Best Life Insurance Options for 41 Year Olds

Turning 41 isn’t a landmark age for most people. Unless you are Joshua Norton, who declared himself Emperor of the United States when he turned 41 in 1859.

And, for inexplicable reasons, people in San Francisco just went along with it. But let’s move along to life insurance for a 41-year-old.

Why A 41 Year Old Needs Life Insurance

life insurance for over 40 year oldsThe number one reason to get life insurance is for your spouse or children.

While you continue to live and work, you can support them. But if something awful should happen, what would happen?

This isn’t to scare you. Life insurance isn’t something you should buy out of fear, although it sometimes can seem that way.

Life insurance is something you buy as a gift because you want to always be able to provide for someone you love.

Life insurance can do many things for you. Term insurance can cover your working years and beyond to pay for a child’s expenses or the mortgage on your house. Permanent life insurance can ensure that there is money to pay for your funeral and final expenses.

You may not need life insurance at age 41. If you have no financial dependents and no one will have to shoulder your debts when you pass away, it might not be for you.

But if you do have financial dependents, it is a loving gesture.

Best Policy Type for A 41 Year Old

Why are you buying life insurance?

Is it to cover a child until they have finished their education? Is it to make sure you provide for your spouse into their retirement? Is it so you can give your children something when you pass on?

Your answers to these questions will determine what type of life insurance policy is best for you. The best policy for your family will probably not be the same thing your neighbor has.

Permanent Life Insurance Policies

Permanent life insurance policies are useful for estate planning. They provide near-immediate cash to cover the funeral, final medical expenses, pay off debts, and provide a spouse or heirs.

Permanent life insurance policies last for life. Although they usually mature at age 121, that is not an issue for most people. There are two type of life insurance policies nested under the umbrella of a permanent policy, whole life and universal life.

Whole life is the classic life insurance policy. It has a cash value accumulation which you can borrow against as it builds up. It’s relatively simple and straightforward.

Universal life gets into all sorts of customizable scenarios, each beneficial for a different estate planning goal. It also has a cash value accumulation portion in addition to the ability to adjust your benefits and premium payments on the go.

The policies tend to cost a little more than a term policy or a burial insurance policy.

Term Life Insurance

Term life insurance is one of the lowest cost options. It’s also the most popular type of life insurance.

Term lasts for a set number of years. Some terms go as low as a year to cover specific scenarios. 20 and 30-year terms are more common. These terms can cover children to adulthood or most mortgages.

This type of policy works best for time-restrictive reasons. It is also the most affordable type of life insurance policy, rendering it one of the most popular.

Burial Life Insurance

This type of policy is a blend between the affordability of term and the staying power of permanent life insurance. You also sometimes see it called funeral insurance.

It offers a lower benefit amount (relative to normal term and permanent policies) for a much lower price. The singular goal of burial insurance is to ensure that nobody needs to figure out how to pay for your funeral on top of their grief.

It lasts for your entire life. You can choose between $5,000 and $15,000 in benefit.

The average funeral service and burial in the United States is just under $8,000. Many families round that number up to $10,000 to have a little extra in case there are unexpected medical expenses to pay off.

How Much Is Term Life Insurance For A 41 Year Old?

The younger you are, the cheaper your life insurance rates are going to be, though some may not need life insurance at younger ages. By 41, you may very well have several family members dependent upon you and now is the time more than ever to make sure you are covered!

The rate mainly depends on whether you are a man or a woman, smoke or not, and your health. There are several other factors life insurance underwriters consider too. Variables like your DMV records, family history of health problems, hazardous hobbies, and sometimes even your occupation.

There are a handful of standard health classes you could fall into. If you have any sort of medical history, you should talk with your agent first before guessing your own health class. Most people end up as either “preferred” or “regular.” Some companies label “regular” as “standard.”

The important thing to keep in mind is that each company has their own algorithm for assigning a health class. Every algorithm is different. So one company may assign you preferred, another one might consider you preferred plus. That difference can save you over 20% in your premiums.

Term Life Insurance Rates for 41 Year Old Males

Term Life Insurance for a 41-year-old male, non-smoker, preferred might look like the monthly rates below.

Policy Type $50,000 $100,000 $250,000 $500,000 $1,000,000
10-Year Term $11 $11 $17 $28 $47
20-Year Term $13 $16 $27 $46 $53
30-Year Term $21 $22 $43 $76 $144

Term life insurance for the same man, but at regular rates might look like the following.

Policy Type $50,000 $100,000 $250,000 $500,000 $1,000,000
10-Year Term $12 $14 $25 $43 $77
20-Year Term $15 $21 $40 $73 $135
30-Year Term $22 $34 $68 $128 $234

Term Life Insurance Rates For 41 Year Old Females

Women pay less for life insurance than men do. A 41-year-old woman in preferred health, who doesn’t smoke, may pay the following premiums each month.

We do realize that it doesn’t make any sense for a $100,000 at a 10-year term to cost less than a $50,000 benefit for the same term. But that’s the way the algorithms work out. We checked it three times.

Policy Type $50,000 $100,000 $250,000 $500,000 $1,000,000
10-Year Term $11 $10 $16 $25 $40
20-Year Term $11 $13 $22 $37 $68
30-Year Term $18 $20 $34 $60 $110

A woman with the same characteristics as the table above, who falls into the regular health class might pay along the lines of the following rates each month.

Policy Type $50,000 $100,000 $250,000 $500,000 $1,000,000
10-Year Term $11 $14 $22 $37 $67
20-Year Term $13 $18 $31 $56 $100
30-Year Term $19 $27 $51 $93 $174

Your rates may differ. The type of plan you choose, and your health will affect the rates. For example, a no-exam policy might cost a couple extra dollars a month.

Whole Life Insurance Rates For A 41 Year Old

Whole life insurance combines the advantages of permanent insurance with simplicity. The best part of whole life is that it is simple. Because of that simplicity, it is one of the most inexpensive types of permanent life insurance you can get.

Whole life insurance has a part called a cash value accumulation. This builds up as you pay your premiums on the policy. This is the value of the policy. You can borrow against your life insurance policy for any reason at any time.

We have seen people only use it in emergencies, like a leaking roof or medical emergencies. Other clients take out a loan to run their yearly Caribbean cruise because it is easier for them to repay an obligation than to save up.

Whole life insurance stays with you for life. You will see the fine print in the policy saying that it only lasts until age 121, but that has not yet been a point of contention. While we hope that medical science will extend the average lifespan beyond 121, we aren’t there yet.

The following table shows sample whole life rates for a 41-year-old who doesn’t smoke and is in above average (preferred) health.

$50,000 $100,000 $250,000 $500,000 $1,000,000
Men $81 $151 $368 $722 $1,437
Women $76 $131 $318 $634 $1,241

For someone in average (regular) health who doesn’t smoke, rates will look more like the chart below.

$50,000 $100,000 $250,000 $500,000 $1,000,000
Men $81 $153 $373 $732 $1,458
Women $76 $139 $337 $660 $1,314

What Is The Longest Term Policy You Can Get as a 41 Year Old?

A 30-year term is the longest you can get through traditional life insurance. Some companies offer highly customizable plans for an extra premium. However, if you need life insurance for more than three decades, considering permanent life insurance may be more worthwhile for you.

Talk to your insurance agent about why you want a longer term policy. They will be able to point you toward the best insurance policy for your circumstances.

Tips For Getting The Best Rates for Life Insurance

Shop around. Don’t call the company from the first late-night TV commercial you see. Like any big-ticket item, doing your research first is important.

Calling an independent agent can alleviate some of the legwork. Independent agents work with a variety of life insurance companies to find the best one for each client. Each life insurance company assigns health classes differently.

A DUI 10 years ago might cost you with one company. Whereas another company might look at the time elapsed and realize it is a non-issue. The same thing goes for health conditions and family history.

Next, if you are close to your birthday talk with your agent about finding a company who uses your actual age instead of “age nearest.” Some companies will count you as 42 if you are within 6 months of your 42nd birthday.

Best Life Insurance Companies For 41 Year Olds

We choose our top three favorites based on their financial strength, customer service, and affordability. These are great companies for many families. Just remember that your needs might be different.

Be cautious about picking a company first and then choosing a policy from them later. It can be difficult to know ahead of time what health class that company will assign you.

Company J.D. Power Rating Customer Satisfaction
Sagicor A- 4.1 / 5
Protective Life A+ 4.2 / 5
AIG A 4.2 / 5

Sagicor Life Insurance

Sagicor life insurance

Sagicor is one of our all-time favorites for people looking for lower benefit amounts. They offer extremely competitive rates for benefits under $250,000.

With an AM Best rating of an A- for excellent financial strength, they demonstrate responsibility and take good care of their policyholders.

We also recommend them for people who fit in the regular or regular-plus rating categories.

Learn more by reading our Sagicor Life Insurance Review.

Protective Life Insurance

protective life insurance

Protective starts to get competitive where Sagicor drops off above $250,000 benefits. They are willing to take on higher benefit policies for less each month than most of their competitors.

With an A+ from AM Best, financial experts expect them to be around offering reasonable prices for many decades to come.

Learn more by reading our Protective Life Insurance Review!

AIG Life Insurance

aig life insurance

 

AIG comes in with an A from AM Best with a stable outlook. They have some of the most competitive rates across the board.

No matter what health class or benefit amount you are looking for, AIG is almost always one of the most affordable companies.

Learn more by reading our AIG Life Insurance Review!

Finding the Best Life Insurance Rates

Putting off life insurance, even for a year, can increase your rates between 7% and 9%. If this is something your family needs, procrastinating only takes more money out of your wallet.

We highly recommend speaking with an independent life insurance agent who can help discuss with you the specific life insurance policies and companies that may best fit you and your family’s needs.

Give one of our agents a call today, or get started online without quick and easy life insurance quote engine!

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About Jeff Root

is the owner of rootfin.com. He's an independent life insurance agent who has helped 1,000's of consumers purchase life insurance online and over the phone.

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