If you are considering life insurance at 48 years old, then you should be aware that rates for coverage will go up quite a bit once you reach fifty so now is a great time to secure a policy to cover your mortgage or other debts or to replace income that would be lost if you were to pass away.
Whether you are in excellent health or if you have minor health issues like high blood pressure or major health problems such as a recent heart attack or insulin dependent diabetes, there are policies for you.
Why Men Obtain Life Insurance In Their Forties
Though everyone has different reasons for obtaining an insurance policy, these are the most common reasons why life insurance is needed when you are in your forties:
- To Replace Lost Income – If you are still working then you want to be sure that your income is replaced so that your family will not suffer financially
- Estate Planning Purposes – You may need to add liquidity to your estate or you can also use the proceeds from an insurance policy to pay estate taxes
- To Leave Money to Your Heirs – Some men just want to be able to leave money to their spouse, children, and grandchildren
Coverage Options In Your Late Forties
A term insurance policy is best at this age because you can get a large policy for a very affordable amount. In most cases a 15 or 20 year term is all that is needed t cover the rest of your working years and to protect your family from the expenses that are left behind. You can also obtain permanent whole life insurance coverage. This would last for your entire lifetime, though the premiums are much higher.
What Determines the Rates for a 48 Year Old Male?
Your age is one of the first factors that in insurance underwriter will consider. Along with this there are several other variables that will determine what rate you qualify for (standard, preferred, and super preferred):
- Your smoking status (smokers obviously pay more- sometimes double)
- Your health history and your family health history
- Your driving record (do you have any DUIs or excessive speeding tickets?)
- Your occupation (do you have a risky profession)
- Risky hobbies or risky travel
In most cases a man in his mid forties is pretty healthy, which means that you will qualify for at least a standard rate. Even if you have some issues such as high blood pressure or hypertension, if they are well controlled then you can usually still qualify for a standard rate.
If you don’t smoke and you have excellent health then it is possible to qualify for a super preferred rate. This rate is usually about 10% cheaper than a standard rate.
What if you have some major health issues? If you have had a heart attack, a stroke, cancer, or another serious medical condition then you can still obtain coverage but you will need to be strategic about which company you choose. All insurance companies have different criteria so it is important to compare rates from several companies first.
How Much Does A Policy Cost for a 48 Year Old Man?
Here are a few example quotes to give you an idea of what you might pay for a policy at this age. The sample rates shown are based on a preferred plus rating (non-smoker). Your rate could be higher depending on your particular situation.
20 Year Term Policy
$500,000 – $1,100 Per Year
$1,000,000 - $2,125 Per Year
Level Pay Whole Life Insurance Policy
$100,000 – $1,530 Per Year
$250,000 – $3,692 Per Year
The Cost of Waiting to Obtain Coverage
If you are thinking about getting a life insurance policy now then I advise you to do it. If you take a look at the sample rates above, you can see that a $500,000 20 year term policy at age 48 is $1,100 per year. If you wait until you are 49 then that same policy will cost you $1,200 / year. That is almost 10% more and if you wait another year, it is an even bigger difference. So don’t put off tomorrow what you can do today. Life insurance costs increase substantially as you get older, and especially when you reach your fifties.
Use the quote box below to begin a rate comparison. You’ll be able to view rates for your age and your health history in under a minute. It is always best to compare several rates from different companies to ensure that you get the absolute lowest rate for your needs. We work with over 100 companies so you can be sure that you can obtain the best rate for your situation. Get started now.
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