Life insurance at 49

You’re 49 and know you need life insurance. The people you love the most rely on you and your income and as you get older you may assume other important financial obligations. Life insurance is the best way to ensure that no matter what happens to you, your family will be able to rely on the financial groundwork you are working hard to build. Life insurance at 49 is a smart move made by many middle aged families looking for peace of mind as to their family’s financial future.

When purchasing life insurance at 49, it is best if you do not delay! Life insurance costs will rise every year you wait. You can easily get started today with the pros at Ogletree Financial Services. Call us at 1-800-712-8519, use the free term quote on the left side of this page, or head over to our contact page and leave us a message.

What we will do here is briefly address a few questions many people new to life insurance ask. Next, we’ll show you some sample premiums for a 49-year-old man and woman.

  • 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?

Hopefully, within a few short minutes you’ll be ready to team up with and independent agent who can guide you through life insurance marketplace to the coverage you and your family need.

What is term versus permanent life insurance?
First, let’s talk about the length of time your policy is in effect. “Permanent” pretty much explains that these types of policies do not expire as long as you pay your premiums. “Term” describes the length of time these policies are in effect.

The length of a term policy generally matches the length of time a particular financial obligation will be present. If you want to insure yourself until your children have finished college and your youngest is 9, you might be looking at a 15-year policy.

Second, let’s talk about living benefits and an interest earning cash accounts. This is a feature of permanent policies not available with term life insurance. These cash accounts, with living benefits such as policy loans for personal needs, transform your life insurance policy into a financial tool.

This article is primarily about term insurance, but look for some links to a few articles we have about indexed universal life (IUL). This is an exciting permanent life insurance product that can be used to address the life insurance needs we will discuss.

Why do I need life insurance?
If somebody relies on you financially, then you probably need life insurance. Income replacement is usually the first thing that comes to mind. If the worst were to happen and you passed away unexpectedly, your family’s loss could be compounded exponentially by financial difficulty. With a life insurance policy, you can make sure that your loved ones will not have to struggle financially. They will continue to enjoy the standard of living you work hard to provide.Life insurance at 49

If you have plans to send the kids to college, then you will want to plan for this expense with your life insurance coverage. Are you planning to buy a home? Life insurance is a common way to shield your loved ones from the burden a large debt like a mortgage could cause.

4 key features of Indexed Universal Life for College Planning

Indexed Universal Life for Mortgage Protection?

If you are a partner in a small business, then life insurance may be an ideal financial tool to protect your business in the event that a partner was to die unexpectedly. This type of policy can be important for settling the deceased partner’s interest in the business and providing support for the surviving partners and deceased’s loved ones.

Funding buy sell agreements with indexed universal life insurance

How much life insurance do I need?
This is the point where the support and advice of a professional agent becomes very Life insurance at 49important. We might be able to get you in the ball park here in this short article, but to properly address your life insurance coverage needs, a little more work will be necessary.

Some will recommend just multiplying your yearly income by 10, 15 or 20 or more. Without some real analysis of your family’s financial needs in the event of your death, this is just guessing, but it’s a start.

Let’s say you make $42,000 a year and multiply this by 15 to get $630,000. At a very conservative rate of 4%, this amount would create an income of $25,200 for your family. This may be enough to support your family in the quality of life you work hard to provide them. This calculation will probably depend on your spouse’s ability to earn in the event of your passing.

College expenses are another consideration. Will you be paying for all your children’s higher education costs, or maybe just tuition and books? Will tuition be $3,000 a semester or $9,000? How much will these expenses increase by the time your children attend college?

A mortgage is often covered by a product called decreasing term life insurance. The benefit of these policies decreases as you pay off your debt, designed to cover the remaining balance at any given time.

Designing policies to address small business concerns would require a look at your books to determine what amount of benefit would be necessary to pay off each partner’s interest in the organization.

There is a lot to consider when designing your life insurance coverage and Ogletree Financial Services can make sure you are thorough regarding your family’s personal life insurance needs. But at 49, don’t delay. Your coverage will cost more every year you wait.

How much will my life insurance cost?Life insurance at 49
At 49, if you are healthy, your life insurance coverage should be very reasonable. Get in touch with the experts at Ogletree Financial Services to make sure. We represent thirty-plus top insurance carriers and our expert agents can assess your unique risk and place your policy with the ideal insurer for you and your family.

We have set up four tables with some sample monthly premiums for a non-smoking, 49-year-old male and female. These sample quotes 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.

49-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 $17.96 $29.31 $44.46 $77.33
15-year $20.30 $34.65 $60.48 $113.18
20-year $22.40 $39.51 $76.46 $137.67
25-year $33.48 $58.54 $108.85 $208.97
30-year $38.79 $69.30 $130.95 $241.06

49-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 $27.42 $52.70 $90.29 $158.64
15-year $31.49 $65.66 $112.75 $201.89
20-year $36.37 $83.16 $142.99 $257.07
25-year $54.06 $111.50 $206.85 $391.33
30-year $62.12 $134.10 $247.54 $458.94

49-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 $14.96 $24.94 $36.68 $65.22
15-year $17.12 $28.89 $44.46 $79.49
20-year $19.37 $35.81 $58.75 $108.86
25-year $26.99 $45.05 $81.29 $157.32
30-year $31.66 $56.25 $93.54 $173.51

49-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 $20.85 $36.03 466.52 $120.58
15-year $23.67 $44.54 $82.36 $152.59
20-year $28.34 $55.34 $104.12 $194.97
25-year $39.99 $82.60 $156.10 $297.22
 30-year $45.79 $89.38 $172.72 $336.87

Life insurance at 49

This was just an introduction, but hopefully you feel ready for the next step: contact an independent agent. Ogletree Financial Services can get you started right away and expertly guide you and your family to the life insurance coverage you need.

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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