Life insurance at 46

Life insurance at 46 can be the key to your family’s financial security. You are working hard to ensure your loved ones a comfortable quality of life. If you were to pass unexpectedly, all that could be lost. A life insurance policy can give you the peace of mind that no Life nisurance at 46matter what happens to you, your family will not suffer years of financial burden without the income you provide.

At 46, you may be worried that life insurance will cost too much. If your health is fine, you can probably put your concerns to rest. We have some sample quotes later in the article so you can get an idea of just how affordable the financial protection you and your family need can be.

First, let’s look at a few questions you may have about the basics of life insurance:

What is the difference between term and permanent life insurance?
Why do I need life insurance?
How much life insurance do I need?
How much will my life insurance cost?

 After we talk about the basics for a bit, we’ll show you those sample quotes and get you started toward the peace of mind life insurance coverage can bring.

What is the difference between term and permanent life insurance?
Term and permanent are the two main varieties of life insurance and they have two primary differences. Permanent life insurance will pay your beneficiaries whenever you die, these policies do not expire. On the other hand, term life insurance is bought for a particular “term” or length of time. When the term is over, your coverage ends.

Term life insurance is the simplest and least expensive life insurance option to get the coverage you need. But this brings us to the second difference between term and permanent life insurance: the cash accumulation component. This does not exist for a term policy, but it is part of all permanent policies and can make your life insurance policy an important part of your financial portfolio.

This article and the sample quotes we show you here are concerned generally with term life insurance. But, at Ogletree Financial Services we also sell many permanent life insurance policies to clients who want a little more out of their life insurance coverage. We have included a few links to some great articles about an exciting permanent life insurance product called indexed universal life (IUL). Give them a read if you think this type of insurance coverage may be right for you and your family.

Why do I need life insurance?
Basically, the purpose of life insurance is to make sure that anyone who relies on you financially will not be left out in the cold if you were to die unexpectedly. Primarily, we are talking about your family. Where would your loved ones be in this situation? Not only has your family lost a parent and a spouse, but there may be serious financial problems that could plague them for years.

Beyond the basic final expenses, income replacement is usually at the top of the list for those seeking life insurance. You know how much your loved ones rely on your paycheck. A life insurance policy can make sure that your family can count on this money, even if something were to happen to you.

Life insurance at46College education expense is another are of financial responsibility many parents consider extremely important. If financially supporting higher education for your children is something you and your spouse are planning on, this is something you want to be considering when you are designing your life insurance coverage.

4 key features of Indexed Universal Life for College Planning

Small business partnerships often use life insurance as a way to protect the hard work they have invested in their restaurant, store or company. The unexpected death of a partner can cripple a small business. A life insurance policy can ensure that finances will not be an issue in such an unfortunate situation.

Funding buy sell agreements with indexed universal life insurance

Another financial commitment many clients like their life insurance to address is a mortgage or other large debt. You don’t want such large financial obligations hanging over the heads of your loved ones.Life insurance at 46

Indexed Universal Life for Mortgage Protection?

How much life insurance do I need?
This is where the need for a qualified agent becomes clear. What family needs you want to insure and for how much can be a complicated process, even for a simple term policy. The expert agents at Ogletree Financial Services can be your guide.

Some will suggest a simple method where you just multiply your annual income by a factor such as 20 or 25. The idea here is for the death benefit of your policy to provide a nest egg for loved ones that will earn in interest the annual income that your family would require if you were to die unexpectedly. Note that this approach doesLife insurance at 46 leave your loved ones “nest egg” intact to address other financial needs.

For example, let’s say you make $43,000 a year. Well, multiply that by 20 and you get $860,000. This nest egg will then generate $43,000 a year for your family at an assumed and fairly conservative interest rate of 5%. If you wanted to assume only a 4% interest rate you would multiply by 25 and get $1,075,000.

A 46-year-old man can obtain a 20-year $1,000,000 term life insurance policy for less than $110 a month if he qualifies at a preferred plus rating. A 46-year-old woman for as low $80 a month.

This simple method is a good place to get started, but in order to properly address an important financial decision like this, much more attention to detail is recommended. We haven’t even mentioned education expenses or a mortgage. At Ogletree Financial Services we can thoroughly address all these issues with you and pair you with the ideal carrier from the over 30 top insurers we represent.

How much will my life insurance cost?
If you are 46 and in fine health your life insurance coverage should be quite affordable. Get in touch with the experts at Ogletree Financial Services to make sure. We represent over thirty top insurers and we can appraise your particular risk and select the best life insurance carrier for you and your family.Life insurance at 46

We have four tables set up here with some sample monthly premiums for a non-smoking, 46-year-old male and female. The sample quotes shown here are for term life insurance. There is 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. These sample quotes were gathered in June of 2016.

46-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 $14.36 $20.46 $34.95 $59.62
15-year $16.78 $25.29 $46.22 $84.15
20-year $21.09 $31.63 $56.26 $105.88
25-year $26.56 $45.63 $83.91 $162.22
30-year $30.42 $53.78 $95.47 $184.03

46-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 $20.30 $40.02 $71.71 $118.85
15-year $24.39 $45.41 $84.57 $155.18
20-year $29.64 $56.79 $106.66 $202.76
25-year $42.13 $84.68 $160.04 $306.56
30-year $50.17 $98.79 $189.35 $357.00

46-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 $11.76 $18.73 $29.38 $50.52
15-year $12.86 $20.46 $35.38 $63.94
20-year $14.70 $25.21 $44.03 $82.52
25-year $21.71 $35.27 $63.12 $120.22
30-year $24.22 $40.01 $72.10 $135.26

46-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 $18.60 $29.97 $54.41 $95.50
15-year $20.39 $36.66 $72.14 $123.18
20-year $23.76 $44.75 $87.26 $153.45
25-year $31.41 $61.33 $116.72 $224.35
 30-year $35.42 $70.13 $133.79 $257.42

Life insurance at 46

You should now have a basic understanding of some key life insurance concepts and how affordable the life insurance coverage you need can be. The time to act is now an Ogletree Financial Services is ready to stand by your side through the initial application process and beyond as your life insurance needs change.

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 free 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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