Why Buy Term Life Insurance for a Non Working Spouse?

Have you considered buying a life insurance policy for your working spouse?

 I bet you haven’t and you probably think it would be just be a waste of money.

 But, what would you do if something were to happen to them?

 Sure, it’s really important that the primary breadwinner carry life insurance at least for the purpose of income replacement, but there are some good reasons why you might want to have a policy on the non working spouse.

 Many parents elect to have at least one parent stay at home and raise the kids.  And, these days it’s not just stay at homes moms, but it’s also dads as well.

 More than likely the non working spouse will probably re-enter the work force once again somewhere down the road such as when the kids start school or maybe even later on.

 Some families have twins, triplets that need a lot of looking after.  And of course, just as you’re getting one of the kids ready to go and start school, along comes another bundle of joy which might be planned or unplanned.  You never know do you?

Reason Why the Non Working Spouse Should Have Life Insurance

You have children.  They need looking after.  So, what  does the non-working spouse contribute?  You’d probably get a clout if you even asked them that question and you’d probably deserve it because they do plenty, and continue doing it long after your working day is even done.

We love our kids but they can be messy, and you can be assured that just cleaning up after them, let alone the regular house upkeep is a full time job in itself.

So, if something were to happen to your stay at home spouse, and where would that leave you and the children?


The average cost of daycare in the United States varies considerably depending on where you live.  But, did you know that the average cost of daycare costs on average $11, 660 per year?  That works out to $972.00 per month!

In some states, daycare runs as low as $3,582 per year or about $300 per month, but in other states it costs as much as $18, 723 or $1,562 per month.  If your stay at home spouse were to tragically die, this is an expense you would have to incur to see that the kids were looked after while you went to work.

Could You Afford to Cover This Expense?

Running the House

Think about all the things that your non working spouse does during the day.  Asides from keeping the house clean, doing the laundry, shopping, running errands, cooking the meals and preparing lunches for the kids, there’s also lots of other things that need to be done.

If the kids are getting a bit older they have to be taken to the doctor or dentist, and they have a whole range of other outside activities such as Little League, music or dance lessons and play dates with their friends.  Who looks after all these things?  That’s right – the non working spouse and believe me – she’s doing plenty of work that you probably don’t even give much thought about.

If this stay at home spouse is gone, are you going to be able to find the time to look after all these chores?  And, if you can’t then that means you will have to hire someone to do it for you.  How much will that cost?  It could be up to another $500 – $1000 per month to find a cleaning service and other folks that you have to hire to ensure that all this is done.

Final Bill

Now, when all is said is done you have might have to come up with between $800 – $3000 per month to make sure that everything runs smoothly for you and the children just like what the stay at home spouse was doing.

This is what you may end having to spend after you make the mortgage/rent payment, the utilities, the groceries, credit card payments, personal loans, insurance and clothes and pay for the lessons for the kids.

Still think it’s not worthwhile to get a life insurance policy for the ‘non-working’ spouse?  The thing to remember is that a term life insurance policy might only cost you about $20 or even less per month to cover these costs.

Consider the alternative of not having a life insurance policy on your non-working spouse.  Is a $20 per month investment worth some peace of mind – you bet it is!

Where Can I Find an Affordable Term Life Insurance Policy for My Non Working Spouse?

You always want to talk to an independent agent like myself.  We can access and research dozens of companies so you are assured we will find the best policy at the most affordable rates.  We can give you valuable advice and help you to find a policy that suits you.

Whatever your needs or questions then please call me direct at 877 – 966 – 9383.

Review of Savings Bank Life Insurance

Learn more about the Savings and Bank Life Insurance Company.

If you are seeking a review about this company then you’ve come to the right place.

We will tell you everything you need to know if you’re buying a policy with this company.

Savings Bank Life Insurance Company Overview

Savings Bank Life Insurance Company (also known simply as SBLI) was founded in Massachusetts in 1907 and has a long and venerable history as a life insurance provider.

The company sells its products in 45 states and the District of Columbia.

This company has assets worth over 2.1 billion dollars and has its Head Office located in Woburn, Massachusetts.

How Does Savings Bank Life Insurance Company Rate?

The financial solidity of any insurance company is an important piece of information to know when you are researching any life insurance company. It’s ranking by the rating agencies is indicative in how financially sound the company is considered and how well it will perform in the future.

A company which is financially strong has the ability to not only pay its claims but also shows that it will be around for the long haul. A life insurance policy, whether it be a term life policy or a whole policy is a long term investment.

How does Savings Bank Life Insurance Company Rate? Here are the results.

A.M. Best (June 28, 2012) –   A+ – Superior
Standard and Poor’s (June 18, 2012) –   A-
Weiss (September 30, 2012) –   B+

All in all, this company has a very solid financial ranking which means that it is financially sound and stable.

Products Offered by Savings Bank Life Insurance Company

The products offered by this company are quite diverse but are not sold or available in every state. Their product line includes:

Guaranteed Level Premium Term Life Insurance
Yearly Renewable Term Life Insurance
Whole Life Insurance
Children’s Life Insurance
Optimizer MVA Series Annuities
Single premium Immediate Annuity

How Does Savings Bank Life Insurance Premium Rates Compare with Other Life Insurance Companies?

To find out how well SBLI ranked, I did some research and found some sample quotes.  I discovered that Savings Bank Life Insurance Company came up regularly as a very affordable company for anyone buying a Term Life insurance policy.

To give you one idea of how affordable their term life insurance premiums cost in relation to other companies I did a search for a $300,000 term life insurance policy for a 33 year old man who was a non smoker and in good health.…(continue to part 2)

Review for Protective Life Insurance

Need to learn more about Protective Life Insurance Company?

We will give you a straightforward review so you can learn more about this company.

Read on to see how well Protective Life Insurance Company rates for our review.

Company Overview

Protective Life Insurance Company is the primary subsidiary of Protective Life Corporation.  The company was founded in 1907 and has its head office located in Birmingham, Alabama.

Protective Life Insurance sells its life insurance products in all 50 states and in Canada. The company has offices located in Alabama, California, Illinois, Kansas, and Missouri. As of Dec 31, 2011, the company had approximately 2300 employees.

Also, as of Dec 31, 2011 this life insurance company had annual revenues of 2.6 billion dollars and assets amounting to 52.9 billion dollars.

Protective Life Insurance is listed on the New York Stock Exchange (NYSE). It is also listed in the 2012 Fortune 1000 List and in Forbes Global 2000 List.

We at TermLifeInsuranceMales.com are not the only insurance agencies reviewing Protective.  For example Chris Lalor offers this helpful Protective Life Insurance Review on his company reviews site.

Life Insurance Products Sold by Protective Life Insurance Company

Life insurance products sold by this company consist of:

•    Term Insurance and Term Alternative
•    Universal Life insurance
•    Survivorship Life Insurance
•    Whole Life Insurance
•    Single Premium Variable Life Insurance
•    Variable Universal Life Insurance

Financial Strength of Protective Life Insurance

As of January 14, 2013 the following ratings were recorded for this company by the rating companies.  These ratings reflect the financial strength of the life insurance company and its rankings in relation to all other life insurance companies.

The reason why this is important is simply due to the fact that when you buy life insurance, you want to buy from a company which is financially sound. A company that is ranked high and financially sound reflects how well it does not only on its investments but also on the company’s ability to pay its claims.

This is important to someone buying life insurance because a life insurance policy is almost always a long term investment.

How financially strong is Protective Life Insurance Company and how well does it rate?
Here are the results.

Rating Company    A.M. Best      Fitch      Standard and Poor’s       Moody’s

Rating                            A+                   A                          AA-                           A2

Overall Rank                2nd                  4th                         6th                           6th

As you can see, Protective Life Insurance Company has a very strong overall financially rating and ranking which makes this a very sound and solid company..…(continue to part 2)…

Want to learn more about ING Life Insurance Company?

We will give you a breakdown of our review of this life insurance company so you will know more about it and give you some of its strengths and weaknesses.

If you are thinking about getting your life insurance policy with ING, then please keep reading.

Company Overview of ING Life Insurance Company

ING is actually a multinational banking and financial company which began in Holland and has its world headquarters based in Amsterdam. The company officially became known as ING in 1991.

The company’s history with U.S. life insurance actually has it roots going back to as far as 1885.  ING’s parent company in the U.S. is called ING American Insurance Holding Group.  It consist of several companies which it purchased in the mid 1970’2 including Security Life of Denver, Life of Georgia (which was later sold), Equitable of Iowa, Furman Selz, and Relia Star located in Minneapolis.

The headquarters for ING American Insurance Holding Group is based in New York City, N.Y. so the company has a long and established historical base in the U.S.

Financial Strength of ING Life Insurance Company

One of the surest ways to know if your life insurance company is a good choice is to know its financial strength. This is important if you want to know how stable a company will be and has the ability to pay its claims.

Because a life insurance policy is a long term commitment it’s always best to see how a company is rated by the financial rating companies in the U.S.

Financial Strength of ING from Rating Companies

These ratings are valid as December 9, 2011.

Rating Company                A.M. Best          Fitch            Moody’s           Standard and Poor’s
Rating                                         A                    A-                 A3                       A+
Explanation                           Excellent         Good             Strong                 Strong
Rank                                         3rd                   7th                 7th                     7th

Overall, ING Life Insurance Company scores very high and is considered a financially solid and stable life insurance company.

Products Offered by ING Life Insurance Company

ING Life Insurance Company offers a broad range of life insurance products which the buyer can select from which gives you versatility in getting a plan that is most suitable to your life insurance needs….…(continue to part 2)….

Why Consider “10 Year Term” Life Insurance?

The most affordable type of life insurance is 10 year term.

This insurance is perfect for a young family, who needs some protection, but can’t afford to pay much.  It’s also great for short term needs.

It’s amazing how much life insurance someone in their 30’s or 40’s can purchase for less than $20 bucks per month if they’re in good health, and applying for 10 year term.

10 Year Term Explanation

Most term policies actually guarantee coverage up to age 95 or longer.  However, the premiums are only guaranteed to stay level for the first ten years.  That means your premiums will stay fixed during the initial 10 years, and in most policies, will rise annually thereafter.

There are various term lengths, such as 20 or 30 year term, which means the premium stays fixed for a longer duration, and remember, the lower the term duration, the lower the premiums.  For more information on alternatives to the ten year term, see our post on Types of Life Insurance.

10 Year Term Life Insurance Quotes

Age $500,000 $1,000,000
30 Year Old Male *$14 $21
40 Year Old Male $17 $28
50 Year Old Male $43 $78
60 Year Old Male $117 $217
70 Year Old Male $339 $625

*Note: All prices are MONTHLY as of 2/17/12, based on healthy, preferred plus, non smoker, and are subject to change.

Using Term for Buy/Sell Agreement or Key Man Insurance

Many business partnership arrangements require term life insurance on each partner, in the event that if he or she dies, the remaining partner/s will have liquid cash from the life insurance benefit to buy out the decedent’s family and or heirs of his or her share in the company.

10 year term life insurance is a popular choice for buy/sell contracts, since it’s the most affordable, and most businesses figure they either won’t be working together that long, or will probably restructure the ownership agreement by the end of 10 years anyway.

Estate Planning using Term Life Insurance

With the current “Band-aid” on estate taxes and the exclusion amount, some people aren’t sure what their long term estate tax implications could be.  A 10 year term policy with a conversion to permanent insurance may be a good solution for high net worth individuals whose estate value is approaching the current taxable threshold, but now quite there.

For example, a married couple with an 8 million dollar estate, with a properly structured AB Trust or bypass trust, may not owe any estate taxes if they were to both die in 2012.  However, if the current estate tax exemption (currently 5 million per individual) were to drop to, say, 3 Million per individual, then this couple would have an estate tax problem.

Since we don’t know what the future holds for estate tax legislation, some affluent families are purchasing 10 year term as a “wait and see” type strategy.  If the exclusion amount gets permanently set at 5 million per individual, or if estate taxes are done away with completely, then these wealthy individuals may decide to drop their coverage.

On the other hand, if the exclusion amount is permanently decreased, at least the policyholder will already have a policy in place (the 10 year policy), and could decide to convert it to a permanent policy such as guaranteed universal life or whole life.

You may also want to see this article for more information on using life insurance to avoid estate taxes and life insurance trusts.

Companies Who Sell 10 Year Term

Just about every company offers a guaranteed level 10 year term policy.  In my opinion, the 3 companies who are most consistently among the list of “low price leaders” for term insurance are Banner Life Insurance, ING-Reliastar Life Insurance, and Genworth Life Insurance.

Keep in mind, however, that some companies commonly show up in the top 3 in price quotes, but aren’t quite as lenient in underwriting, so it’s harder to actually qualify for their best ratings.  Two companies that come to mind here are Savings Bank Life (SBLI) and Ohio National.  On the contrary, you have a company life Prudential, who is usually not in the top 10, but maybe top 15 or 20, but are very fair on underwriting .

Apply for Term Life Insurance

To get started, simply call us at 877-996-9383 or get an instant quote using the form on the right.

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Term Life Insurance with High Blood Pressure

Term Life Insurance with High Blood PressureYes, it is possible to qualify for term life insurance with high blood pressure.  As for the cost of life insurance, it will depend on how well controlled the blood pressure is and your average readings over the past one to two years.

It’s important to distinguish between having controlled and uncontrolled blood pressure.  In both cases, you may be able to qualify for  guaranteed term life insurance coverage, but all things equal, you’ll pay less if your blood pressure is controlled.  Controlled simply means you’re taking a medication or having some other form of treatment.

Best Term Life Insurance Rates with Controlled Blood Pressure

A 50 Year Old Male with high blood pressure, who is otherwise in good health, would qualify for the following 20 year term life insurance rates:

Most Recent BP Reading            Premium – (All Quotes for $500,000 Coverage)

130/84                                              $945 Per Year

135/ 89                                             $1120 Per Year

140/92                                              $1510 Per Year

155/94                                               $1820 Per Year

Can I Qualify for Term Life Insurance if I Take Medication?

Yes, if your pressure is controlled.  Many people call us and tell us they have high blood pressure and are being treated for it.  Upon further questioning, we find their most recent readings are normal.  These are excellent candidates for preferred life insurance ratings, since these people don’t really have hypertension anymore; they have controlled blood pressure with treatment.

However, not all life insurance companies offer their best term life insurance rates if you take medications for hypertension, as seen below.

Best Companies to Buy Life Insurance from with Hypertension

There are many life insurance companies who will not only offer term life insurance with blood pressure treatment, but some will even offer their best available ratings if it is treated and has been stable for at least a few months.  Some of these companies are Genworth, Banner Life, and Transamerica.

Transamerica is a bit odd in that if you’re 49 years old or younger, or over 81 years old, you can’t qualify for their best rating, Preferred Plus.  You must be between the ages of 50-80 years old.

The key is to find a life insurance carrier who states in their underwriting guidelines their maximum blood pressure readings allowed “treated or untreated”.  If they don’t state that they allow treatment in a specific health class, then they don’t allow treatment.  Many companies state that they do NOT allow blood pressure medications in their best classes, such as Prudential/Pruco and ING/Reliastar.

If you apply to Prudential or ING and take meds for Blood Pressure, you cannot qualify for their best rate, Super Preferred.  Their Super Preferred guidelines state “No history of treatment for hypertension”.  Prudential’s “Preferred Best” guidelines read “Without Medication”.  Both of these companies do allow treatment in their second best class, however.

Another company who I really like, but doesn’t allow treatment inside of their best class is West Coast Life.

Term Life Insurance with Uncontrolled Hypertension

An individual with controlled blood pressure sharply contrasts the individual who simply has high blood pressure, and isn’t treating it in any way.  If you’ve been diagnosed with high blood pressure, and you don’t do anything about it, you probably won’t qualify for the best life insurance rates.

“But I don’t take any medication!” — I hear this one all the time.  Life insurance underwriters would actually prefer that you do take medication and get your blood pressure under control, than to let it go unchecked.  If you are trying to control it with diet and exercise, it’s best if your doctor is on board and has noted this treatment in your medical records.

Your best bet to find preferred rates for term life insurance with high blood pressure is to follow your attending physician’s recommendations to a tee.  Life insurance underwriters are not amused by individuals taking matters into their own hands, and going against their doctor’s prescribed treatment plan.  Total compliance should be your goal.

What if I have Other Health Impairments?

While high blood pressure does put an individual at greater risk for strokes, heart disease, artherosclerosis (hardening of blood vessels), and kidney disease, we have already determined that insurance companies will still offer low cost term life insurance with blood pressure.  However, this assumes there are no other medical risks involved.

If you’ve had a history of heart disease or diabetes, and have high blood pressure (controlled or uncontrolled) on top of that, your odds of qualifying for preferred rates are very low.  If you smoke cigarettes or are obese, your mortality risks are greatly compounded with high blood pressure levels.  So, it’s important to understand that when I say you can qualify for preferred rates with high blood pressure, this assumes all else is normal health wise.

Term Life Insurance for Males?

We have found over the years that many of the medical conditions that plague men, such as heart disease, high blood pressure, and diabetes, are conditions we have been very successful at helping people with.  Since insuring individuals with these particular health risks has become a specialty of ours, we do end up writing more men than women.  But yes, we do provide coverage for males and females.  So if you are a female with high blood pressure, everything in this article will apply to you as well.

Applying for Term Life Insurance

Once you have used our instant quote form on the right, you may click one of the “request application” options, which will prompt a call from myself or one of our representatives.  Most applications require a brief medical exam, although we do have No Exam options as well.  The bottom line is we have helped hundreds of males and females apply for term life insurance with various medical problems, and are eager to help you too.

25 Year Term Life Insurance – Quotes and Description

25 year term life insurance is a type of policy that offers guaranteed level premiums for a 25 year term duration.

After the initial term has expired, the premiums will increase mightily, so if you need coverage longer, you might consider a 30 year term or guaranteed universal life contract as an alternative.

Interesting Fact… Who Sells 25 Year Term Life Insurance???

Very few.  I represent dozens of life insurance companies, and many of the large carriers do NOT offer a 25 year term option, such as Genworth, Prudential, and Met Life.  All of the above offer 20 or 30 year policies, but not 25.

The companies who do offer a 25 year term policy are:

  1. Savings Bank Life – the product name is “25 Year Term Guaranteed 25”
  2. American General – Product name is “Select-A-Term 25”
  3. ReliaStar/ING – Product name is “TermSmart 25”
  4. Transamerica – “TransTerm UL 25”.  Note: this is a term/universal life hybrid, which means at the end of the 25 year initial term, the policy automatically “converts” (you might say) to the underlying universal life policy structure on which it is built.
  5. Protective Life – Product’s name is “Secure T 25 Year No Lapse UL”, and the same note applies here as to the TransTerm UL 25 above.

… and there may be a few more, but I don’t represent them.

Cost of a 25 Year Term Policy

As for cost, it will probably cost a bit more than 20 year term life insurance and a bit less than 30 year term.  You can quickly get a quote using our form on the right.  We have dozens of companies to compare, so you can be sure you’ll find the most competitive rate.

Be Careful! — Fewer Options means Less Competition

One word of advice.  If you have any type of health history or any other risk factors such as hazardous occupation, travels, or hobbies, a history of drug or alcohol abuse, or mental health disorder such as PTSD, bipolar disorder, anxiety/depression, be very careful about being narrow minded about “having to have” a 25 year term life insurance policy.

Remember that since only a handful of companies offer it, you may be shooting yourself in the foot by only having these companies to apply to.  It’s very possible that a different company (such as Prudential, Genworth, or Met Life) would offer you a lower rate class than the companies offering 25 year term.

That could mean that for the same price or lower, you could purchase a 30 year term policy instead.  Keep your options open and be sure to speak with a knowledgeable agent about your needs, as well as your health history.

We at Huntley Wealth Insurance are also happy to help with how to buy 25 year term insurance if you call us at 877-996-9383.

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Term Life Insurance for Male Smokers

Term Life Insurance for Male SmokerAt Term Life Insurance for Males, we offer the lowest term life insurance for smokers rates from over 100 highly rated life insurance companies.

Using our quote form on the right, you can quickly compare smoker rates and find that we have the best prices anywhere.  This is because while most online term quote companies offer pricing from 20 to 30 companies, we quote from over 100.

In fact, if you find a smoker rate at another company that appears to beat us, please leave a comment with the company name, and we’ll be sure to add that company to our quote form, as we are committed to offering the best life insurance for smokers.

Cost of Term Life Insurance for Smokers

If you’ve done any research on the effect smoking cigarettes has on life insurance premiums, you know that smoking increases your premium by about double or more.  Please find sample quotes for male smokers below, who can qualify for “preferred tobacco” rates below.  Quotes are for 20 year term life insurance and based on Monthly Premiums.

Age                                                    $100,000           $250,000
40 Year Old Male Smoker          $31.15                    $66.38
45 Year Old Male Smoker          $47.08                   $108.02
50 Year Old Male Smoker          $67.85                   $159.72
55 Year Old Male Smoker           $105.34                $253.44
60 Year Old Male Smoker           $158.75                $373.73

*Note that the premiums quoted above are valid as of 9/2/2011, and are subject to change.

Term Life Insurance for Non-Cigarette Smokers

Wonderful news for pipe smokers, cigar smokers, and chewing tobacco users.  You can actually qualify for Non Tobacco rates with many life insurance companies.  In most cases, you’ll need to test negative for nicotine in your labwork and admit to the tobacco use on your application.  In the case of life insurance for cigar smokers, you’ll also be limited in the number of cigars you’re allowed to enjoy, like no more than 1 per month, or 1 per week.

However, I know of one company who sets no limit to the amount you use these forms of tobacco, and your urine result can also come back positive for nicotine, and they’ll still allow you to qualify for non tobacco rates!  Call us for “Non Tobacco term life insurance for smokers” quotes at 877-996-9383.

Non Tobacco Ratings for Smokers

Some of our smoking clients tell us they want to quit smoking, in order to qualify for non tobacco rates, but the problem is they need coverage now.

Since all U.S. life insurance companies require that you quit smoking for a full year before you can get non smoker ratings, we recommend you take out a policy to cover your needs now, and then if you can quit for 12 consecutive months, you can either apply for a new policy, or apply for a health class reconsideration with your existing insurance company.  This way you only have to pay the higher smoker rates for one year.

Types of Life Insurance Available to Tobacco Users

You are not limited in the types of policies you may choose from due to tobacco use.  For example, you can still purchase a 10 year term policy or guaranteed 20 year term life insurance contract.  The difference is your cost of term life insurance will be higher due to your smoker classification.

Other types of policies available to smokers are 30 year level term insurance, which keeps your premiums level for the entire 30 year term period, and the two most popular types of permanent insurance, which are whole life insurance and universal life insurance.

Also, beware of the compounding effect for medical issues.  For example, some companies such as ING Reliastar may offer standard or better insurance rates for a diabetic.  They also have great smoker rates.  But if you combine the two… a smoker with diabetes may push the health classification down below Standard Tobacco rates, since the combination of the two is very harmful.  Same goes for heart issues.

Smokers Life Insurance Q&A

  • How will the insurance company know I am a smoker? 2 ways.  First of all, they ask you on the insurance application, and secondly, most applications require a brief physical, including labwork, which screens for nicotine.
  • What if I lie on the application and say I don’t smoke? Please do not do this.  It’s insurance fraud for one, and if you die within the two year contestability period and the insurance company finds out you were a smoker, the death claim could rightfully be denied.
  • Can I quit smoking cigarettes until I can test negative for a urine test and then apply for insurance? Unfortunately, you must have quit for 12 consecutive months before you can apply for non tobacco ratings.

How to Purchase Term Life Insurance for Smokers

Click here for general steps on how to purchase life insurance.  This page covers the application process.

The bottom line is if you smoke cigarettes, you will have to pay a higher premium for life insurance, at least for one year, but you don’t want to pay one cent more than you have to.  Your best bet is to speak to a knowledgeable, independent agent about your health history and tobacco use to determine which company will offer you the best term life insurance for smokers policy. Smoker term life insurance quotes can vary so it is best to make sure you get the cheapest rate.

Term Life Insurance Quotes for Males, Age 46 to 50

Term Life Insurance Male Age 46-50Welcome to Term Life Insurance for Males, where we specialize in helping males age 46 to 50 obtain  low cost term life insurance quotes.  Whether you are in excellent health or have a history of medical issues, as independent agents, we will impartially shop your case amongst our many life insurance companies to help you find the lowest premium available.

Why Males Age 46 to 50 Purchase Life Insurance

In your late forties, the most common reason our clients request term life insurance quotes is to protect against loss of wages.  Say you’re a healthy 47 year old male, making $75,000 per year, with a wife, children, and a mortgage.  You’ll probably work another 20 years, so if you were to die unexpectedly, you’ll never have the chance to earn that income ($1.5 Million in this case), so many men buy term life insurance to replace some percentage of that lost income.

We also help men ages 46 to 50 purchase term life insurance for business insurance, mortgage insurance, or for estate planning purposes, but these are less common.

Sample Quotes

Below I’ve provided quotes for 20 year term life insurance, for a non smoking male is excellent health, under the health category “Preferred Plus”.  See my notes below for different amounts or health ratings.

Age                         $100,000         $250,000        $500,000
Male Age 46           $17.60                $31.66               $58.29
Male Age 47           $18.57                $34.19               $63.35
Male Age 48            $19.62                $36.95               $68.69
Male Age 49            $20.77               $40.36              $74.81
Male Age 50            $21.91                $43.74              $81.38

*Please note the prices above are Monthly Premiums based on rates as of 9/2/2011, and are subject to change.

Insurance Quotes $1,000,000 or Higher

If you’d like a quote for a different amount, try using our instant quote form on the right.  You might start by quoting yourself in the “Preferred Plus” health class if you’re in great health.  The results will allow you to compare term life insurance rates from over 100 companies.  If you take any medications or have a history of any medical impairments, you should start off quoting yourself at “Regular”.

Keep in mind our instant quote form on the right will give you an idea of insurance premiums, but in order to obtain accurate term life insurance quotes, you’ll need to speak to an agent, to discuss other factors that may affect your health rating, such as your family’s health history, and whether or not you participate in any hazardous activities, travels, or work in a dangerous occupation.

Annual Price Increase from Age 47 to Age 48 – 20 Year Term

Once you lock in a term rate for 10 to 30 years, your premium is guaranteed to stay level throughout the duration of that term.  But let’s say you’re age 47 today and are considering the purchase of a 20 year term life insurance contract with ING for $500,000.  The preferred non tobacco rate for you is $743 per year.  A male at age 48 will pay $813.

That means if you put off your life insurance purchase for just one year, your premium will jump $70 bucks, or a whopping 9%.

Annual Price Increase from Age 48 to Age 49 – 30 Year Term

The cost of waiting is even more severe as you get older.  For example a 48 year old healthy male will pay $1265 for a 30 year level term policy with Banner Life Insurance, but that same policy will cost him $1390 if he waits just one year until he’s age 49, constituting a one year increase on your life insurance rate of 9.9%.

In both of the scenarios above, you also risk not being able to qualify for as high of a health rating by waiting a year.  People generally get less healthy as they age is the theory as opposed to healthier, correct?  That being said, apply for coverage today.  If you’re in good health and are in your late forties, lock in the best rates you can now!

Types of Cover for Ages 46 – 50

You aren’t limited in types of term policies available until you hit age 65, so you can qualify for any term length from 10 year guaranteed level term all the way to 30 year term, even at age 50!  When you purchase term life insurance, you’re “fixing” your premium for a certain period of time.  For example, if a 47 year old purchases a 10 year term policy, his premium will stay level for the entire 10 years.

If you need protection for a longer period of time, you’ll also want to call us about the cost of whole life insurance, or another type of permanent policy, such as universal life insurance.  Both of these are able to provide coverage for your entire life, or can be structure to give you level payments to age 95, 100, 120 as well as many other target ages.

For more information the 41-45 age range please see this article – life insurance 41-45

How to Apply

You have two simple options to apply for life insurance coverage.  First, after completing our quote form on the right, select the policy that suits your needs best, and click “Request Application”.  One of our agents will then call you to confirm you can qualify for the rating class you selected and assist you in the completion of your application.

Your second option is to call us directly to complete your application over the phone at 877-996-9383. Either way, we are excited about helping you get the best term life insurance quotes, and look forward to speaking with you about your insurance needs.

Life Insurance for College Planning

 You can use a life insurance policy to finance your children’s college education.

 I’ll bet many of you folks out there didn’t even realize that you could.

College and university tuitions have skyrocketed over the past 2 decades, and many of your kids who take out loans start off life with a huge debt looming over them.

 How Expensive Is College and University Tuition?

 If you have young or teenage children, you want them to get the best start in life.  A college or university degree is pretty much the way to go if you want your kids to have a successful and financially comfortable life.

 But, it’s not cheap!

The National Center for Educational Statistics has some pretty startling news about how much education costs.  The average cost for a 2 or 4 year undergraduate program which includes tuition, and room and board for the academic year of 2010 – 2011 breaks down as follows:

Average Annual Cost for Public Institutions                                 $13,600
Average Annual Cost for Private (For Profit) Institutions             $23,500
Average Annual Cost for Private (Not for Profit) Institutions       $36,000

This is a heck of a debt load that both you and/or your children will be facing as the cheapest 4 year program would be $54,000. 00 while the most expensive college program would work to $144,000.00.

 We all want out kids to have the best in life and give them a helping hand because that’s what every parent wants to do.  But many people simply can’t save enough, if anything at all, especially with all their other debts such as a mortgage, personal loans and credit cards.

 So!  How can a life insurance policy help solve this dilemma?

Permanent Life Insurance as an Asset

Everyone wants to protect their family financially which is the reason they buy life insurance in the first place.  First of all, forget about term life insurance policies altogether.  They can help, but only if you die because they pay death benefits only.

You want to help the kids while you’re still alive right?

The way you can help finance your kid’s education is to buy a permanent life insurance policy.  The big difference between a term life insurance policy and a permanent life policy is that the permanent policy has a cash value accumulation feature.  It is also an asset because it has liquidity which I’ll explain about further on.

There are 3 types of policies which you can buy which include whole life, universal life and variable life.  All 3 types of these policies have a cash value accumulation component.

How does the Cash Value accumulation Work?

When you pay your premium the money is divvied up 3 ways.  A portion goes towards your death benefits.  A portion goes to the administrative costs of managing the policy.  And the third portion goes towards the cash value accumulation portion. continue page 2……