When you reach your 40s, it is time to start thinking about life insurance. If something happens to you and you have a family, they will need money to cover your funeral expenses and other costs. There are many different types of life insurance policies, so it is important to do your research and find the best one for your needs. In this blog post, we will discuss the different types of life insurance policies available and who offers the best rates.
Here is The Tricky Part
Be aware though that buying life insurance in your 40s can sometimes be a bit…
Tricky because, these are often the years when folks begin thinking about life insurance a bit differently than they had before, and in some cases, it’s also when folks are looking at correcting previous mistakes that they may or may not have made in the past.
Mistakes like:
- Not buying enough life insurance the first time,
- Not buying the right “type” of life insurance,
- Only buying a 10-year term, instead of locking in a rate for longer.
Another reason…
Why purchasing a life insurance policy in your 40s can become “tricky” is because, for many, 40 is a time when you begin to learn that you aren’t invincible and your body isn’t going to let you get away with all the things you did when you were in your 20s and 30s.
For most of us…
Our 40s is when things begin to change a “bit.” Sometimes these “changes” can be subtle, like moving up a waste size (or two) and noticing a bit of gray around one’s temples. While other times it may mean that the foods we used to love and enjoy not cause our cholesterol levels to shoot through the roof they also are causing things like:
- High blood pressure,
- Acid reflux or Gerd,
Or maybe even elevating one’s blood sugar levels to a point where they are now considered diabetic or pre-diabetic!
For this reason:
We wanted to take a moment and discuss some of the most common questions we get from folks applying for life insurance in their 40s and discuss some tips one can use to help increase their chances of finding the best life insurance policy that they can qualify for.
Some Questions Asked
Questions that we’ll address in this article will include:
- How Much Is Life Insurance for Ages 40-49?
- How much life insurance should I purchase in my 40s?
- What “kind” of life insurance should someone in their 40s apply for?
- Can I apply for a no medical exam life insurance policy?
- What can I do to improve my chances of qualifying for the best possible life insurance policy?
Rates When You Are In Your 40s
The good news about getting life insurance in your 40s is that it is still very affordable.
Now, you may want to consider locking into a longer-term period, such as 20 or 30 years.
Also, be aware that the cutoff for locking into a 40-year term life insurance policy is age 45.
How Much Life Insurance Should You Purchase?
One of the nice things about helping someone in their 40s buy a life insurance policy is that we don’t have to spend a whole lot of time discussing just how EXPENSIVE life can be.
After all, by age 40, most folks fully understand just how much money it takes nowadays to survive. Hence, the idea of needing to purchase a relatively large life insurance policy (100,000 plus) isn’t too much of a stretch for most individuals.
But just because…
Someone may realize that they need more than $100,000 or so, but it’s still tough to determine their true life insurance needs. For this reason, we generally like to recommend that folks start by using the “rule of 7,” whereby they take their current salary and multiply that by 7.
For example:
If you earn $50,000 per year, a good starting point for you might be $350,000 in life insurance coverage.
From there though…
You’ll first want to look at how much that coverage will cost you and then balance this price against the fact that $350,000 in life insurance coverage will only replace your lost income for the next 7 years. It’s not going to be enough to do cover additional things such as:
- A mortgage,
- College funds,
- Retirement plans,
- Etc…
To cover things like this, you’re going to need a lot more than just $350,000 in coverage, but at least it should provide you with a good “floor” upon which you can decide if and how much more insurance you would like to leave behind for your loved ones.
Bottom Line
The bottom line is that getting life insurance in your 40s is still very affordable and a great way to protect your family. Just be sure to work with an experienced independent life insurance agent who can help you compare rates and find the best policy for your needs. And, if you have any questions about this process, please don’t hesitate to reach out to us directly. We’d be more than happy to help!
If you’re looking for life insurance in your 40s, we can help! Give us a call today and we’ll find the best policy for you.