Life insurance at 37

Many parents begin to seriously consider life insurance as they move into their late thirties. You are right on time to make this important move to secure your family’s financial future. Life insurance at 37 is a good call, the premiums are still very affordable.

You have set out to work hard and provide a certain standard of living for your family. With the proper life insurance coverage, your family can always rely on that standard of living, even if you were to pass away unexpectedly.

In this article we will briefly discuss four basic questions many clients ask when they are considering life insurance coverage for their family:Life insurance at 37

  • What is term versus permanent life insurance?
  • Why do I need life insurance?
  • How much life insurance do I need?
  • How much will my life insurance cost?

Continue reading and after we cover these questions we’ll show you some sample premiums for 37-year-old men and women to give you an idea of how reasonably priced life insurance can be. Remember, to get the best deal on the life insurance you and your family need, you want a qualified independent agent in your corner. Ogletree Financial Services can be your guide through the often complicated life insurance application process and make certain that you secure the policy you need at the lowest premium available.

What is term versus permanent life insurance?
Term life insurance can be thought of as temporary insurance, meant to insure a particular financial responsibility for the time that it exists. For example, if you would like to protect your family’s finances until your children finish college you would be looking for a policy that extended until your youngest child is 24 or 25.

Term life policies are remarkably affordable and the coverage is simple and easy to understand. Many families with a tight budget purchase a term policy to get the peace of mind that protection brings, later increasing their coverage or converting to a permanent policy (as some term policies allow).

The death benefit of a permanent life insurance policy does not expire. One type of permanent life insurance is called “whole life,” indicating the lifetime of coverage these policies offer. Additionally, permanent life insurance policies all carry some sort of cash accumulation vehicle. This does increase the investment required for these types of policies, but for the right families a permanent life insurance policy can be a powerful addition to their financial portfolio.

We are primarily concerned with term life insurance in this article, but we do include a few links to some relevant articles concerning an exciting line of permanent life insurance called indexed universal life (IUL). Note that the sample premiums presented later in this article are for term life insurance.

Why do I need life insurance at 37?
The life insurance priority for many clients is income replacement
. You want to be certain that if you were to die unexpectedly, your family would not suffer financial burden in addition to such a great emotional loss. A life insurance policy can ensure that your loved ones will enjoy the quality of life you and your spouse work hard to provide, even after you have passed on.

Your children’s college education may also be something to think about when you are buying life insurance. The cost of higher education goes up every year. Bu no matter the cost, you have plans to support your children’s goals for a college degree. Many parents include this expense when deciding on the death benefit for their life insurance policy.

4 key features of Indexed Universal Life for College Planning

Many small business owners purchase life insurance to protect their business in the event that a partner were to die unexpectedly. Without a plan in place, a small organization could very easily go bankrupt in a situation like this. A small, affordably life insurance policy could see a small business through such a dilemma.

Funding buy sell agreements with indexed universal life insurance

Many thirty-seven year olds are homeowners or considering buying a home. Mortgages or other large debts are sometimes insured with a life insurance policy. This type of policy avoids your loved ones being required to deal a large debt of tens, if not hundreds, of thousands of dollars. This hardship is even more difficult when piled on top of the immense difficulty of losing a loved one.

Indexed Universal Life for Mortgage Protection?

How much life insurance do I need?
How much life insurance you will need to help your family to cover a mortgage or pay for your children’s college education expenses will depend on your family’s financial circumstances.

Partners in a small business would each buy a policy that pays them as the beneficiary in the event of the death of the other partner. The face value, or benefit, of a life insurance policy for this purpose would be used to purchase the other partner’s interest in the business. This provides a cash payment to the deceased’s heirs and important support to the vulnerable business.

When deciding on the life insurance benefit required to replace your income we can use a basic formulaLife insurance at 37 to get an idea of what this amount will be. The plane is to leave a “nest egg” to your loved ones that will earn in interest the yearly income your family would need in the event of your unexpected death.

First you must decide how much income your family would need. This amount will depend on your spouse’s future ability to earn income and may be only a portion of your present income. Next, we calculate what benefit is needed to generate the income you have decided your family would need. We will use a conservative interest rate of 4% for our example.

Only a little bit of math! Divide the desired yearly income by the expected interest rate.

For example, if you decide your family would need a yearly income of $25,000

                                                       $25,000
The math looks like this ⇒          ———–   =   $625,000
                                                           .04

So, for your family to receive a yearly income of $25,000, you would need a life insurance benefit of $625,000.

The help of an experienced independent agent is mandatory when you are deciding on a face value for your life insurance policy and navigating the life insurance marketplace. There are a lot of choices to be made. Some clients purchase multiple life insurance policies. Ogletree Financial Services can be a key resource to help make the right choices to get you the life insurance coverage you need at the lowest premiums available.

Life insurance at 37How much will my life insurance cost?
At 37 and in good health your life insurance policy should be very affordable. Team up with the experts at Ogletree Financial Services to make sure. We represent over thirty top insurers and we can evaluate your unique risk and pair you with the best life insurance carrier for you and your family.

We have set up four tables with some sample monthly premiums for a non-smoking, 30-year-old male and female. These sample quotes are for term life insurance with a table for a preferred plus risk rating and one for a standard risk rating.

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 are only sample premiums, your premium will be based on how your unique risk is assessed.

37-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 $8.87 $11.38 $16.68 $26.10
15-year $9.19 $12.89 $19.38 $33.22
20-year $10.27 $15.27 $24.57 $43.60
25-year $14.62 $22.84 $39.27 $71.28
30-year $15.49 $25.65 $44.46 $80.79

37-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 $12.74 $20.46 $33.98 $56.00
15-year $14.20 $22.62 $39.27 $71.66
20-year $16.27 $28.03 $50.08 $94.63
25-year $22.49 $41.22 $72.14 $136.15
30-year $24.85 $47.49 $88.14 $161.45

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

$100,000 $250,000 $500,000 $1,000,000
10-year $8.09 $10.06 $14.42 $22.75
15-year $8.52 $12.02 $17.94 $29.75
20-year $9.60 $13.69 $22.13 $38.50
25-year $12.72 $19.38 $31.92 $58.30
30-year $13.08 $21.54 $37.11 $67.37

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

$100,000 $250,000 $500,000 $1,000,000
10-year $11.28 $16.99 $26.67 $46.37
15-year $12.74 $20.67 $35.38 $64.36
20-year $14.75 $25.21 $44.46 $81.66
25-year $18.17 $33.22 $60.03 $114.53
 30-year $20.24 $37.32 $68.25 $128.31

These figures should have you pretty excited about how affordable life insurance can be!

Life insurance at 37

You are in the right place to begin to secure the financial future of your family. You want to make sure that those who rely on you financially can do so well into the future. Ogletree Financial Services can be your partner as you seek this important goal!

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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