Let’s look at some term life rates for 36 year old males and females.
We have many clients in their mid to late 30’s just starting on the life insurance shopping journey. Mortality gets a little more real every year, you are no longer bullet proof. You may have a family at home that depends on your income to carry on. Think of what would happen if you happen to die without life insurance.
Life insurance at 36 is a smart move.
Life insurance is the peace of mind that your loved ones will always be taken care of financially. A term life insurance policy will make sure that those who rely on you financially will continue to receive that support even after you are gone.
This article will briefly some basic life insurance questions:
Why do I need life insurance?
How much life insurance do I need?
How much will lie insurance cost?
Table of Contents
Why do I need Life Insurance?
If someone is relying on you financially then you may need life insurance. Your spouse and children depend on you as a wife or husband and a mother or father. They also rely on your income. Income replacement is the primary concern of many clients looking for life insurance coverage. The cash benefit your family receives in this unfortunate situation would serve to allow them to continue to live the life you work hard for them to enjoy.
Many parents plan to cover their children’s college education expenses and they therefore include this investment when calculating the death benefit (or face value) of their life insurance policy. Higher education is a valuable tool that is becoming more and more expensive every year. Providing this for your children, no matter what happens to you, is an important part of sending them into adulthood.
Large debts like a mortgage are often covered with a life insurance policy. You don’t want your loved ones to be faced with a debt of tens or even hundreds of thousands of dollars in addition to the immense difficulty of losing a loved one.
Another reason many people buy life insurance is for partners in a small business. If one partner unexpectedly dies, the sudden loss couple cripple a business. Also, the surviving partner and the family of the deceased partner are now forced into negotiations concerning the insured’s interest in the business. This can all be avoided with a life insurance policy that provides a benefit to the surviving partner to pay the family of the deceased partner for their loved one’s interest in the business.
How much Life Insurance do I need?
The amount of life insurance coverage needed for college education expenses, a small business partnership or a mortgage will vary depending on your personal circumstances. We can help you decide on the right life insurance product, from the right insurer, for the proper amount of coverage at the most affordable premium.
We guide you the entire way from starting a quote to submitting your application and putting your coverage in force.
Income replacement is a large portion of many life insurance policies. Let’s look at a simple way to get a ballpark number for the cash benefit that may be necessary to replace the income you provide to your family.
First you decide, if you were to die, what amount of yearly income would your family require to continue with the quality of life they are accustomed to. Then you determine what amount of cash would be required to generate in interest the amount of yearly income you are looking for.
For an example we will use a yearly income of $30,000 and a conservative interest rate of 4%.
Here’s the math:
$30,000 ÷ 0.04 = $750,000
You may also use the 10 times income suggestion. That would put you at $300,000.
How much will my Life Insurance cost?
Life insurance is still pretty cheap at age 36.
Let’s look at some actual term life insurance rates for a non-smoking, 36-year-old males and females.
Term life insurance rates for males and females at age 36
|Male Age 36|
Preferred Plus Rates
|30 year term||$12||$22||$37||$68|
|Term to age 95||$52||$101||$193||$363|
|Male Age 36|
|30 year term||$22||$40||$72||$135|
|Term to age 95||$59||$136||$255||$475|
|Female Age 36|
Preferred Plus Rates
|30 year term||$11||$18||$30||$54|
|Term to age 95||$46||$81||$149||$277|
|Female Age 36|
|30 year term||$18||$32||$57||$106|
|Term to age 95||$54||$113||$212||$407|
These sample quotes should give you an idea of how much your life insurance premiums will be. As you can see, the term coverage most clients seek is very affordable.
Life Insurance at 36
Regardless of your age, there are several ways that you can save money on your life insurance plan. Making a few simple changes can save you thousands and thousands of dollars every year. If you want to save money, a great way to do that is to cut out any tobacco that you currently use. If you’re a smoker, then you’re going to pay drastically higher rates for your insurance protection.
In fact, smokers are going to pay at least twice as much for their insurance.
We know that shopping for life insurance is not a fun task. It’s our mission to make the process as quick as simple as possible. We work with many highly rated life insurance companies and we can help you choose the correct one.
Instead of wasting hours and hours calling different companies, let us handle your life insurance purchase. Because we work with so many companies, we know which companies are going to offer you the best plan. Because every insurance company is different, you could get drastically varying rates depending on which company that you choose.
Because you can’t predict the future, you shouldn’t wait any longer to get the life insurance that your family deserves. Contact us today and we can get the process started.
Working with one of our agents can save you both time and money on your life insurance protection.
Getting started is easy!
Give us call at 1-800-712-8519!
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Use the term quoter on this page!