Term life insurance rates increase with age. Whole life insurance is better for long term insurance because you can lock the price. That is why whole life insurance is considerably more expensive. Ideally you would use term life insurance when you are young. As your assets grow and the kids leave the house you taper insurance back with age as the rates increase. Of course this was based on the concept of paying down a house mortgage. All insurance is cheaper when you are young and healthy. Term insurance eventually becomes unaffordable when you get older to the point that few people keep it. It is cheaper because odds are no one will collect. These are are generalities. Most insurance excludes aviation and military duties except for some of the ones mentioned above.