Life insurance at 41

You are 41 years old and thinking, “I need life insurance for my family, for my peace of mind.” Your kids are in grade school and business is good. You and your spouse have worked hard and it beginning to pay off. But if the unthinkable were to happen where would this leave your loved ones? Life insurance coverage can make certain that emotional turmoil would not be coupled with financial burden. Life insurance at 41 is a surprisingly inexpensive financial safeguard for your family.

Life insurance at 41In this article we are first going look at four common questions a 41-year-old might have about life insurance. Second, we will show you some sample premiums that a 41-year-old man and woman might pay for a term life insurance policy.

By the way, if you have a health issue you are concerned about you are in good hands with Ogletree Financial Services. We compare rates from over thirty top insurers to get the life insurance coverage you and your family need at the lowest rates possible. We get many clients with “impaired risk” standard rates and better all the time.

Don’t let concerns about your health keep you from protecting your family’s financial security.

Here are the four questions we’ll touch on: Life insurance at 41

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

Hopefully, a quick look at these introductory life insurance questions and some sample quotes will get you comfortable with the basics of life insurance coverage. There will indeed be many more questions to consider with your independent agent.

If you are ready to get started, Ogletree Financial Services can help you right now! Give us a call at 800 712 8519!

What is term compared to permanent life insurance?
These are the two main types of life insurance. A U.S. News and World Report article, “Which is Better for You: Term or Permanent Life Insurance?” defines these terms simply: “Term insurance provides a level premium and a level death benefit protection for a stated period of time, such as 10 or 20 years. Permanent insurance typically provides both a death benefit and cash savings. There are different types of permanent insurance, including whole life, universal life, indexed universal life (IUL), variable life and variable universal life.”

Term life insurance is less expensive and simpler, meant to cover certain financial obligations for a specific period of time. Permanent insurance provides a death benefit that does not expire and is an investment vehicle.

We are primarily concerned with term life insurance in here but set up a few links to some articles we have concerning indexed universal life that are apply to our discussion here.

Why do I need life insurance?
Life insurance is meant to protect any financial obligations you have, namely the people you are financially obligated to. Immediately, this is your closest loved ones. If you were to pass unexpectedly you don’t want your loved ones to endure financial hardship, possibly for years to come.

This brings us to three very important reasons that lead many people to purchase a life insurance policy: income replacement, college education expenses and outstanding debts such as a mortgage. These three commitments rely on your financial contribution to continue. A life insurance policy can make sure they endure, no matter what.

Income replacement is number one. If a spouse passes away, whatever their contribution to their family may have been and however this family chooses to move on, some supplemental income will be required to see the family through. Life insurance makes sure that money is there when it is needed the most.Life insurance at 41

Many parents plan to send their children to college, a daunting financial obligation, for sure. A term life insurance policy can make certain that your children can count on the important support you provide, giving them every opportunity for success.

Some clients also want to make sure their loved ones are not left responsible for outstanding debt and make the benefit of their policy will address this need. Often a separate policy is purchased to cover larger debts such as a mortgage.

People involved in a small business will sometimes purchase life insurance to protect the business in the event that a partner dies unexpectedly. This type of tragedy can sometimes mean the end of a thriving business. A simple and inexpensive life insurance policy can ease this difficult time for the business, surviving partner and the insured’s family.

Funding buy sell agreements with indexed universal life insurance

How much life insurance do I need?
Each family has a unique financial circumstance, so without sitting down and discussing your family and your financial goals and aspirations, exact numbers are hard to come up with. A year at college could mean $5,000 to you, or $50,000. The range of outstanding debt is large, too. A business would have to calculate a dollar value for each partner’s contribution to the enterprise.

We can show you a way to get a good ball park idea of what is the bulk of many people’s life insurance coverage, income replacement.  Number one, how much supplemental income will your family need if you pass? Number two, divide this yearly income by an interest rate that you feel the benefit you leave your loved ones will earn.

So, if you think your family will need $35,000 a year, divide this number by 0.04 which is the decimal equivalent of a very conservative 4% interest rate your benefit might earn. This gives you $875,000. If you are in excellent health you could pay less than $65 a month for a 20-year term life policy with a face value (benefit paid to your loved ones in the event of your death) of $1,000,000 if you are a man, less than $60 if you are a woman.

Life insurance at 41How much will my life insurance cost?
Probably not as much as you were thinking just a few minutes ago. We have set up some quotes here so you can begin to get an idea of how affordable the life insurance you need can be. The premiums are for term life insurance for a non-smoking, 35-year-old male and female. One chart shows premiums for a preferred plus health category, the second shows standard rates.

The underwriting process is how life insurance companies evaluate a potential client and their risk. Based on this process, clients are assigned to different health categories. These categories may also be called a health class, risk rating, a health rating or risk category. Some people are determined to be more apt to live a long life and will pay lower premiums. Life insurance companies foresee paying fewer claims to individuals in these health categories.

We show term lengths of 10, 15, 20, 25, and 30 years, with face values of $100,000, $250,000, $500,00 and $1,000,000. These are only sample premiums. Your actual premium will be based on your unique risk and how it is assessed by life insurance companies.

41-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 $10.15 $14.62 $23.27 $38.41
15-year $10.32 $16.76 $27.04 $50.98
20-year $12.38 $20.77 $33.65 $61.76
25-year $18.36 $29.11 $51.97 $98.35
30-year $19.69 $33.82 $62.39 $114.91

41-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 $16.97 $27.16 $47.92 $74.74
15-year $18.42 $29.54 $60.48 $98.09
20-year $21.00 $41.33 $72.58 $128.10
25-year $29.24 $55.91 $102.42 $192.85
30-year $33.99 $64.88 $121.54 $226.62

41-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 $10.21 $13.75 $20.30 $32.83
15-year $11.11 $15.27 $24.57 $43.60
20-year $12.98 $18.29 $30.62 $55.71
25-year $16.61 $24.32 $42.30 $78.20
30-year $17.76 $27.47 $48.47 $90.47

41-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 $15.31 $22.19 $38.84 $66.95
15-year $17.14 $26.38 $46.72 $86.02
20-year $19.66 $31.63 $56.84 $105.93
25-year $22.92 $43.22 $79.54 $152.72
 30-year $24.97 $48.69 $90.47 $172.09

Life insurance at 41

You should be just about ready to talk to your agent! Life insurance at 41 is a wise move and Ogletree Services can be your guide. Our knowledge, experience and integrity make us best place to turn when making these important plans for your family’s financial future.

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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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