Life Insurance at 37

As people start hitting their 30s, they start thinking about the future and their financial security. You are right on time to make this important move to secure your family’s financial future. Life insurance at 37 is a good call, the premiums are still very affordable.

You have set out to work hard and provide security for your family. Without insurance protection, you’re putting that standard of living at risk.

There are millions of people out there who don’t have life insurance. They are walking a tightrope without a safety net.

In this article we will briefly discuss four basic questions many clients ask when they are considering life insurance coverage for their family:Life insurance at 37

  • 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?

If you’re looking to find a plan which will protect your family but not break your bank, you’ve come to the right place. In fact, this is what we specialize in.

We work with clients, regardless of their age. If you’re in your 30’s or even past it, we will be happy to assist you in any way we can.

What is Term Versus Permanent Life Insurance?

Term life insurance can be thought of as temporary insurance, meant to insure a particular financial responsibility for the time that it exists. For example, if you would like to protect your family’s finances until your children finish college you would be looking for a policy that extended until your youngest child is 24 or 25.

Term life policies are remarkably affordable and the coverage is simple and easy to understand. Many families with a tight budget purchase a term policy to get the peace of mind that protection brings, later increasing their coverage or converting to a permanent policy (as some term policies allow).

The death benefit of a permanent life insurance policy does not expire. One type of permanent life insurance is called “whole life,” indicating the lifetime of coverage these policies offer. Additionally, permanent life insurance policies all carry some sort of cash accumulation vehicle. This does increase the investment required for these types of policies, but for the right families a permanent life insurance policy can be a powerful addition to their financial portfolio.

We are primarily concerned with term life insurance in this article, but we do include a few links to some relevant articles concerning an exciting line of  indexed universal life (IUL). Note that the sample premiums presented later in this article are for term life insurance.

Why do I need Life Insurance at 37?

When we talk to clients, some of them are reluctant to shovel out the money for insurance they probably won’t ever need. If you never need it, why pay for it?

There are several problems with this. Mostly, you can’t predict the future. You don’t want to imagine passing away, but if you did, would your family be able to manage their finances? Would it be too hard of a blow for their bank accounts.

For most people in their 30s, there are some common reasons to buy life insurance. For a lot a 30 somethings, they have student loans and mortgage payments. Those debts are going straight to your family if you pass away.

You shouldn’t only think about the debts you have now, but the bills you’ll have in the near future. But no matter the cost, you have plans to support your children’s goals for a college degree. Many parents include this expense when deciding on the death benefit for their life insurance policy.

4 key features of Indexed Universal Life for College Planning

Are you a business owner? If you are, then you have yet another reason to buy life insurance. You don’t only need to protect your family, but also your company. A life insurance policy can help your employees keep the business open.

Funding buy-sell agreements with indexed universal life insurance

Many thirty-seven year olds are homeowners or considering buying a home. Mortgages or other large debtsThese debts need to be covered. Otherwise, your family will be dealing with debts during the tragic time.

Indexed Universal Life for Mortgage Protection?

How Large of a Plan to Buy?

Now you know WHY you need life insurance, but do you know HOW MUCH life insurance you should purchase? If you don’t, it’s okay. It’s probably easier than you think.

Business partners would each buy a plan which pays them as the beneficiary. The face value, or benefit, of a life insurance policy for this purpose would be used to purchase the other partner’s interest in the business. This provides a cash payment to the deceased’s heirs and important support to the vulnerable business.

If you’re a business owner, you’ll need to take in some additional factors when adding up your needs. How much would it cost your partner to keep the business running?

Okay, if you’re not a business owner (which is most of you), your life insurance math is simple. First, determine the dollar amount your loved ones will need. Will your spouse be able to pay bills on one income? If not, your life insurance should assist in paying for those expenses.

Next, we calculate what benefit is needed to generate the income you have decided your family would need. We will use an interest rate of 4% for our example.

Only a little bit of math! Take your yearly income and then divide the number by the interest rate.

For example, let’s say you wanted your family to have an annual income of $25,000.

                                                       $25,000
The math looks like this ⇒          ———–   =   $625,000
                                                           .04

So, for your family to receive a yearly income of $25,000, you would need a life insurance benefit of $625,000.

If you’re still confused about how much insurance you need, let us know. Here at Ogletree, we can help you through the formula and ask some key questions. After we’ve done the math, we can start shopping for a plan for you.

Life insurance at 37How much will my Life Insurance cost?

If you’re like most people, your main concern is the cost. Applicants are worried about not being able to afford the size plan their family will need.

Life insurance should always be able to protect your family members, but it also shouldn’t cost you hundreds of dollars every month.

To help you get an idea of what you can pay, we’ve run a random quote. These are numbers for a 37-year-old man who is in excellent health. Before you look at the premium quotes, you need to understand they are GENERIC quotes.

There are so many factors the carrier looks at, your premiums are going to be different.

37-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$8.87$11.38$16.68$26.10
15-year$9.19$12.89$19.38$33.22
20-year$10.27$15.27$24.57$43.60
25-year$14.62$22.84$39.27$71.28
30-year$15.49$25.65$44.46$80.79

37-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$12.74$20.46$33.98$56.00
15-year$14.20$22.62$39.27$71.66
20-year$16.27$28.03$50.08$94.63
25-year$22.49$41.22$72.14$136.15
30-year$24.85$47.49$88.14$161.45

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

$100,000$250,000$500,000$1,000,000
10-year$8.09$10.06$14.42$22.75
15-year$8.52$12.02$17.94$29.75
20-year$9.60$13.69$22.13$38.50
25-year$12.72$19.38$31.92$58.30
30-year$13.08$21.54$37.11$67.37

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

$100,000$250,000$500,000$1,000,000
10-year$11.28$16.99$26.67$46.37
15-year$12.74$20.67$35.38$64.36
20-year$14.75$25.21$44.46$81.66
25-year$18.17$33.22$60.03$114.53
 30-year$20.24$37.32$68.25$128.31

These figures should have you pretty excited about those prices!

Life Insurance at 37

You want to make sure that those who rely on you financially can do so well into the future. Ogletree Financial Services can be your partner as you seek this important goal!

Because we’ve been doing this for so long, it’s become second nature to us. We’ve worked with so many companies out there, we’ve built strong relationships with different carriers. Sure, you can try and become an insurance expert yourself, but why waste your time?

We would be happy to be your professional insurance shoppers.

Getting started is easy!
Give us call at 1-800-712-8519!

Leave us a message on our contact page!
Use the term quoter on the left side of this page!

About Doug Mitchell
About Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent over 20 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance, home and auto insurance.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table.  He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award.  Later in his career with New York Life he was an Executive Council Member.  Doug currently serves as President of Ogletree Financial, a life insurance marketing organization with over 1000 life insurance agents.  Today, Doug’s main focus is servicing 1000s of policyholders and growing his agency through the reach of www.insurancequotes2day.com.

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