Once you turn 45, finding affordable rates on life insurance is not as easy as when you were 30.
Whether you like it, or not, you are now approaching that age bracket that is considered to be a higher risk, no matter if you are male or female.
The good news is, it's still a good age to get cheap rates if you are in good health and don't smoke.
Although the average life expectancy in the United States still gives you about 30 more years of life, the chances of complications, diseases, and disorders becomes greater once you get closer to the fifties.
When you buy a life insurance policy at a younger age, you are more likely to get a better average price because you have a greater chance of living for more years (life expectancy). In addition, the insurance company anticipates keeping you as a policyholder until the time of your death. As such, you can pay less per month because you will be paying into the policy for more years. When you wait until you are over 45, you lose this advantage.
This is not to say that obtaining level term life insurance when you are forty five is impossible - you just may need to look a little harder to find a policy that is within your budget while still providing the coverage that you desire.
You'll notice that if you are a man it will be a bit tougher than if you were a woman. Women get preferred rates and are usually easier to insure.
Example costs for a 20-year term policy for a male smoker:
|45 year old man||$43.56||$75.46||$173.59||$335.76|
|46 year old male||$45.89||$80.80||$186.28||$364.57|
|47 year old man||$48.75||$87.65||$203.26||$394.48|
|48 year old male||$53.45||$94.25||$215.27||$426.49|
|49 year old man||$57.24||$103.35||$236.77||$463.32|
|50 year old man||$60.24||$105.55||$258.13||$503.89|
|51 year old male||$64.07||$115.62||$280.23||$547.95|
|52 year old man||$70.82||$133.35||$308.40||$603.55|
|53 year old man||$76.75||$143.60||$341.90||$670.55|
|54 year old male||$85.72||$155.33||$381.50||$745.40|
|55 year old man||$94.42||$176.55||$423.14||$833.17|
Many factors need to be considered when determining the amount of term insurance coverage that you need. Depending on how old you were when you had your children if you had children at all they may be out of the house by the time you are 45 and living lives of their own.
As such, you don't need as much coverage as you would have needed if your children were still living with you and dependent upon your income. If this is the case, you may only need to get a policy that will take care of your funeral and burial expenses when you pass away.
At the same time, if you are married and your spouse would not be able to get by if your income were lost, you may still need to find a policy with a larger payout.
Similarly, if you still have children at home or if your children are otherwise still dependent upon you such as if your child is going to college and you are helping to pay the bill you might need to consider a greater amount of coverage.
If you are in good health, are a non-smoker, and are not overweight, you will still most likely be able to find a life insurance policy for reasonable average price. This is particularly true if you only need to have coverage for a certain number of years, such as until your kids are graduated from college, in which case you can purchase term life insurance.
Since term life insurance policy premiums are generally less than permanent (whole and universal) life insurance premiums, this may be the best option for you and your family. On the other hand, you might still want to consider a whole life insurance policy so you dont have to worry about trying to get coverage even later in life to help pay for your funeral and burial expenses. The key is to think ahead in order to place you and your family into the most secure position possible. Get Term Life Insurance age 45 and over. Learn more here: term vs whole.