Life insurance at 43

Many people feel the need for life insurance in their early forties. You are proud of the quality of life you are providing for your loved ones. If you were to die unexpectedly, all your hard work could go to waste. Your family could be left financially and emotionally devastated. Life insurance at 43 is a crucial step to protecting your family’s financial future.

You may believe that your premiums will be too high. Especially with an independent agent in your corner, affordable life insurance at 43 is within your reach. We have some sample premiums set up so you can get an idea of how easily life insurance can fit into your family budget.

Let’s take a quick look at four common questions those getting started with life insurance ask:

  • 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?

What is term versus permanent life insurance?
Think of term life insurance as temporary insurance, intended to insure a financial obligation for the time that it exists. A good example is protecting your family’s finances until your children graduate from college. In this case, you are looking for a life insurance policy that is in effect until your youngest child is 24 or 25 years old.

Term life policies are very affordable and easy to understand. Families on a tight budget will often purchase term life insurance to get a policy in place, gaining the peace of mind that their family is protected. Later, as family finances improve, they may increase their coverage or convert to a permanent policy (as some term policies allow).

Permanent life insurance has a death benefit that does not expire. A variety of permanent life insurance called “whole life” indicates the lifetime of coverage these policies deliver.

The big difference is that permanent life insurance policies include an interest-earning cash account. The investment required for permanent policies is greater than for term insurance, but many families find that a permanent life insurance policy can be an important expansion of their financial portfolio.

We are mainly concerned with term life insurance in this article, but we have included some links to applicable articles that discuss types of permanent life insurance such as whole life or indexed universal life (IUL). The sample quotes presented later in this article are for term life insurance.

Advantages and Disadvantages of Indexed Universal Life
Is whole life too expensive?

Why do I need insurance?
Let’s look at four main financial responsibilities that clients want their life insurance to shelter: yearly income, college education, outstanding debt, and small businesses.Life insurance at 43

Income replacement is often foremost in the minds of those seeking life insurance. You want to make sure that income stream you provide your loved ones will always be there for them, no matter what happens to you.

Many people feel that providing for their children’s college education is an important part of their role as parent. Consequently, their life insurance policies are structured to make sure this important bridge into adulthood will be available to their children.

Even if your life insurance provides a necessary yearly income to your family after you have passed, large debts such as a mortgage could present a financial burden you don’t want your loved ones to bear. Often a separate policy is purchased to cover a mortgage, with a term equal to the length of the debt.

Small businesses often use life insurance to protect their hard work in the event that one partner dies unexpectedly. It is common that a small business relies heavily on the partners responsible for daily operations. This type of policy could make the difference between bankruptcy and continued prosperity.

Life insurance at 43Anywhere you are financially responsible for others and their well-being is where life insurance should be considered.

How much life insurance do I need?
Well, for many of the reasons that you would purchase life insurance, without discussing your family and personal finances coming up with an amount of insurance necessary is not possible. Hopefully, this highlights the necessity of the assistance of an independent agent when securing a life insurance policy. Even if you intend to only purchase a small term policy to meet your needs, Ogletree Financial Services can be a vital ally in making this important decision. If you are considering a permanent life policy or multiple policies, collaboration with us becomes critical.

Let’s look at a simple way that the benefit (money left to your beneficiaries) necessary to maintain your income for your family can be calculated. First you must decide what yearly income your family would require in the event of your unexpected passing, we’ll say this number is $27,000. Next we divide this amount by a conservative interest rate that the benefit you leave your family will earn, we’ll go with 4% for our example.

What we want to know is what lump sum will generate $27,000 a year at a 4% interest rate.

Here’s the math   ⇒   $27,000 / 0.04 = $675,000

Note that this method leaves the original benefit intact. This amount will remain for your Life insurance at 43family and can be considered when determining how other financial responsibilities will be accommodated for. A qualified independent agent in your corner will make these deliberations more certain, more confident.

How much will my life insurance cost?
A quick look at the charts below will show you that the life insurance coverage you and your family need will easily fit into even a tight budget.

The following are four tables show some sample monthly premiums for a non-smoking, 43-year-old male and female. These sample quotes are for term life insurance. There is a table for a preferred plus risk rating and another 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.

43-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 $12.77 $19.03 $27.16 $46.66
15-year $14.45 $22.97 $32.78 $63.94
20-year $16.98 $29.11 $41.87 $78.20
25-year $24.22 $35.35 $63.79 $121.97
30-year $27.12 $42.98 $73.44 $139.97

43-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 $19.46 $32.19 $56.14 $89.44
15-year $22.79 $35.35 $70.42 $117.99
20-year $24.19 $43.88 $87.70 $155.75
25-year $33.96 $66.19 $122.29 $233.03
30-year $38.15 $84.67 $145.16 $269.36

43-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 $10.73 $15.70 $23.70 $40.14
15-year $12.49 $17.21 $28.46 $51.38
20-year $14.19 $20.67 $37.58 $65.22
25-year $18.34 $28.13 $49.79 $93.10
30-year $20.88 $31.92 $57.89 $109.73

43-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 $15.29 $25.00 $44.46 $76.47
15-year $17.54 $36.07 $58.75 $100.10
20-year $20.30 $40.67 $70.42 $122.31
25-year $25.81 $49.35 $90.74 $175.08
 30-year $28.51 $56.13 $109.30 $202.55

Life insurance at 43

You may have an idea in your head about the amount of life insurance you and your family need. What income will your family require? How much debt do you have? How much will it cost to send your children to college? Are there other responsibilities you want covered? Pinning these numbers down to concrete figures will require consultation with a skilled independent agent. Ogletree Financial Services can help you right now!

Getting started is easy!

  • Give us call at 1-800-712-8519!
  • Leave us a message on our contact page to get a custom quote!
  • Use the term quoter on the left side of this page!
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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