Life insurance at 36

We see many clients in their mid to later thirties becoming interested in life insurance. You proudly work hard to build a certain quality of life for your family. Mortality gets a little more real every year and once we have precious individuals relying on us, we tend to want to do whatever we can to prepare for the unexpected. Life insurance at 36 is a smart move.

This is where life insurance comes in and gives you the peace of mind that your loved ones will always be taken care of financially. Even if the worst happens and you die unexpectedly, a life insurance policy will make sure that those who rely on you financially will continue to receive that support even after you are gone.

This articleLife insurance at 36 will briefly answer four basic life insurance questions:

What is term versus permanent life insurance?
Why do I need life insurance?
How much life insurance do I need?
How mu
ch will lie insurance cost?

This is just an introduction to get you ready to talk to an independent agent who can assist you with the complicated life insurance application process. A decision as important as this deserves professional consultation. Ogletree Financial Services has the industry experience and delivers the personal attention to our clients to ensure that you will get the life insurance you and your family need at the lowest premium available.

What is term versus permanent life insurance?
The nerdwallet article The Differences Between Term And Whole Life Insurance says it like this, “There are two main types of life insurance: term and permanent. Term life is the easiest to understand and has the lowest cost. Whole life is the most well-known and simplest form of permanent life insurance coverage, which tends to be more expensive than term, but offers additional benefits. Other kinds of permanent life insurance include universal, variable and variable universal.”

Term life policies expire at the end of the term and are usually purchased to coincide with the duration of a financial obligation you want covered. The additional benefits of permanent life insurance center around a cash accumulation component associated with each policy.

Another type of permanent life insurance is called indexed universal life (IUL). While this article is mainly concerned with term life policies, we have a lot of experience with IUL policies at Ogletree Financial Services and we have included of couple of links to related articles we have about this exciting life insurance product.

Why do I need life insurance?
If someone is relying on you financially then you may need life insurance
. Your spouse and children depend on you as a wife or husband and a mother or father. They also rely on your income. Income replacement is the primary concern of many clients looking for life insurance coverage. The cash benefit your family receives in this unfortunate situation would serve to allow them to continue to live the life you work hard for them to enjoy.

Life insurance at 36Many parents plan to cover their children’s college education expenses and they therefore include this investment when calculating the death benefit (or face value) of their life insurance policy. Higher education is a valuable tool that is becoming more and more expensive every year.  Providing this for your children, no matter what happens to you, is an important part of sending them into adulthood.

4 key features of Indexed Universal Life for College Planning

Large debts like a mortgage are often covered with a life insurance policy. You don’t want your loved ones to be faced with a debt of tens or even hundreds of thousands of dollars in addition to the immense difficulty of losing a loved one.

Indexed Universal Life for Mortgage Protection?

One last reason many people buy life insurance is for partners in a small business. If one partner unexpectedly dies, the sudden loss couple cripple a business. Also, the surviving partner and the family of the deceased partner are now forced into negotiations concerning the insured’s interest in the business. This can all be avoided with a life insurance policy that provides a benefit to the surviving partner to pay the family of the deceased partner for their loved one’s interest in the business.

Funding buy sell agreements with indexed universal life insurance

How much life insurance do I need?
The amount of life insurance coverage needed for college education expenses, a small business partnership or a mortgage will vary depending on your personal circumstances. This is where having a qualified independent agent in your corner pays off. Deciding on the right life insurance product, from the right insurer, for the proper amount of coverage at the most affordable premium, dotting every ‘I’ and crossing every ‘t’ throughout the application process, is a formidable task. Ogletree Financial Services can make sure you get it done right.

Income replacement is a large portion of many life insurance policies. Let’s look at a simple way to get a ballpark number for the cash benefit that may be necessary to replace the income you provide to your family.

First you decide, if you were to die, what amount of yearly income would your family require to continue with the quality of life they are accustomed to. Then you determine what amount of cash would be required to generate in interest the amount of yearly income you are looking for.Life insurance at 36

For an example we will use a yearly income of $30,000 and a conservative interest rate of 4%.

Here’s the math:

$30,000 ÷ 0.04 = $750,000

This is just an estimate that does not consider inflation, but it should give you an idea of the ball park your life insurance death benefit will be in.

How much will my life insurance cost?
At 36, you will probably pay a very affordable life insurance premium. If you are healthy. you may even qualify for a rate similar to the preferred plus premiums shown here.

We’ve set up four tables here with some sample monthly life insurance premiums for a non-smoking, 31-year-old male and female. These figures are for term life insurance. We have included a table for a preferred plus health category and also a standard health category.

Term lengths of 10, 15, 20, 25, and 30 years, with face values of $100,000, $250,000, $500,00 and $1,000,000 are shown. These quotes are sample premiums. Your premium will be determined by how your risk is assessed by life insurance underwriters and will not be the same as these.

36-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $8.61 $10.49 $16.26 $24.36
15-year $9.19 $12.24 $18.51 $30.62
20-year $9.91 $14.62 $23.27 $41.00
25-year $13.84 $21.75 $37.11 $66.95
30-year $14.72 $24.35 $41.87 $75.60

36-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $12.31 $19.16 $31.83 $54.25
15-year $13.51 $21.54 $37.10 $67.29
20-year $15.57 $26.51 $47.06 $88.58
25-year $21.19 $38.62 $66.52 $126.04
30-year $23.36 $44.46 $82.52 $151.72

36-year-old Female Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $7.84 $10.06 $14.22 $21.87
15-year $8.22 $11.59 $17.06 $28.00
20-year $9.27 $13.26 $20.95 $35.87
25-year $12.28 $18.51 $30.19 $54.84
30-year $12.57 $20.46 $34.95 $63.00

36-year-old Female Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

$100,000 $250,000 $500,000 $1,000,000
10-year $10.93 $16.13 $24.94 $43.75
15-year $12.22 $19.81 $33.65 $60.90
20-year $14.11 $24.13 $42.30 $77.33
25-year $17.30 $31.27 $56.57 $107.61
 30-year $19.38 $35.38 $64.79 $121.45

These sample quotes should give you an idea of how much your life insurance premiums will be. As you can see, the term coverage most clients seek is very affordable.

Life insurance at 36.

A healthy 36-year old could pay around $40 a month for a 20-year level term life insurance policy with a $1,000,000 death benefit. The cost of one meal out a month could buy you a whole lot of peace of mind. Get in touch with us at Ogletree Financial Services and we will have you and your family your way to the financial security you are looking for.

Getting started is easy!
Give us call at 1-800-712-8519!

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About Ogletree Financial Services
About Ogletree Financial Services

As independent life insurance agents, we specialize in finding the best life insurance rates and policies for our clients.  Our customers are located all over the USA.  If you would like a personalized life insurance quote, you can start here on our website or give us a call at 1-800-712-8519.

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