Life insurance at 48

Many think life insurance at 48 is too expensive, too complicated, unnecessary, or it’s just too late in life. If you’re single and have enough money saved to cover your final expenses, life insurance may not be needed. But, if you have a family that relies on you, are a partner in a small business, have a substantial amount of debt or any other monetary obligations you care about, life insurance is tLife insurance at 48he best way to protect those who rely on you financially.

This article will address a few key questions those new to life insurance tend to wonder about, followed by some sample quotes to show how affordable life insurance can 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?

What is term versus permanent life insurance?
There are two main differences between term and permanent life insurance. First of all is the length of time your policy will be in effect. Permanent insurance is just that, permanent. Whenever you may pass, your beneficiaries will receive the death benefit of your policy.

Term life insurance lasts for a particular length of time (the term), after which your policy will expire and your beneficiaries will no longer receive any benefits when you die. Term life insurance is the simpler of the two and less expensive.

The other difference is that permanent life insurance policies have a cash accumulation component. This aspect of permanent policies transforms simple life insurance coverage into a potent financial tool.

This article is mainly concerned with term life insurance and the sample quotes posted are for term life insurance. But, we also offer permanent policies at Ogletree Financial Services. We have included a few links to some articles we have concerning a particular type of permanent life insurance called indexed universal life (IUL). If you are interested in life insurance becoming a powerful part of your financial portfolio, you will want to give these articles a read and learn what living benefits are all about.

Why do I need life insurance?
If someone will experience financial distress if you die unexpectedly, you need life insurance coverage. The obvious is your family and your income. How would your spouse and children navigate such a difficult time without a life insurance policy in place? Years of financial burden could follow.

Even if you do not have children, the loss of your income could severely impair the standard of living you and your loved one are building together. A single parent has even more on the line as the sole caregiver of their children. Replacing the myriad of services performed by a stay at home parent in coordination with a surviving parents work schedule (if leaving home to work is even feasible) is a tall and costly task.Life insurance at 48

Income replacement is the cornerstone of many peoples’ life insurance coverage, but the financial obligations of many go beyond this. If you plan to send your children to college, then higher education expenses need to be part of your life insurance calculations.

4 key features of Indexed Universal Life for College Planning

A mortgage or other large debt is another financial need that life insurance can address. You don’t want big monthly bills to obstruct your family’s recovery from such a difficult tragedy.

Indexed Universal Life for Mortgage Protection?

A small business often employs life insurance to protect their investment and the employees that rely on you for support. In the event of a partner’s or key employee’s unexpected death, you want to have measures in place to protect all parties involved.

Funding buy sell aLife insurance at 48greements with indexed universal life insurance

How much life insurance do I need?
We can get you in the ball park here, but you will need to spend some time with an experienced and knowledgeable independent agent to determine the level of life insurance coverage you and your family need. This can’t be stressed enough. The guidance of an organization like Ogletree Financial Services is imperative when such an important financial decision.

We can start with your income. A very simple method is to multiply your yearly income by some factor that could range from ten to twenty or more. Often the idea here is for the benefit your family receives from your policy to be a nest egg. This nest egg would earn interest that your family could count on in the event of your unexpected passing.

Your family’s personal needs will dictate the amount of life insurance coverage you will need. But let’s look at a sample situation and maybe you can get a general idea of the amount of life insurance coverage you will be looking at.

If you make $53,000 a year, you could multiply this by 15 and get $795,000. But wait, would your loved ones need your full salary? Maybe $30,000 a year would be the right amount. Now we are talking about $450,000. Also, multiplying by 15 means we are assuming the lump sum you leave your family will be earning at 6%. Multiplying by 20 predicts a 5% future return on your money, 25 estimates a very conservative 4%.

Very importantly, this idea of determining your life insurance needs leaves the nest egg intact to address other financial needs your loved ones may encounter.

We haven’t even mentioned college education expenses! That is another consideration for your benefit calculations. A mortgage is often covered with what is called decreasing term life insurance. This is a term policy where the term would match the length of your bank loan and the face value would decrease with your outstanding balance.

Getting in touch with an agent from Ogletree Financial Services will have you started toward peace of mind and financial security today. You can be confident that your loved one’s financial future is in capable and caring hands.

Life insurance at 48How much will my life insurance cost?
A 48-year-old in in good health will probably pay very affordable life insurance premiums. The experts at Ogletree Financial Services can make sure. We work with over thirty top insurers and we will assess your unique risk and match you with the ideal life insurance carrier for you and your family.

We have set up four tables with some sample monthly premiums for a non-smoking, 48-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. These sample quotes were gathered in June of 2016. 

48-year-old Male Preferred Plus Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

Sample
Quotes
Only

POLICY FACE VALUE

$100,000 $250,000 $500,000

$1,000,000

TERM
LENGTH
10-year

$16.71

$23.70 $41.00

$70.85

15-year

$18.99

$31.73 $51.01

$92.90

20-year

$23.98

$36.88 $66.52

$125.77

25-year

$30.88

$53.72 $99.66

$191.97

30-year

$35.64

$63.90 $114.91

$222.05


48-year-old Male Standard Health Category
Term Life Policy – Sample Monthly Premiums – Non-smoker

Sample
Quotes
Only

POLICY FACE VALUE

$100,000 $250,000 $500,000

$1,000,000

TERM
LENGTH 
10-year

$25.86

$49.46 $85.55

$143.94

15-year

$32.10

$61.34 $99.17

$184.59

20-year

$36.98

$72.86 $133.06

$237.36

25-year

$50.22

$102.94 $189.35

$360.19

30-year

$57.20

$117.16 $225.75

$430.25


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

Sample
Quotes
Only

POLICY FACE VALUE

$100,000 $250,000 $500,000

$1,000,000

TERM
LENGTH
10-year

$14.26

$20.89 $34.13

$60.03

15-year

$16.25

$23.48 $41.43

$74.30

20-year

$18.28

$28.67 $50.95

$96.36

25-year

$25.37

$41.41 $74.72

$144.20

30-year

$29.22

$47.22 $84.87

$161.22


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

Sample
Quotes
Only

POLICY FACE VALUE
$100,000 $250,000 $500,000

$1,000,000

 

TERM
LENGTH

 

10-year

$20.07

$33.86 $66.10 $111.07
15-year

$22.55

$41.69 $76.63

$142.21

20-year

$26.78

$51.40 $96.69

$179.40

25-year

$36.84

$74.94 $141.66

$270.63

30-year $42.34 $82.38 $158.29

$306.56

Life insurance at 48

Now all that is left is to get in touch with Ogletree Financial Services and be on your way to the life insurance coverage you need. We probably answered some questions here and you have come up with quite a few new ones. That is to be expected and we are ready to answer all your questions 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.

This entry was posted in Quotes By Age. Bookmark the permalink.

Leave A Reply