Last Updated: November 2020
Being 43 years old is often considered a bit of a transitionary period with regard to financial planning.
Though you are likely too young to be retired, you are old enough where you need to begin seriously thinking about your financial future. That might include life insurance, especially if you are married or have children.
Below you’ll learn everything you need to know about life insurance for a 43-year-old.
- Why Do I Need Life Insurance at Age 43?
- Sample Rates: The Cost of Life Insurance for 43-Year-Olds
- The Best Life Insurance Companies for 43-Year-Olds
- The Most Common Types of Life Insurance at Age 43
- How to Find the Best Life Insurance Rates at 43 Years Old
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
You can find very affordable life insurance at 43-years-old. Term life insurance will be the cheapest, followed by permanent policies. Rates will range from as low as $10 per month depending on the type of policy, coverage amount, and term you choose. The best companies for age 43 include Banner Life, AIG, and Prudential.
Why Do I Need Life Insurance at Age 43?
One of the financial assets that is most frequently overlooked by 43-year-olds hoping to better manage their wealth is life insurance.
With a good life insurance policy in your 40’s, you will be able to provide your loved ones with the financial security they deserve, no matter what the future may have in store.
There are many different reasons that a 43-year-old may want to purchase a life insurance policy.
If you currently have any financial dependents, your spouse, your children, etc., then you may be looking for ways to provide them with financial security even in the event of your death.
Life insurance allows you to make a small sacrifice each month in order to assure that your family will always be taken care of.
Even if you do not currently have any financial dependents, if you plan on having any in the future, applying for a life insurance policy at age 43 is still a good idea.
Your age will impact the cost of life insurance more than any other variable. If you are able to secure a policy while you are still young, then you will be able to significantly reduce your monthly premiums, saving you $1000’s down the road.
Sample Rates: The Cost of Life Insurance for 43-Year-Olds
There are many different variables that affect your ability to qualify for a life insurance policy. Depending on the company that is issuing the policy and the type of policy you hope to qualify for, these might include things such as your health, gender, whether or not you are a smoker, and various other factors.
As stated, one of the most important variables influencing your ability to qualify is your age.
Here, we take a quick look at three different 43-year-olds who are considering applying for a life insurance policy.
Rates for Males
Sample monthly term life insurance rates for a 43-year-old male with a “Preferred” health class:
| Term Length | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 Years | $10 | $11 | $18 | $31 | $55 |
| 15 Years | $11 | $13 | $22 | $39 | $71 |
| 20 Years | $13 | $16 | $29 | $52 | $97 |
Sample monthly term life insurance rates for a 43-year-old male with a “Standard” health class:
| Term Length | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 Years | $13 | $14 | $26 | $47 | $85 |
| 15 Years | $15 | $19 | $35 | $64 | $123 |
| 20 Years | $17 | $22 | $45 | $83 | $160 |
Rates for Females
Sample monthly term life insurance rates for a 43-year-old female with a “Preferred” health class:
| Term Length | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 Years | $9 | $10 | $16 | $27 | $45 |
| 15 Years | $10 | $11 | $20 | $34 | $60 |
| 20 Years | $11 | $13 | $24 | $42 | $77 |
Sample monthly term life insurance rates for a 43-year-old female with a “Standard” health class:
| Term Length | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 Years | $12 | $12 | $21 | $36 | $66 |
| 15 Years | $13 | $15 | $28 | $50 | $94 |
| 20 Years | $15 | $18 | $36 | $65 | $121 |
When all else is equal, individuals who are 53 will have to pay significantly more than individuals who are 43.
No matter what your current condition may be, it almost always makes more sense to buy life insurance now, rather than waiting until later.
The Best Life Insurance Companies for 43-Year-Olds
Naturally, in an industry as large as life insurance, there are many potential life insurance carriers to choose from.
Here are our top picks for the best life insurance companies at age 43.
- Protective Life – best for term life insurance. They offer low rates and great options if your term coverage expires and you still need some coverage.
- Northwestern Mutual – best for whole life insurance. They have a strong dividend performance for people in their 40’s.
- AIG life insurance – best for high-risk life insurance for age 43. They have lower-priced policies for people with many unique high-risk medical conditions.
Having access to a company that can provide you with a flexible range of options can be valuable. Though these companies represent just a small fraction of the options that you currently have available, this list is an excellent place to begin your search.
The Most Common Types of Life Insurance at Age 43
The term “life insurance” is generally considered to be rather broad and can be used to describe a wide range of financial assets. There are different kinds of life insurance policies available and the one that makes the most sense for you will depend on your current financial situation.
Term Life Insurance
Term Life Insurance is the most affordable type of life insurance and is also the most popular. With a term life insurance policy, you will be guaranteed a specific level of protection for a predetermined amount of time.
Typically, a term life insurance policy will last for 10, 20, or 30 years. These policies are excellent for individuals with families that only require coverage for a certain amount of years.
For example, if you have a newborn child, a 20-year term policy might make sense so they are protected until they reach college.
Permanent Life Insurance
Permanent Life Insurance, as the name might imply, is a type of life insurance coverage that will last you for your entire life. Though these policies do cost more than their comparable term counterparts, the coverage they provide is also more extensive.
Additionally, many permanent life insurance policies will also offer a cash value that accumulates as time goes on. Consequently, these policies are among the best for those who hope to accumulate wealth.
Burial Life Insurance
Burial Life Insurance is usually less extensive in terms of death benefits than the life insurance policies mentioned above, but there are many situations in which these policies make the most sense.
Burial life insurance is designed to pay for end of life expenses such as a funeral, burial, or cremation. These policies can help remove a financial burden that might otherwise be endured by your family. They usually consist of $5,000 to $25,000 in coverage.
Every policy has pros and cons, but by taking the time to do your research, you will be able to find the best type of policy for your situation.
How to Find the Best Life Insurance Rates at 43 Years Old
The life insurance policy that makes the most sense for one person may not be the policy that makes the most sense for another.
There are many different things that need to be considered during the life insurance application process including your current financial situation, your current number of dependents, your long-term financial goals, and numerous others.
Fortunately, there are many different things that you can do in order to help determine which life insurance policy makes the most sense for you and your family.
Work with an Independent Agent
One of the best ways to objectively compare multiple different options at once is to work with an independent agent or website. This way, you can be more confident in the fact that the advice you are receiving is genuine. Before committing yourself to purchase a life insurance policy, whether this is a term policy or a permanent policy, you should take the time to consider at least five different options that are currently available.
Even if you end up deciding to use the first life insurance provider that you looked at, making an effort to compare multiple options can help you be significantly more confident in your final decision.
Other Tips for Getting Low Life Insurance Rates
Other effective strategies for finding the best life insurance policies for 43-year-olds include asking your friends for references, speaking with a financial adviser, and reaching out to companies that currently provide you with other financial services.
Though taking the time to examine all of your potential options may sometimes feel quite tedious, this process is something that is undeniably worth it.
If you are currently 43 years old, now may be the ideal time for you to consider applying for a life insurance policy. Even if life insurance is just a small portion of your financial portfolio, it is certainly something that can offer protection in a way that many other financial assets simply cannot.
Give us a call today to work with one of our experienced independent life insurance agents who can compare the best life insurance rates for 43-year-olds across some of the best life insurance companies on the market.
Or, get started using our quick and easy life insurance quoting engine!
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