Life insurance is important for everyone, but for very different reasons. Whatever the reason, they provide financial relief when you pass away.
Why Do I need Life Insurance at Age 48?
At this age there are many reasons why you would need to obtain a new life insurance policy.
Types of Life Insurance for 48 Year Olds
At this age, you still have access to the three main types of life insurance policies.
At this age, you may not yet qualify for burial insurance from most companies because the minimum age is 50. However, you can still get access to a Term Policy upwards of 30 years in length or any other permanent policy.
How Does Age Impact Life Insurance Rates?
Well, consider this:
If a buyer is looking at 30, then decides to wait until their 40’s to purchase life insurance policy, a standard 20-year term policy with $500,000 is going to cost an average of $100 more per year at age 40 than it would at age 30.
If that same buyer waits until age 50, the same 20-year term policy will triple in costs.
How Does Health Impact Life Insurance Rates?
Your health plays a big role too. A healthy male in his 40’s taking out a 20-year term policy for $500,000 would pay an average of $353 per month. This chart below explains how different health conditions impact that average:
|Medical Condition||Average Costs|
|Obese but healthy||Average costs per month are 269% higher than a healthy person.|
|Overweight but healthy||Average costs are 17% higher than a healthy person.|
|High blood pressure, unmedicated||You will pay an average of 112% higher than a healthy person.|
|High blood pressure, medicated||You will pay the same as a healthy person, on average.|
|High cholesterol, unmedicated||You will pay an average of 71% more than a healthy person.|
|High cholesterol, medicated||You are going to pay 71% on average, higher than a healthy person.|
|High blood pressure, high cholesterol, obese||Average costs are 119% higher than a healthy person.|
|Heart disease treated recently||This typically results in a decline, but there are guaranteed policies that are better suited.|
|Heart disease, long-standing||This typically results in a decline, but there are guaranteed policies that are better suited.|
|Type 2 diabetes, recently diagnosed and not well controlled||This will increase costs 282% compared to a healthy person.|
|Type 2 diabetes, well-controlled||Prices will increase an average of 121% over what a healthy person would pay.|
|Family history of cancer||Your costs would increase 19% compared to the average healthy person of the same age.|
As you age, take into consideration these costs and the what difference they will make in your premiums the longer you wait.
Life Insurance Rates for 48 Year Olds
Preferred Health – Males
Below are some sample costs for a 48-year-old male who is a healthy non-smoker in the preferred health class:
|10 Year Term||$14||$44||$81||$158|
|20 Year Term||$22||$80||$154||$302|
|30 Year Term||$39||$138||$268||$529|
Preferred Health – Females
Below are some sample costs for a 48-year-old female who is a healthy non-smoker in the preferred health class:
|10 Year Term||$12||$35||$66||$124|
|20 Year Term||$18||$59||$109||$216|
|30 Year Term||$31||$103||$201||$399|
Smokers – Males
By comparison, below are some life insurance rates for 48-year-old male smokers:
|10 Year Term||$48||$196||$351||$699|
|20 Year Term||$78||$324||$619||$1,239|
|30 Year Term||$112||$526||$1,047||$2,094|
Smokers – Females
By comparison, below are some life insurance rates for 48-year-old female smokers:
|10 Year Term||$39||$145||$271||$540|
|20 Year Term||$60||$237||$456||$910|
|30 Year Term||$91||$395||$772||$1,545|
Best Life Insurance Companies for 48 Year Olds
While there are a lot of options out there for life insurance, generally, these are some of the best life insurance companies for 48-year-olds:
|Company||Policies Offered||A.M.Best||Customer Reviews|
||A+||4.5 / 5|
||A+||4.2 / 5|
|Mutual of Omaha||
||A+||4.1 / 5|
||A+||4.3 / 5|
How to Choose the Best Life Insurance Policy as a 48 Year Old
Type of Policy
At 48, your needs might be changing. You might be close to paying off a mortgage and in need of coverage for other things. When choosing your policy, take into consideration the riders, or features, that you want with your policy.
Permanent policies typically offer coverage starting from day one. This means that you can pass away at any time and your beneficiaries will receive the full death benefit.
Burial policies, by comparison, forgo the medical exam and exchange for a two-year graded death benefit. If you pass away within the first two years of your policy your family will only receive your premiums to date and on average 10% interest.
There are typically accelerated death benefits built into the policies you take out. These allow you to use a portion of your death benefit prematurely in the event that you were diagnosed with a terminal or chronic illness.
The amount that you can be accelerated is contingent upon your diagnosis and the face amount of your policy. This total is taken from your death benefit with the remainder of the benefits still given to your beneficiaries when you pass.
Other features include disability income whereby you are afforded part of your death benefit prematurely in the event that you are disabled permanently or temporarily. More commonly, you are simply forgiven from any additional premium payments if you are disabled.
If you are married and your spouse does not have a policy you can typically add your spouse for less than it would cost to separate policies. Additionally, you can add coverage for children or grandchildren which expires once they reach adulthood.
Typically speaking these policies allow those children to convert the term coverage into another term or permanent policy at the expiration.
On that note, if you take out a Term Policy at this age when it expires you are typically able to convert it into a permanent or Term Policy again without undergoing any additional medical exams or another underwriting process.
Finding the Best Life Insurance Rate for 48 Year Olds
Finding the best life insurance for 48-year-olds comes down to your ability to compare rates and policy options.
Obviously, you probably don’t have the time or the patience to compare life insurance policies all day, and even if you do, you may not know enough about life insurance to make the best decision for you and your family.
Don’t worry, that’s what we are here for.
Give us a call today to speak with an independent agent who represents dozens of the best life insurance companies for 48 year olds, and who can help to understand your personal situation in order to find the best life insurance policy for you and your family.
Or, get started comparing life insurance rates for 48 year olds instantly with our online quoting tool!
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