Co-Founder, Coastal Financial Partners Group, California
Life insurance companies may insure individuals from 15 days old to age 90. The key things to know for the coverage is how much, for what purpose and for how long? Once those things are established, there are ways to pay for it and make it fit into most budgets.
You can get life insurance at any age between 15 days old and 90 years old. If you have a health condition that makes you ineligible for most life insurance (e.g. using oxygen or on dialysis), you may need to wait until you are age 40-50 to get a guaranteed issue policy.
There are several life insurance companies that issue policies as young as a new born for both term and permanent coverage. Parents, or other legal care givers, will have to justify the coverage, and with most life insurance companies, require life insurance on the parent(s). Some states may have restrictions on issue ages and/or nicotine use at age 16. Issue ages may vary based on underwriting classification as well. Traditional insurance companies issue from age 15 to age 90.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
At what age can you get life insurance? Usually "you" can purchase life insurance from the age of 18 on. Life insurance is considered a contract and in order to have a binding contract both parties must be of legal age. An insurance company cannot contract with a 10 year old or a 15 year old legally.
So how did my kids get life insurance before age ten? Because I "own" the policies as their parent. I had an insurable interest to insure my kids and I went into a contract with an insurance carrier. My kids are simply the insured and because at the time of purchase they were not of age to be party to a legal contract, they can only be the insured until 18 and I could sign over ownership at that point in time.
I've personally written life insurance on a toddler and a 93 year old, so there is a policy available for everyone through age 100 (I don't know of availability past 100). Two main considerations are the insurance company and the type of life insurance. Each company has different options.
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So how did my kids get life insurance before age ten? Because I "own" the policies as their parent. I had an insurable interest to insure my kids and I went into a contract with an insurance carrier. My kids are simply the insured and because at the time of purchase they were not of age to be party to a legal contract, they can only be the insured until 18 and I could sign over ownership at that point in time.