Life insurance is one of the best safety nets that you can buy for your family. It’s the best way that you can ensure that your loved ones are taken care of if anything tragic were to happen to you. Regardless of your age, you should be able to secure affordable and quality life insurance to give your family the protection that they need.
When searching for life insurance coverage, certainly one of the biggest criteria when coming up with the price you will pay is your current age. Life expectancy is always a key factor in the overall life insurance pricing plan – and the older you are, the higher your premium quote will usually be. Just because you’re almost in your 50s, doesn’t meant that your insurance premiums are going to be too expensive. In fact, there are several different options for getting quality insurance for your family’s protection. Maybe you’re shopping for yourself or want to know if you can buy life insurance for your parents; we can help with this and answer any questions you may have.
Yet, for those who are in their 40s – even their late 40s – the price for coverage may not be quite as high as you may think. In fact, in many cases, life insurance coverage for those who are in their 40s can oftentimes be a similar price as those who are in their 30s – but it’s important that you nail down coverage at this time. Otherwise, the premium will tend to rise rapidly going forward.
Life Insurance Premium Factors For Those in Their 40s
When seeking out life insurance, there are other important factors that come into play – in addition to your age – when pricing a life insurance policy. These can include, your overall health, whether or not you smoke, and what type of policy you are purchasing.
Your Overall Health
Your overall health can be a key factor when it comes to the price of your life insurance. For those who are in top physical shape – even at age 48 and over – it is still possible to obtain a company’s Preferred policy rating. This means that you could essentially pay the lowest premium rates possible for your coverage. And, depending on what type of coverage you are purchasing, you may be able to lock in those low rates for many years into the future – or for the remainder of your life.
For those who are not so fortunate with their health, there are still ways to obtain life insurance coverage. You may just be required to pay more in premium. By qualifying for a Substandard policy rating, you could still provide financial protection to those you love. Even for those who are in poor health, there are guaranteed issue and no medical exam life insurance policies available for purchase. In most cases, only those who are in the poorest of health will typically not qualify.
Smoker Versus Non-Smoker
At age 48, you will also find that there will be varying rates on life insurance coverage based on whether you are a smoker or a non-smoker. In some cases, the rates for those who smoke can even be double the rates of non-smoker rates, depending on what type of policy you are purchasing.
If you are currently a smoker but you wish to lower your life insurance rates by quitting, you may be able to have your policy re-written in one to three years as a non-smoker. This could reduce your rates at that time by a significant amount. Over time, these savings could add up to quite a lot.
Term Versus Permanent Coverage
The type of coverage that you purchase will also make a difference in the amount of premium that you pay on your life insurance. In most instances, for those 48 year olds who are healthy, term life insurance will typically start out with the cheapest amount of premium. This is because term life insurance is the most basic form of life insurance coverage that is available. It consists of just pure death benefit coverage, and it contains no cash value build up or savings component of any kind.
Term life insurance, however, will be limited to a certain amount of years. For 48 year olds, term life insurance is typically available with coverage lengths of up to 30 years. In this case, once the term life policy has expired, coverage would need to be renewed at your then current age and health condition. The premium on the new policy will also be based on your then current age.
Permanent life insurance contains both a death benefit as well as a savings component. Therefore, the premiums for this type of coverage will usually be higher than for a term policy with a comparable amount of death benefit. Therefore, initially the best life insurance rate for a 48 year old will be a term life policy. However, a permanent life insurance policy does not expire or have a time limit on it. Therefore, the premium on these policies is locked in for life.
The type of policy that you choose, therefore, should ideally be determined based upon the specific needs that you are covering. Many 48 year olds have numerous needs to cover, including mortgage debt, final expenses, future college expenses for their children, income replacement, and future estate taxes. Depending on your personal situation, you may also have other financial needs that you are planning to cover with life insurance. In certain cases, a mix of both term and permanent life insurance coverage can be a good strategy to use.
Where to Find the Best Life Insurance for 48 Year Olds
When seeking out the best life insurance for most 48 year olds, it is always best to go through a company that has access to numerous different life insurers. This is because policies and premium rates can differ substantially. When doing so, we can help. We work with many of the top life insurance companies in the nation – and we can help you to quickly and easily compare policy benefits and premium quotes within seconds right from your home computer. This means that you never have to meet in person with a life insurance agent. In order to get the process started, all you need to do is simply fill out the form on this page and submit it.
The best way to get affordable life insurance is to work with an independent insurance agent, like ourselves at Life Insurance United. Our agents represent dozens of highly-rated insurance companies across the United States. We can bring all of the lowest insurance rates directly to you, without you having to call dozens of companies.
We know which companies are going to view your applications more favorably. There are some companies that give better rates to applicants over the age of 45, while others are going to give much higher rates. We can help connect you with the best company for you and your family.
At Life Insurance United we understand that you may have many questions when applying for life insurance. This is a big decision – and we want to help you ensure that you’re making the right choice for you, and those whom you love. With that in mind, please feel free to contact us directly, toll-free, at 334-380-4188. We’re here to help.