Life insurance at 47

At 47, your family’s well-being and financial security are probably the most important ambitions you pursue. A life insurance policy is the best way to ensure that these ambitions will be realized no matter what may happen to you. Read on and learn how life insurance at 47 can work for you.

Maybe you are thinking that life insurance at 47 will be too expensive. Not necessarily so! We get clients in their 40s great rates again and again. This being said, the time to act is now. While the premiums you will pay now should be very reasonable, your life insurance costs will increase every year you put off this crucial decision to protect your family’s financial future.

We will quickly address a few common questions to familiarize you with what life insurance is all about. Following that we have compiled some sample quotes to give you an idea of how affordable your coverage could be.

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?

You will probably have more questions after we get done, but that is why Ogletree Financial Services is here. We can answer all your questions, and ask the right ones, too. Today, we can begin to lead you to the life insurance coverage you need with premiums you can afford.

What is term versus permanent life insurance?
Term and permanent are the two main types of life insurance. The two primary differences between term life insurance and permanent life insurance are the term length and the cash accumulation component and living benefits of permanent policies not associated with term life insurance.Life insurance at 47

Term life insurance is the simplest and least expensive of the two. The powerful advantages of the living benefits and cash accounts of permanent policies do require a higher investment on the part of the policyholder. But they can place your life insurance policy as a vital part of your financial portfolio.

We are chiefly concerned with term life insurance here, but we have a few links to articles about permanent life insurance products, such as indexed universal life (IUL). Check them out and learn if these types of policies may be good solutions to your life insurance needs.

Why do I need life insurance?
Life insurance is intended to defend against, in the event of your unexpected death, financial distress for the ones who rely on your hard work and income. Your loved ones may be the only people you would be concerned about in this situation. But other people may be depending on you. Many people involved in small business partnerships buy life insurance to protect their business and decide how matters will be handled in the event that the worst befalls one of the partners.

Funding buy sell agreements with indexed universal life insurance

As far as your family is concerned, income replacement is usually the first order of business. Your hard work and your paycheck are very important and without them and you, things could be very bad for the ones you love the most.

The costs to obtain a college degree rise every year. If you were gone, how would your children pay for this almost indispensable step to success. Many clients consider college education expense when deciding on the benefit amount of their life insurance policy.

4 key features of Indexed Universal Life for College Planning

Another financial obligation many people include in their life insurance calculations is a Life insurance at 47mortgage or other large debt. This is sometimes accomplished with what is known as decreasing term insurance. These policies have a death benefit that will be equal to the outstanding balance of your loan for the life of your policy.

Indexed Universal Life for Mortgage Protection?

How much life insurance do I need?
We must remind you here that the guidance of an experienced independent life insurance agent is really the only way to go when purchasing life insurance coverage. This decision is not to be made lightly. You can get started right here with Ogletree Financial Services by your side.Life insurance at 47

As you can probably tell by now there are a list of things to consider when buying a life insurance policy. You may only be interested in a smaller policy to cover your final expenses. Others are interested in more thorough coverage. Let’s look at a very simple way to get an idea of how much life insurance coverage you may be looking at.

Often an income replacement approach is used to arrive at the amount of life insurance coverage a client needs. We don’t have time here to get into the details of how the more thorough methods of this type work, that subject could be a whole series of articles. We will work at the most basic level of just multiplying your salary by a factor such as 15, 20 or 25. The idea is to leave a “nest egg” to your family that will earn interest. This would be an amount that would allow your loved ones to continue to live at the standard you have worked hard to establish for them.

Let’s say your salary is $40,000. Now, often a family will not require your full salary to adequately support themselves. If you decide your family would need $25,000 a year and multiplied by 20 you would get $500,000. This amount, at an interest rate of 5%, would earn that $25,000 every year. Notice that the original benefit left to your family remains intact for other financial needs your loved ones may have.

A 20-year term life insurance policy with a face value (amount, or benefit, your family would receive if you were to pass away while your policy is in effect) of $500,000, for a 47-year-old female who qualifies at a preferred plus risk rating costs around $50 a month. Even at a standard risk rating, the premium for this policy could be as low as $90.

Life insurnace at 47Speaking of other financial needs of your loved ones, college education expenses may be something you address with your life insurance coverage. Higher education expense varies greatly depending on the particular path your child decides to follow. You’ll have to discuss this more thoroughly with your independent agent to work this out.

How much will my life insurance cost?
At 47, if you are in good health your life insurance costs should be very reasonable. Getting in touch with the experts at Ogletree Financial Services is the first step. We do business with over thirty top insurers and we have the expertise to assess your personal risk and decide which life insurance carrier will offer the lowest rates for the coverage you and your family need.Life insurnace at 47

We have built four tables with sample monthly premiums for a non-smoking, 47-year-old male and female. These sample quotes are for term life insurance policies. 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.

47-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 $15.49 $21.75 $37.54 $64.80
15-year $17.86 $27.04 $46.72 $92.25
20-year $22.50 $34.04 $64.80 $114.52
25-year $28.55 $49.35 $90.91 $175.35
30-year $32.94 $55.71 $109.80 $194.97

47-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 $24.39 $43.72 $77.76 $126.59
15-year $26.38 $55.90 $96.77 $168.16
20-year $31.88 $60.94 $115.41 $218.33
25-year $46.02 $93.32 $173.18 $333.72
30-year $52.94 $106.88 $205.97 $388.72

47-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 $13.65 $22.09 $31.54 $55.30
15-year $15.47 $25.21 $38.02 $70.41
20-year $17.30 $30.62 $50.54 $94.18
25-year $23.18 $38.16 $68.49 $128.97
30-year $26.60 $43.10 $87.26 $144.59

47-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 $19.84 $31.70 $57.87 $102.42
15-year $21.51 $38.85 $77.76 $131.83
20-year $25.32 $47.82 $89.25 $165.56
25-year $33.86 $67.72 $128.10 $245.35
 30-year $38.88 $75.60 $144.72 $278.88

Life insurance at 47

That should be enough to get you started! Life insurance at 47 is smart and affordable. You can begin right now with the experts at Ogletree Financial Services.

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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