Other options for life insurance in your thirties?
If none of the options we have covered so far fit exactly what you are looking for, it doesn’t leave much to work with..
However, you can also explore the option of no medical exam life insurance. This will in most circumstances come in the form of term life insurance. Some whole life insurance policies also allow coverage without requiring a medical exam but often you would be looking at term life insurance.
Locking in your Rates- Life insurance in your 40’s part 3
So, you decided to pass on life insurance coverage in your 40’s. What’s the big deal?
Maybe nothing. Maybe more than you think. Let’s look at two big issues.
Issue 1- you now have a major medical condition which doesn’t allow you to gain any life insurance coverage. In addition, your debts are higher, you have 2 additional children and you are the primary breadwinner.
End Result- No coverage to replace your income or take care of your family after a tragic vehicle accident resulting in you expiring. Family is now left with nothing to handle your final expense cost, that mortgage you left behind or any funding to provide for incoming expenses that are beginning to stack up rather quickly. Not a good situation to leave your family in if you can avoid it.
May not sound like a major concern in your twenties but most things we don’t want to purchase, that is typically how it works. Comes around to bite you in the rear later.
Issue 2- Your rates are now that of someone 10 years or older than if you would have purchased the coverage in your 40’s. May also not be the end of the world but when you factor in that you could have secured this coverage much cheaper per month, it may leave you a little frustrated when balancing your checkbook.
But I have coverage through my Work? I don’t need Life Insurance in my 40’s
Not a good motto to live by. Employer sponsored life insurance is great for some additional cash to your beneficiaries if you meet your maker.
That’s a big IF for many reasons because employer sponsored life insurance is essentially useless in most circumstances unless you like living on the edge or at bare minimums. Employer sponsored life insurance can be comparable to carrying liability only on your vehicle insurance.
A reason exists as to why you must carry full coverage on a vehicle that still carries an outstanding loan. It’s just not enough to coverage to really do much of anything. Same goes for employer sponsored life insurance….
Not getting a whole lot here.
It’s not locking you into any guaranteed rates and you rarely have any control over the policy. Your employer can choose to terminate coverage at any time and in almost all circumstances, it’s rarely portable.
If it is portable, it’s usually not at very favorable life insurance rates. Experts and agents should always recommend you have a private individual policy completely unrelated to your work sponsored coverage.
Don’t fall into the trap we see so often of people taking advantage of this coverage for most of their careers only to find out they are either leaving without the coverage or will end up paying a large premium dollar to continue the coverage at small death benefit amounts.
I have medical conditions; these rates won’t apply to me! Don’t pass up life insurance in your 40’s
Having medical conditions can cause issues gaining life insurance coverage. Your also probably not going to fit the rates of what we have displayed for your age group.
Sorry for that, it’s just difficult to display accurate rates for many health conditions. However, we do help and specialize in with high risk medical conditions as well.
What’s the good news?
Coverage is still doable, it just takes an agent who understands underwriting and an agent who will put in a little extra work on your behalf. If you have pre-existing medical conditions, talk to someone at Good Life Protection, we will do everything we can to ensure we get you covered at the best possible price.
Age is Very Important with Life Insurance- Life Insurance in your 40’s
You could be a marathon runner or an Olympic gold medalist which will probably allow you to achieve preferred rates or a very favorable health class. You can also always choose your coverage amount.
One factor you can’t control if you wait too long is the price difference of getting older. Age makes a big difference with life insurance. Maybe not so much in your 40’s but it will come around to get you sooner or later. You should always consider getting life insurance when protection is needed.
Just because you may not need a lot of coverage right this second doesn’t mean you won’t very soon. Don’t undercut coverage if it’s affordable.
Example- 47-Year-old calls and secures coverage for 100,000.00 at preferred rates at 17.00 per month on a 20-year level premium term policy.
3 years later he purchases his first home, has his first child and is newly married. His wife currently doesn’t work, and this individual makes roughly 75,000.00 per year.
100,000.00? It’s not going to do much and now all the sudden your old policy needs to be replaced or have a supplement policy added to it….
Your three years older and the rates are going to be inflated accordingly.
Some would argue that this isn’t a huge deal but if you could have just locked up more coverage a few years prior for a lower cost over the next 15-20 years…. most would think that would have been the wiser financial decision.
To Sum Things Up
Life Insurance in your 40’s is not something to shy away from. We can help.
Our goal was to provide you some accurate life insurance rates for those of you entering into your final years in the work force and most likely the kids are off away at college by now.
You have several options at this age. All the options we covered could be a good choice. Speak to someone at Good Life Protection to narrow down your search even further. Weigh your options carefully and with an independent agency who can provide you with the best possible rates.
Life insurance is a product that goes by the famous quote “The Sooner the Better”. Lock in your rates while young and healthy. Most would assume you are only reading this because you have people you care about. You should always ensure you are leaving adequate coverage to protect the ones your ones you love the most.
If you need help determining how much life insurance coverage you really need, give us a call today. We promise to keep things simple. May the best prices win!
Did you enjoy life insurance in your 40’s? Let us know below. We would love to hear from you. Drop a comment below.
Resources: Investopedia – GlobeanMail – CashMoneylife