In this article, I’ll be discussing the cost of life insurance for individuals ages 36 to 40.
We’ll also cover the factors that influence your premium, how much you need, the appropriate type of insurance, and how to apply.
Sample Cost of Insurance, $500,000 Life Insurance, 36 to 40 Years Old
Age 10 Year Term 20 Year Term 30 Year Term
Male Age 36 $14 $24 $39
male Age 37 $16 $25 $42
Male Age 38 $16 $27 $45
Male Age 39 $17 $28 $49
Male Age 40 $17 $31 *$53
*All Premiums per Month – and based on rates available as of June 1st, 2013, and are subject to change. Rating class quoted above is Preferred Best Non Tobacco.
Factors Affecting Cost of Insurance – Ages 36, 37, 38, 39 and 40
The primary ingredients built into a life insurance premium are your age, sex, health, and type of policy you purchase. Males cost a bit more, generally, than females, since on average, they die younger. Age should be easy to understand. A man who is 40 years old will pay a bit more than a male age 37 for the same amount of coverage.
Generally speaking, the healthier you are, the lower cost of life insurance you’ll pay. So a 36 year old male with no medications and no history of health issues should be approved at a better health classification than the male, age 36, who applies for guaranteed term life insurance, but has a history of a seizure disorder, just as one example.
We routinely help clients purchase low cost life insurance between the ages of 36 to 40 with varying medical histories. So please don’t be intimidated to apply for coverage if you have a history of high blood pressure or cholesterol, obesity, heart disorders, diabetes, cancer, any many other ailments.
Importance of Independent Agency
The most important factor in getting life insurance at age 36 or 37, or any age for that matter, is using an agency who can shop your case amongst many insurance carriers. As independent agents, this is our specialty. Some insurance companies may penalize you for certain medications, family history, or other medical issues. The key is applying to the company who will offer you the most attractive rate classification.
For example, let’s say you’re a 38 year old seeking 10 year level term insurance, male with sleep apnea and use a CPAP. Most insurance companies will rate you at standard non tobacco, even if the apnea is under good control, but if you apply to Pruco Life Insurance, you’ll have a fair shot at a Preferred rate, assuming you can otherwise qualify. If you used an agent who was a captive agent for, say, MetLife, you would probably end up being approved at Standard rather than Preferred, and would pay approximately double the premium for the same amount of coverage.
But if you’re not careful, you might even be penalized for a family member’s health history. Assume you are a 39 year old man applying for 30 year term life insurance, who takes no medications, completely healthy, but your father had prostate cancer at age 56. Most companies will not allow you to qualify for their best rating, since cancer is proven to be passed genetically, but we do know of at least one company who won’t even ask about your family’s cancer history on the application, making them the ideal company to apply to for this 39 year old healthy man.
So no matter where you purchase your life insurance, be sure to ask your life insurance agent if he or she is an independent broker or captive to one life insurance company.
Which Type of Insurance and How Much?
Ninety percent of our insureds in their late 30’s will need term life insurance. In most cases, I’ll recommend 20 or 30 year level term. This means your premium will stay level during the initial 20 or 30 year term, and prices are guaranteed not to increase until after the initial term has ended. Term insurance is the most affordable type of coverage, making it ideal for young families who simply need the death benefit protection at a low cost.
There are types of life insurance that provide additional benefits, such as guaranteed coverage throughout your entire life and building cash values, such as whole life insurance or universal life insurance. We do offer these plans, but we find them inappropriate for most of our clients age 36 to 40.
To calculate how much life insurance you need, please use our income replacement calculator.
Applying for Life Insurance
Simply get started by getting a quote using our instant quote form to the right or calling us toll free at 877-996-9383. In some cases, a medical exam will be required, as well as authorization for the insurance company to obtain your medical records. We handle all of this and there’s no cost to you to apply.