A life cycle framework is developed to examine how the value of time (VOT) changes as one ages. We consider two risk-sharing schemes, the Tonti scheme under which wealth is actuarially insured, and the Robinson Crusoe scheme under which insurance institution is entirely absent. For the first time in the literature, we characterize the condition, in terms of key parameters for valuating VOT, under which VOT may increase, decline, or even display more complicated profiles, as one ages. Our analysis reveals the crucial role played by the relative magnitude of the market interest rate to other parameters (including the parameter of time preference, the age-specific mortality and the wage growth rate) in determining the age profile of VOT, and the difference in VOT that is caused by the insurance scheme. © 2009 Springer-Verlag.