We get numerous calls from people looking for term life insurance quotes from 40-49 years old. If you are in the market, boy do we have a lot of information for you!
From sample quotes to honest advice about how to get the best rates, this quick reference guide to life insurance in your 40’s will provide you with everything you need to find the best possible life insurance for your personal circumstances.
With so many people having families in their later years, there are increasing numbers of men and women looking to provide a financial safety net for their loved ones. Sound like you?
Then let’s take a closer look!
Meet Chris Huntley & Huntley Wealth Insurance
Hi, I’m Chris Huntley, the founder and president of Huntley Wealth and I’ve been in the insurance industry since 2004.
The best part about my job has been the ability to make a difference in the lives of so many people. Life insurance is such an important safety net and I have spent countless hours educating people on how it can be used to make sure you and your family never have to face a financial disaster should there be an unexpected death.
We believe our job as an agency is to educate, not sell. We don’t have sales quotas or “call center” agents. We offer customized, boutique service.
I’m the father of three little girls and husband to a wonderful woman. Needless to say my paycheck is imperative to the economic well being of our household. Should something happen to me, it would have a huge impact on our finances.
Selling life insurance really opened my eyes to the potential dangers of being uninsured or even underinsured. Mortgages, credit card debt and a university education won’t take care of themselves. What if my wife was left alone to take care of all these obligations? Michael Lewis, put it in very succinct terms:
As I grew older, got married, started a family, and began a business, I realized that life insurance was indispensable and fundamental to a sound financial plan. Over the years, life insurance has given me peace of mind knowing that money would be available to protect my family and estate in a number of ways. Michael Lewis, 6 Reasons Why You Should Buy Life Insurance, Money Crashers
So, I decided to practice what I preach.
To give you some insight into our personal situation, I own 3 term life insurance policies totaling over $2 million in coverage.
Yep, you heard me right. This protection allows me to sleep at night knowing that no matter what happens to me, my family with be just fine.
If you’re like me and want the best possible coverage for your family and are looking for Term Life Insurance Quotes from 40-49 years old, we have some great insider tips for you today!
Term Life Insurance Quotes from 40-49 Years Old: Cheaper Than You Might Think
Why term insurance?
To put it bluntly, Term life insurance is least expensive option out there and it still provides comprehensive protection for the years when you need it most. There are many agents that will try to sell you whole life insurance, but I personally believe that term is the right choice for the majority of clients.
Now you may be thinking…if I am over 40, life insurance is expensive!
WRONG! Unfortunately, there seems to be a basic misunderstanding about the cost of life insurance after the age of 40. For some reason a lot of people think it’s unaffordable or they will not be able to qualify with pre-existing medical issues.
Do you want the good news? Of course you do! Term life insurance quotes from 40-49 are incredibly affordable.
Please don’t wait a minute longer to get insured! Life insurance becomes more costly as you age, because you are closer to the date of your mortality.
That being said, your 40’s are still a great time to buy coverage.
To give you a better idea I ran some quotes to illustrate this point.
Let’s say you are a 41 year old non-smoking male in good health that just qualified for a Preferred rating. You are making a nice living and don’t have a lot of debt, so you think $500k in coverage and a 30 year term will provide enough support for your family should you die.
This gentleman could qualify for a premium of approximately $73.00 per month! This means he and his family will be protected until he is 71!
Had the same client waited until he was 49 years old, the premium would shoot up to $152.00 per month..and that’s if he was still in good health.
The difference for the 30 year term would be a whopping $28,440.00!
The bottom line is, if you need life insurance, don’t put it off a minute longer, especially if you are in your 40’s. Waiting a couple of birthdays can translate into much more expensive premiums.
Sample Term Life Insurance Quotes From 40 - 49
Now that you are considering Term Life Insurance Quotes from 40-49 Years, you are going to want to see some cold hard numbers.
What are you looking at for your particular circumstances?
I’ve included a chart of sample quotes for non-smoking males ages 40-49 looking for a 30 year term.
Check out the premiums! I think you will be pleasantly surprised.
All rates are preferred, which means they don’t represent the lowest possible premiums. If you are in top form these rates will dip even further and if you are a woman they will also be less expensive.
Term Life Insurance Quotes at 30-39 Years Old
|40 Year Old Male||$20.55||$34.80||$65.41||$121.66|
|41 Year Old Male||$22.88||$37.72||$73.06||$133.95|
|42 Year Old Male||$24.73||$41.05||$79.49||$146.99|
|43 Year Old Male||$26.60||$45.42||$87.71||$165.37|
|44 Year Old Male||$28.95||$49.59||$97.56||$182.00|
|45 Year Old Male||$30.79||$54.17||$107.19||$198.89|
|46 Year Old Male||$33.79||$58.97||$115.82||$216.49|
|47 Year Old Male||$36.14||$66.72||$126.44||$235.72|
|48 Year Old Male||$38.53||$73.28||$138.69||$260.22|
|49 Year Old Male||$41.11||$80.39||$151.29||$284.40|
(Life Insurance Preferred Quotes based on healthy, male, non-smoker for 30 Year Guaranteed Level Term, as of 9/7/16, subject to change)
Breadwinners Have Big Responsibilities
Income replacement is the primary reason people are looking for Term Life Insurance Quotes from 40-49 Years. If you’re the primary breadwinner in your family, what would happen to your spouse and kids if you just didn’t come home one day?
At Huntley Wealth we insist that our clients take a cold, hard look at the REAL needs of their family. This is a critical step when nailing down the amount of coverage necessary.
Illness and death are topics no one wants to think about – but inevitably we all pass away.
If you are the breadwinner in your family, others rely on your income to pay the bills. Let’s face it, life ain’t cheap and when you die things will become much more difficult for those you love.
Life insurance provides a financial safety net that will protect your family from the knock on effects of losing your income. The idea is that you will have a term policy in place until you retire and your financial obligations cease or decrease to the point where they are manageable for your estate when you die.
There are no guarantees. But, after you’re gone, it’s the survivors who have to pick up the pieces and get on with life.
Types of Term Life Insurance Available In Your 40's
So, what sort of life insurance is right for you in your 40’s?
You can choose from 3 main types of term policies which include:
• Level Term: Premiums and death benefits don’t change during the term.
• Decreasing Term: Death benefits decrease over the term and the insured enjoys a fixed premium. This is usually less expensive than level term.
• Increasing Term: Death benefits and premiums increase at specific intervals. It’s great for someone with limited funds who expects to see a financial upturn later in life.
…or you can choose an age specific policy! Most people don’t even know these exist. Let’s say you know the exact date you want your life insurance coverage to end. You can choose that age, even if it’s outside the traditional 10, 20 or 30 year terms.
There are many different options available when set up your life insurance policy. It’s so important that you weigh out your specific circumstances before you sign on the dotted line.
I am sharing two case studies to illustrate how length of term would affect you in relation to cost and coverage.
Case Studies: Increase in Age & Deteriorating Health
Case 1: 40 year old male non-smoker, preferred rating, 500K in coverage
20 Year Term – $37.00 per month = $8880.00 over the life of the policy
30 Year Term – $65.00 per month = $23400.00 over the life of the policy
SAVINGS: $14,520.00 if he buys the 20 year term.
Case 2: 48 year old male non-smoker, preferred rating, 500K in coverage
20 Year Term – $77.00 per month = $18480.00 over the life of the policy
30 Year Term – $139.00 per month – $50040.00 over the life of the policy
SAVINGS: $31,560 if he buys the 20 year term!
These numbers illustrate just how important health and age are when you are looking to purchase life insurance in your 40’s.
Don’t wait a moment longer to buy your policy, as you can see as you get older and your health deteriorates you will pay thousands more for coverage. This is money that could be better spent on your family.
20 Year Term and Why You Should Consider It - What Term Length is Right for You
So…how long will you need coverage? This is a very important question and everyone’s circumstances are different. I often recommend that people in their 40’s take a look at 20 year term insurance.
The factors that need to be considered when deciding on the length of term are:
- Health Rating
- Financial Situation
20 year term is a great buy if you have older children, are financially stable with savings and think coverage would be redundant in your 60’s.
Let’s discuss the pros and cons of 20 year term now.
Pros of 20 Year Term Life Insurance In Your 40's
At Your Age & Stage It May Be The Most Practical Choice.
In 20 years your kids may be grown with their own careers and you may have saved enough of a nest egg to make income replacement a need of the past. In this case 30 year term would be overkill.
It’s Super Affordable
20-year term is less expensive than a 30-year term. If you have calculated your needs and the shoe fits – you will reap the cost savings. Let’s take a look at the numbers below. For this example I am using a 43 year old male non-smoker who qualifies for preferred Rates and would like $500K in coverage:
Premiums for a 20 Year Term: $49.00 Per Month
Premiums for a 30 Year Term: $88.00 Per Month
Wow! 20 year term really is cost effective if it fits your needs.
Coverage for Your Most Vulnerable Years
You can sleep well knowing that your family will be covered if you die unexpectedly. Most term policies also have a conversion option, so if you survive until the end of the term you can convert the policy to Universal Life, without proof of insurability. This is an important benefit.
Cons of 20 Year Term Insurance In Your 40's
Should Never be Considered If You Have a Child with Special Needs
If you have a child that will require care until your death, you need to think about the longest period of coverage available. 20 Year Term will not meet those needs.
If You Are In Poor Health
Your health plays a big role in choosing 20 year term. If you suffer from pre-existing medical issues you will not qualify for the best ratings which makes this option less desirable.
If You Need a Longer Term, Your Next Policy Will be Costly
Think about it. If you are 40 years old and purchase 20 year term, you will be 60 years old and looking for a new policy. Let’s take a look at those numbers. For these purposes I am using the example of a non-smoking male that is looking for a 20 year term and $500K in coverage:
40 and Qualifies as Preferred Rating: $38.00 per month = $9,120.00
60 and Qualifies as a Preferred Rating: $243.00 per month = $58,320.00
60 and Qualifies as a Standard Rating: $392.00 per month = $94,880.00
Wow! As you can see the jump is significant. If you are considering 20 year term make sure it fits your needs or you could be in for some eye opening premiums in your 60’s!
How Much Coverage Do You Really Need?
Mortgages, car loans, co-signing student loans and credit card debt are just a few monetary considerations you need to address when planning your life insurance needs.
Raising a family is no inexpensive endeavor and many take on overwhelming financial obligations.
So why do so many people underestimate their life insurance needs?
Simply put $250K or $500K sounds like a lot of money before you do the calculations. Very few of us have access to that sort of cash so it seems like a windfall.
Huntley Wealth Life Insurance Needs Calculator
….but what happens when all of your debt has been deducted from the claim? It’s amazing to see how fast those figures get eaten up.
To help you nail down the amount of life insurance you should have, we’ve created a needs calculator to crunch the numbers.
Another issue to think about is how your family will continue to sustain their lifestyle on one income.
To be frank, it may not be possible, so you have to make sure there are enough funds available to make this happen.
When you are buying a life insurance policy you need to think about where you and your family will be 5, 10, 20 or 25 years in the future.
Pay increases, inflation and changing needs all play a role in your calculations. Too little insurance, means you family will be walking a financial tightrope. The worst case scenario would be that they could not keep up with the demands. Too much life insurance and you are wasting hard earned cash that could be better spent elsewhere.
Sample Life Insurance Needs for Non-Smoking Male Age 42 with a Preferred Rating
Using the Life Insurance Needs calculator, I ran a quote for a 41 year old non-smoking male who is in very good health (Preferred rating).
If he was looking for 30 years of coverage, assuming 3% inflation and 6% interest, he would require $2,040,108 in death benefits to provide an annual indexed income of $100,000 for his family.
The figure would be less if he opted for a 20 year term. By this point his family may already be grown and he would not need to provide that sort of income.
In that case assuming 3% inflation and 6% earnings he would require $1,543,522 to provide an annual indexed income of $100,000.
Run the Numbers for Yourself
Let’s say you wanted to provide $100,000 of income per year for your spouse should you die. You can figure out your needs with this simple calculation: $100,000/.04 = $2,500,000 of life insurance!
To generate this very basic figure, divide the amount of money you would like to provide per year, by .04, which is an achievable target interest rate.
The nest egg you have to provide to generate this sort of income would be $2.5 Million (not including taxes).
The question is, do you need to provide lifetime income to your spouse?
- Reduced Cost of Living: How much money does your partner REALLY need to get by if you died suddenly? Would they need 100% income replacement to keep up with the bills? For example, say you’re a 43 year old man and you make $100,000 per year. Would your spouse be able to make ends meet with $50,000.00 per year? If they could, your life insurance needs would be greatly reduced.
- Interest and Inflation: Life insurance death benefits will probably be invested, so they will earn interest – but inflation still plays a role.
- Can your partner work?: If they can’t then the need for life insurance greatly increases. If they can get a job it steeply decreases. Be sure to take note.
- Your partner’s health: This is especially important for people married to someone substantially older. If you are 44 years old and married to a man in his 50’s or 60’s with health issues, it’s unlikely he will need 100% of your income replaced for 30 years. To be brutally honest you don’t even know if he or she will live that long.
You can’t pinpoint the ideal amount of life insurance you should buy down to the penny. But you can make a sound estimate if you consider your current financial situation and imagine what your loved ones will need in the coming years. Barbara Marquand, How Much Life Insurance Do I Need? Nerd Wallet
IRR (Inter Rate of Return): Were Your Premiums a Good Investment?
I don’t believe life insurance should be looked at as an investment. If you are thinking about ways to make additional cash this shouldn’t be your first line of thought.
That being said, I ask clients to take a look at the potential IRR (or internal rate of return) should their policy pay out.
I created a calculator that crunches the numbers to illustrate how the premiums you paid work out in terms of an “investment” should your beneficiaries make a claim.
To show you how this works let’s use the example of a 45 year old non-smoking male, who purchased $500K in coverage for a 20 year term. If he were to die at 50 years old, his beneficiary(s) would receive death benefits that would effectively pay out as if he invested that money and received a 256% return.
If he were to pass away at 65, he would have had to invest money spent on premiums at 30% interest to match the death benefits.
Those are pretty good numbers if you ask me.
Why Buy Life Insurance in Your 40's
Why would you consider term life insurance quotes from 40-49 years old? Maybe you waited a bit longer to start your family. This is quite common these days as people are living longer and healthier lives.
…or maybe the need never really occurred to you until you witnessed a tragedy that ended up on GoFundMe.com.
For every year that passes by your rates increase quite substantially in your 40’s.
There is no better time than now to take advantage of the benefits of life insurance. Every year you wait results in higher premiums and you run the risk of contracting a medical condition that may result in you not qualifying for the best health classifications.
This would translate into premiums that could be as much as 25% higher.
Your Health & Age Are The Keys To Affordable Premiums
Yes, you’ve got it! Younger, healthier people pay much less for life insurance. The reason for this is obvious. There is less risk for the life insurance company and they pass their confidence on to you via less expensive premiums.
Let’s go through some quotes to see just how much health and age impact your premiums.
Preferred Rating for a Non-Smoking 46 Year Old Male Compared to a 56 Year Old Male Non-Smoker
A 46 year old non-smoking male, who qualifies for a preferred rating would get the following quote today:
- $65.00 per month (approx.) for 500K in coverage over a 20 year term.
A 57 year old non-smoking male, who qualifies for the same rating would get the following quote today:
- $181.00 per month (approx.) for 500K in coverage for a 20 year term.
THE DIFFERENCE: The 57 year old would pay a staggering $27,840.00 more!
Deteriorating Health - 47 Year Old Male Preferred Rating and 49 Year Old Male Standard Rating
A 47 year old non-smoking male who qualifies for a preferred rating would get the following quote today:
- $71.00 per month (approx.) for $500K in coverage over a 20 year term.
A 49 year old non-smoking male who qualifies for a standard would get the following quote today:
- $132.00 per month (approx.) for $500K in coverage for a 20 year term.
THE DIFFERENCE: The 47 would pay a whopping $14,640.00 more than the 49 year old!
The numbers don’t lie, health and age are an incredibly important part of planning your life insurance needs.
As you age it will become increasingly more costly to buy life insurance. If you are in your 40’s it’s still amazingly affordable. Don’t hold off any longer. You can still get amazing rates that will cover your loved ones in case of an emergency.
Do You Have Pre-existing Medical Issues - Save Up to 73%!
Too many people let pre-existing health problems or a disability deter them from investigating life insurance. DON’T let this stop you. We have a fantastic record of getting high risk cases the best possible premiums.
From bad hearts to missing parts, we’ve got you covered!
Every insurance company has different underwriting guidelines. The key is to know which are most lenient for your particular circumstances.
Call our agents now to start the process. We will be able to help you sift through all the options to find the most affordable rates for your unique set of circumstances.
Life Insurance Savings Tips
Money is always an issue and we like nothing better than to save our clients some serious cash!
Here are 5 tips we suggest for massive savings:
- Drop a Couple of Pounds and Save 25%! Insurance underwriters have maximum weight categories they adhere to. You may only be a few pounds away from qualifying for a better class. If this is the case, you would save 25% on your premiums. Eating healthier and exercising will also make an impact on your bloodwork.
- Layer Your Policies: You may save 10-30% by if you buy more than one term policy to defray your risk at specific intervals. There are times when you need more life insurance than others. The additional coverage drops off when you no longer need it. Genius!
- AVOID No Exam Policies: These policies cost 30 – 100%! more than traditional term policies. You still have to answer health questions, so it’s not like you are going to “fool” the life insurance companies. Get your exam and work with a great independent agent who can find you the best rates.
- Choose an Annuity Payment for Your Death Benefits: Lump sum death benefits aren’t always the way to go. You can save 10-30% on life insurance if you allow the life insurance company to pay out the claim over a period of 10 years or more.
- Always Choose an Independent Agent: We can save you thousands of dollars because we are not tied to a particular insurance company and have access to dozens of companies with different underwriting guidelines. Huntley Wealth specializes in high risk cases. We can help!
Get In Touch With Huntley Wealth Today
If you are looking to find term life insurance quotes from 40-49 years old, then you are in the right place! Call the independent agents here at Huntley Wealth.
We have access to over 40 of the top life insurers in the industry and will work tirelessly to get you the best possible premiums for your unique circumstances.
Don’t let your age or pre-existing medical conditions stop you from getting the protection your family deserves. We specialize in high risk cases.
From bad hearts to missing parts, we’ve for you covered. Call Huntley Wealth right now at 877 – 443 – 9467 because we can help!
Apply Online Without Speaking to an Agent
If you are in great health, and want the convenience of applying online, while still getting rock bottom prices, use this link: Apply Online
• No Speaking with an Agent
• Medical exam is Required
• Approval may take 4-6 weeks
• Apply for same policies you would through an agent at the best prices!
If you have any questions, call us at 877-443-9467, and we’ll be happy to help.
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