Have you started thinking about life insurance policies? Have you already started investing in one? Even if you’re young, you may want to start thinking about your options. If you are healthy, you may get better rates in your 20s than when you get older. Investing in permanent life insurance rather than term life insurance when you’re younger may be a good option as you won’t have to worry about it expiring before it’s needed to use.
Insurist.com conducted a Life Insurance Consumer Report Study to determine how much life insurance people are buying by age. Based on the results of their study, these are the age groups that are buying life insurance policies at different coverage levels:
Less Than $250,000 in Coverage
50%: 45-64 years old
30%: 18-44 years old
20%: 65+ years old
$250,001-$500,000 in Coverage
67%: 18-44 years old
31%: 45-64 years old
2%: 65+ years old
$500,001-$750,000 in Coverage
76%: 18-44 years old
23%: 45-64 years old
1%: 65+ years old
$750,001-$1,000,000 in Coverage
80%: 18-44 years old
19%: 45-64 years old
1%: 65+ years old
More Than $1,000,000 in Coverage
84%: 18-44 years old
16%: 45-64 years old
The majority of people who are purchasing life insurance plans with high coverage are between the ages of 18 and 44. This is likely because the premiums are lower for younger people who are generally in good health. Those that are 65 or older are typically buying life insurance plans with lower coverage as the premiums would be too expensive for them that late in their lives. Many younger people opt for permanent life insurance rather than term life insurance as they won’t have to worry about coverage expiring before it’s able to be used.
Which of the statistics included in the visualization is most surprising to you?
