If you are shopping for life insurance at 47 years old, then you’ll be glad to know that you can still qualify for as long as a 30 year term policy. Life insurance rates at 47 years old are still very reasonable and should be fairly easy to qualify for. If you still have children at home or you still owe on a mortgage or other debts, then you’ll need to determine how much life insurance you need to be sure that your family will be taken care of financially. If you don’t have any dependents, or they’re self sufficient, and you are debt-free, then the amount of life insurance you need will be considerably less.
Life insurance options at age 47:
- Term Life Insurance. This is coverage that will last for a specific amount of time, or term. Examples are 10 year term, 20 year term, and 30 year term policies. Learn more about term life.
- Whole Life Insurance. This is permanent coverage that will last for your entire lifetime, as long as you continue to pay your premiums. The premiums on whole life insurance are more expensive than term, but that is because a portion of those premiums are invested by the carrier so your policy builds cash value over time. The cash value is tax deferred until you decide to withdraw or borrow against it. Learn more about whole life.
Sample life insurance rates at age 47:
Here are some sample quotes for a $200,000 20 year term policy for a healthy, non-smoking 47 year old. These are based on a preferred health rating.
Male: $398.00 per year
Female: $312.00 per year
If you’re looking for a whole life insurance policy, the same amount of life insurance can cost around $1699 per year for a woman and $2133.00 per year for a man.
These are meant to be a general example. The actual rate you pay is based on several factors such as your health history, family health history, height and weight, driving history, occupation, hobbies, and more. It is best to speak with an experienced agent who’ll advise you on which carrier is best for you. The cost of life insurance increases as you get older, so if you are thinking about getting life insurance, don’t put it off. Get a free quote online today to to compare multiple rates from top carriers. You can also call 1-877-801-4402 if you need to speak with an experienced insurance professional about your situation .