smoking roughly doubles any premium. Once bought, level term premiums are fixed for the whole term — ageing after purchase doesn't touch them, which is the entire case for buying early.
Why age drives the price
Term life insurance prices one thing: the probability of dying within the term. That probability compounds with age, so premiums climb gently through your 30s, more steeply through your 40s, and sharply from 50 onward. There's no waiting it out — every year of delay buys the same cover at a permanently higher price, because the premium you lock at purchase is the one you keep.
The multipliers on top of age
Smoking is the big one — any nicotine use in the last 12 months roughly doubles premiums (see cover for smokers, including re-rating after quitting). Health conditions add loadings that vary hugely by insurer — the right insurer for your condition is worth real money. Cover shape matters too: decreasing term (tracking a mortgage) undercuts level term; longer terms and larger sums cost more; adding critical illness multiplies the premium several-fold because claims are far more likely.
What buying at each age looks like
20s–30s: cover is at its cheapest and health rarely complicates underwriting — locking a long term now fixes decades of low premiums. 40s: still very insurable; this is when most families align cover with mortgages and children, and when each year's delay starts costing noticeably. 50s+: premiums are material but the products adapt — shorter terms, over-50s options, and guaranteed-acceptance plans for those underwriting won't pass. The pattern across all ages: the earlier the purchase, the better every number.
Paying less at any age
Buy sooner rather than later; match the sum and term to the actual need (the mortgage balance, the years until children are independent) rather than a round number; choose decreasing cover where the liability decreases; and compare insurers properly — pricing spread between insurers for the same person is wide, and widest where health is involved. A protection specialist runs that comparison across the market in one pass. Compare life insurance through Nesto — free, no obligation.
Frequently asked questions
Do premiums rise each year after I buy?
Not on level or decreasing term policies — your premium is fixed at purchase for the whole term. Only reviewable or new policies reflect your later age.
How much more do smokers pay?
Roughly double, at any age. After 12 months nicotine-free you can re-apply at non-smoker rates.
Is it worth buying life insurance in my 20s?
If anyone depends on you (or will), yes — you're locking the cheapest premiums you'll ever be offered for decades of cover.
Can I get cover in my 60s or 70s?
Yes — shorter terms, whole-of-life and guaranteed over-50s plans all operate at these ages, at prices reflecting the risk.