The Best Age to Buy Life Insurance May Be Younger Than You Think

Sean McGinn is an assistant director of Product Positioning in the Insurance Solutions department at Northwestern Mutual.

If you’ve ever wondered about the best age to buy life insurance, the honest answer is this: It depends on your financial responsibilities, health, long-term goals, and the people who rely on you.

But age does play a meaningful role in how life insurance works—especially when it comes to cost, eligibility, and flexibility. In general, the younger and healthier you are when you apply, the more affordable and accessible coverage tends to be. Yet that doesn’t mean you’ve missed your chance if you’re older. Life insurance can provide value at nearly any stage of life, with 38 percent of Americans saying they need life insurance or more of it, according to the 2026 Insurance Barometer Study conducted annually by LIMRA and Life Happens.

If you’re wondering when you need life insurance, here’s a simple way to think about it:

• Do you have debt that someone else would need to pay?
• Do you have dependents who rely on your income?
• Do you have long-term goals you want protected?

If the answer to any of those is yes, it may be time to consider coverage.

Life insurance is usually the most affordable when you’re younger

When you’re younger, life insurance is likely the cheapest it will ever be. Most people are healthier at this stage, which makes it easier to qualify for coverage and lock in lower premiums. A new diagnosis or change in health status can affect eligibility and rates—so it’s best to apply when you’re young and relatively healthy.

And even if you don’t have kids, getting coverage early can secure your future insurability and give you options later. For example, some policies have riders that allow you to increase coverage as your financial responsibilities grow. The extra time building up what’s called cash value on your policy can also be a boon.

If you’re exploring options, comparing the costs and features of term insurance versus permanent coverage can help you think about what fits your budget and goals. For many people, the question isn’t whether term or permanent life insurance is better. They serve different purposes. Some people use term insurance to cover large expenses for a set period, like a mortgage, while also maintaining permanent coverage for lifelong protection and long-term financial goals.

Your financial advisor can help explain the difference and guide you toward what fits your needs.

Getting life insurance when you’re younger might make sense if:

• You have a student loan with a co-signer or other shared debt.
• You’re getting married (or divorced) or planning for kids.
• You’re self-employed and have no coverage through work.
• You want to lock in low rates for the long term.
• You’re thinking ahead about financial planning and risk management.

Big life events make coverage a priority

Major milestones—like a new home or children—often lead to conversations about insurance. After all, a mortgage or a baby puts things in a different perspective.

Premiums now may still be relatively affordable compared to later in life, especially if you’re in good health. That combination makes these major life events especially good times to look at coverage.

You may also start thinking beyond basic protection. For instance, some people convert a term policy to permanent coverage to begin building cash value over time. Understanding how permanent life insurance works can help you decide if that strategy fits your plan.

Getting life insurance might make sense if:

• You’ve taken on a mortgage or plan to buy a home.
• You have children or are planning for them.
• You want to protect your growing income.
• You’re saving for future expenses like kids’ college.
• You own a business.

When protecting income becomes critical

When your earning potential is at or near its peak, the financial impact on your family could be greater if something unexpected happens.

At this stage, you’ve likely spent years building your earning power. Life insurance can help protect not only today’s income but also future goals such as paying for college, reaching retirement milestones, or maintaining your family’s lifestyle.

It’s also a particularly good time to coordinate life insurance with other types of protection, like disability insurance, and consider future needs like long-term care while also filling gaps left by policies you may get through work.

While premiums increase with age, many people still find it worthwhile to get or expand coverage. This is especially true if you have dependents or significant financial obligations.

Getting life insurance might make sense if:

• Your employer’s life insurance isn’t enough.
• You’re changing jobs or losing workplace coverage.
• You’re supporting children, a spouse, or aging parents.
• You want to ensure your financial plan stays on track.

Protecting your legacy

Later in life, life insurance often becomes less about replacing income and more about helping loved ones avoid financial burdens, supporting charitable goals, preserving family wealth, or passing assets efficiently to the next generation. While costs for new policies may be higher as you age, smaller amounts of coverage can still be valuable additions to your plan. That way, when you pass away, the value may help cover expenses, pay off remaining debts, or provide a tax-efficient wealth transfer to beneficiaries.

If you purchased permanent life insurance several years ago, it may have grown in value so that you can use it as part of your broader financial strategy.

Getting life insurance later in life might make sense if:

• You want to cover funeral expenses and other final expenses.
• You still have debts and don’t want to burden a family member.
• You’re focused on estate or legacy planning.
• You’re considering converting an existing term policy.

Buying life insurance for children

While life insurance is typically associated with adults, some families consider policies for children as part of a long-term financial strategy.

These policies can guarantee that the child can get coverage later in life (even if they develop a medical condition) and may build value over time. That cash value can give the child some financial flexibility later in life.

So, what is the best age to buy life insurance?

The best age to get life insurance is usually when you see a need for it—but can still qualify easily and relatively affordably.

For most people, that tends to be at a younger age, when premiums are lower and options are broader.

Buying earlier may help you:

• Lock in lower premiums,
• Secure coverage before your health changes,
• Build policy value over a longer period,
• Preserve flexibility to increase coverage later, and
• Protect future plans as responsibilities grow.

But the more important aspect isn’t just age but whether someone depends on you financially.

Finding the best life insurance plan for you

Life insurance is just one part of a comprehensive financial plan. The right policy depends on your goals and your family situation—and how it fits alongside your savings, investments, and retirement strategy.

Whether you’re comparing policies or finding out how much life insurance you need, working with your Northwestern Mutual financial advisor can help you make confident decisions. Studies show that combining permanent life insurance with annuities and other investments can produce higher retirement income than investments alone.¹

Ultimately, the best age to take out a policy isn’t a specific number; it’s when you need to make sure you and the people you care about are financially protected—no matter what stage of life you’re in.

The primary purpose of whole life insurance is to provide a death benefit. Your policy's cash value typically becomes a useful source of funds only after several years of premium payments, which allows the cash value to build up.