Life Insurance Coverage for Ages of 41 to 45

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Case Studies of Males Age 41 to 45 years old Needing Cover:

Insurance Need #1:  A healthy, 43 year old male needs $500,000 coverage on himself with his business partner as the beneficiary, so if he dies, his partner can afford to buy the business from his wife.

Answer: A 10 year term policy costs just $31 per month with Genworth Life Insurance Company.  To lock in the premium for 15 years, the cost rises to just $38 per month with Savings Bank Life.

Insurance Need #2:  A man uses a CPAP for sleep apnea, age 41.  Otherwise he’s in good health.  He needs $1,000,000 of term insurance to cover him for next 20 years, so his wife will be able to use the life insurance proceeds to replace his income.

Answer:  We know of at least one company who will offer up to a Preferred rate to a 41 year old man with sleep apnea, as long a sleep study shows the CPAP is working.  He may qualify for a 20 year term policy with Pruco Life Insurance for $1 Million death benefit for $106 per month.  Upon his death, the $1,000,000 could provide $50,000 per year to his wife for the rest of her life, without depleting, if it earns 5%.

Insurance Need #3: A 44 year old man smokes 2 cigars per day.  He needs $100,000 of 15 year term, but everywhere he goes, he gets quoted Smoker rates.

Answer: Pruco Life Insurance will allow unlimited cigar use, as well as pipe or chewing tobacco use in their Non Smoker Plus rating.  You don’t have to test negative for nicotine on the exam, yet you can pay Non Smoker ratings.  His quote will be $25 per month.

Insurance Need #4: We have a 45 year old man who is quite large, but no obese.  He’s 5’10, 297 lbs.  Our friend needs a $750,000 policy for 20 years, because his financial advisor recommended her purchase a 20 year level term policy for 10 times his income, which is $75,000 per year.  The problem is he will be table rated (given substandard) ratings at almost every life insurance company out there.

Answer:  Luckily, our client came to Huntley Wealth Insurance, where we know all the companies’ build charts inside and out.  Our client can actually qualify for a Standard rating at West Coast Life, where he’ll pay just $156 per month for the coverage he needs.  If he had gone anywhere else for adult life insurance, he’d be paying $250 per month or more at his weight.

Term and Whole Life At Age 41 to 45 – Which is Better?

The overwhelming choice by most of our clients is term life insurance at age 41 to 45.  Term is generally more affordable than whole life and its purpose is to provide temporary coverage, such as 10 or 20 years.  If you think about the situation of a 43 year old, for example, he probably only needs life insurance for about 20 years until his career is coming to a close, the kids are out of the house, etc.

Many people purchase life insurance strictly to cover their working life, so the strategy here is if you think you will work 15 more years, a 15 year term policy may be the most suitable product for you.

But if you’re interested in purchasing coverage that will last your entire life, you may consider whole life or universal life, which also build up cash value.

How Much Insurance Can I Buy at Age 41-45?

You must be able to qualify financially for the amount of coverage you want.  A 44 year old earning $20,000 per year on disability can’t just go buy a $5 Million dollar policy, because he wouldn’t be able to prove that his family needs that sort of income replacement upon his death.

Most companies will allow you to apply for up to 20 to 30 times your annual income.  For example, a man age 42 making $60,000 per year could possibly be approved for as much as $1.2 to $1.8 Million dollars.  Note this is for income replacement purposes.  If you are a key man in a business life insurance policy, or you need life insurance for estate planning or estate tax purposes, you may be able to qualify for more.

To get an instant quote for term life insurance age 41 to 45, please use our form on the right or call us at 877-996-9383. If you are looking for a life insurance quotes for the next age bracket we have an article here for you: Life Insurance age 46-50

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