Are you over 40 years old and considering a purchase or change in your life insurance? You’re not alone. There are millions of people in their 40’s that are looking to find a quality and affordable life insurance policy. If this is your first time, or it’s been twenty years since you’ve purchased a life insurance plan, you’re probably wondering what you’re going to pay for your coverage. We can help with many other types of insurance such as declining term life insurance. Let our professionals assist you in your search.
Term life insurance for 40-49 year-olds is purchased for many reasons. Whatever the reason, we have the solution for you and your family.
There are a lot of changes occurring in your life over 40, and you’ll want to re-evaluate your own situation to see if buying life insurance is necessary.
Let us help you along the way.
Life Insurance Over 40
Major life events bring forth the necessity for life insurance, as well as major obligations and big opportunities. These could be anything from a new home purchase, to a new business venture. In any case, you’ll want to make sure those who matter most are protected, just in case something happens to you.
Do any of these pertain to you, your life, or your family?
- Financing A Home
- Business Loans
- Career Change
- Health Concerns
Each of these is a major life event which may or may not pertain to you, but evaluating your own situation on an individual basis might uncover a need for life insurance. For 40-49 year-olds, buying a home for example may be a major event. It might not be your first home, but perhaps you’ve decided to upgrade your first or subsequent home to something better suited for your needs. If this created a new mortgage debt obligation, you may consider a life insurance policy to cover the balance should something happen to you prematurely.
Maybe buying a home isn’t something you’ve done, but starting a new business is. If you’ve started a small business, you know there are many expenses involved, and the start up costs can weigh heavy on a family. But if something happened to you, how would these new costs be repaid? Your family could best left with thousands even hundreds of thousands of dollars in business debt.
Children are a great thing to think about in your 40’s, when considering your life insurance, because if you have children who are growing older and moving out, you might be able to DECREASE your life insurance coverage. If you no longer have a child dependent on your income, your future obligation to them actually goes down, so your need does, too. Though as they are younger and are dependent upon you, you will also want to consider buying life insurance for your children, to help protect yourself and your finances as well if something terrible were to happen. But don’t forget about your spouse if they still rely on your income! Are you possibly pregnant and wondering if you can get life insurance while pregnant? We can help in your search and find the coverage you deserve.
Additionally, this is the age that some of your children could be going to college. If you have kids that will be going to college soon, what would happen to them if you were to pass away? Are you paying for their college? Would they be forced to drop out because of finances?
Perhaps a career change was in order for you, whether for advancement or a mid-life crisis, but protecting your income is one of the main reasons people buy life insurance. Be sure to protect your current income, and if you’ve had any raises since you last purchased life insurance, you may need a small increase in life insurance to offset those as well.
If health concerns have come about one way or another in recent years, you may want to start looking into life insurance before the cost rises too much. Life insurance is primarily priced by age and health, so if you’re unhealthy for one reason or another, you might want to go ahead and purchase now. Also, if you have a family history and you may be susceptible to something in the near future, this is another reason to buy sooner than later. If you have certain health conditions and wondering if you can qualify for life insurance with arthritis or life insurance with epilepsy for example, we can answer your questions and help you to obtain the coverage you and your family deserve.
Last, tragedy strikes everyone in one way or another. It may not have hit your family yet, but perhaps you’ve had friends who have had to deal with tragedy, or maybe you’ve just seen enough tragedy on TV where life insurance has struck a chord with you. In either scenario, I encourage you to evaluate if life insurance is a fit for you.
The Life Insurance Process Online
Buying life insurance is significantly easier than ever before. If you’ve purchased life insurance before, you may have called a local insurance company and had an agent come to your house for a one on one visit. While this is still a very common way of buying life insurance, by far the fastest way of doing it now is online or over the phone, and it may save you a lot of money by doing so.
If you search for life insurance on a website like ours, you’ll be able to compare life insurance from over 30 carriers immediately, and you’ll be able to see your premiums ahead of time, without the hassle of twenty phone calls during dinner. You can view as many quotes as you want, free, on your own time. You can even apply for life insurance directly on our site.
There are ways to buy life insurance with no medical exams, but if you’re healthy still, going through the medical underwriting will likely be required for you to get the best possible rates. What does this medical underwriting entail?
- Medical Questionnaire
- Blood Profile
- Medical History
- Doctor’s Records
- Speicialist’s Records
- Driving Report
When all things are considered by a medical underwriter or team of medical underwriters, you’ll be offered a life insurance policy, or declined. If you are offered a policy, you’ll get a rating which determines your premium. This rating is impacted by how healthy you are now, but also all things which have occurred in the past as well!
Getting the Best Rates
If this is your second time buying a life insurance policy, you are going to notice that your monthly premiums are much higher than they used to be. That’s because more than likely, the first time that you purchased a policy was in your 20’s, well you aren’t 21 anymore. Age is one of the biggest factors that the insurance company looks at when calculating your monthly premiums. There is nothing that you can do about your age, but there is several other factors that you can improve to get the best monthly premiums available.
You aren’t as young as you used to be. Those late night pizzas could be catching up to you. If you want lower rates it’s time to improve your health. Aside from your age, one of the next most important things that the company is going to exam is your health. As we mentioned earlier, after you complete the initial paperwork, the company is going to send a paramedic out to complete a simple medical exam. During this exam, they are going to want to take your weight, blood pressure, heart rate, take a blood sample, and a urine sample. The results from this exam are going to have a significant impact on how much you pay every month for your coverage.
Before you apply for the policy, spend a couple of months to shed those extra pounds. Losing weight can have a beneficial effect on your health and your rates. Being overweight and seeking life insurance increases your chances of having detrimental health problems later in life, which means you’ll be more of a risk for the insurance company. The higher risk you are, the more they’re going to charge you for life insurance if you’re overweight or Impaired risk life insurance.
Aside from losing weight, quitting smoking is another great way to save money every month on your insurance plan. If you’re a smoker, you can expect to pay double what a nonsmoker will pay. In some cases, you could even pay triple what other applicants pay. Ask yourself if those cigarettes are worth a couple extra hundred, or even thousands of dollars every year.
The only way that you can ensure that you get the best rates, is to compare all of the available options. More than likely, there are dozens and dozens of different insurance companies that sell life insurance near you. You could spend weeks receiving quotes from all of the companies, or you can let us do all of the hard work for you. Instead of wasting your time calling the companies yourself, fill out the quote form on the side and we will bring the quotes to you.
So you can see how buying life insurance for 40-49 year-olds can be quite different than those who purchase in their 20’s. There may be a lot more information and data for the underwriter to sift through.
How Much Life Insurance You Need
In your 40’s, you’re in an interesting stage of life. Your children are getting close to the point of having their own jobs and no longer relying on your income. Sure, that’s an amazing idea, but what does that mean for your life insurance coverage. It’s important that you find the perfect balance of having enough insurance coverage, and not paying for more coverage than you need. To help you, there are several different questions that you can ask yourself.
The first is, “how much debt would I leave behind?” because this isn’t your first rodeo, you know that one of the main uses of life insurance is to pay off any debts that you would leave your family if you were to pass away. Maybe you’re getting close to paying off your mortgage, in that case, you won’t need as large of a life insurance plan. Sit down and calculate all of the debt that your family would be responsible for and make sure that your policy would pay for all of it.
The average time to buy life insurance takes 4-6 weeks, although we average much faster turnaround times, especially when someone purchases online or over the telephone. If you need coverage even faster than that, you can go with a “no medical exam life insurance policy,” with these you can get coverage in a matter of days, but you will be more every month.
Getting life insurance can be tricky, even if this isn’t your first policy. There are several different terms or policy types that you have to choose from. If you have any questions or need advice with your life insurance, our agents are here to help. If you think we might be able to assist you, please don’t hesitate to contact us today. Take action, before your rates go through the roof.
Getting life insurance is one of the most important things that you can do for your family and loved ones. Just because you’re now in your 40’s doesn’t mean that a life insurance policy has to break your bank. There are dozens of options for affordable life insurance and our agents can help you find them.