Best Life Insurance Options for 49 Year Olds
When buying life insurance at 49, it is best not to waste time. Rates increase with each year you age. You can get started today very easily right now.
Speak to an independent agent who can help you navigate through the marketplace and assist you in acquiring the coverage best for your family.
On this page, we will attempt to address as many questions as we can for 49 year olds that are new to buying coverage.
What’s the Difference Between Permanent and Term Life?
It comes down to the duration of your policy. Permanent refers to the kinds of policies that don’t expire, assuming you pay your premiums. Term refers to how long these policies last.
The duration of a term policy usually matches the amount of time a specific financial obligation is present. If you intend to insure yourself until your kids have completed college, and your youngest daughter is 8-years-old, your policy might last as long as 15 years. Every situation is unique.
Living benefits and cash accounts that earn interest are characteristics of permanent policies. They are unavailable with traditional term policies.
Why Is This Necessary?
If someone is dependent on you to provide for them, then a policy is something you should have. Replacing revenue is generally the initial factor that comes to mind if you were to unexpectedly pass away. Your family’s loss might be complicated rapidly by financial hardship. Having coverage policy in place ensures that your family won’t have to suffer financially.
They will maintain the living standard you provided for them.
If you intend to pay for your children’s college expenses, then you’ll need to prepare for this expense using coverage. If you intend on purchasing a house, condo or loft, then buying a policy is the typical approach. You can protect your family from the stress a mortgage will present.
If you are a small business partner, then a policy could be a practical financial tool to protect your company, should your partner unexpectedly pass away. This kind of policy can put an end to the deceased partner’s interest in the business, as well as offer financial support for the surviving partners and the deceased’s families.
How Much Coverage is Enough?
The advice and support of a professional agent comes in handy with this question. Everyone’s amount varies, and several circumstances determine the figure.
To get a rough idea, try multiplying your annual income by 10, 15 or 20 or more. This can give you a vague idea of how much coverage you should take out.
Suppose you make $42,000 annually, and then you multiply that amount by 15. You’ll get a figure of $630,000. At a generous rate of 4%, this amount would produce an income of $25,200 for your loved ones for 25 years. This may be sufficient to support your family and what you’ve provided for them. This figure will likely be determined based on your spouse’s ability to earn income in the event of your death.
Another consideration is education. Do you foresee financing your kids’ college tuition, rental expenses and books? Is tuition going to be $2,000 per semester or $8,000? These expenses tend to increase annually, and that’s something to keep in mind.
A mortgage is usually covered by decreasing term polices. These policy benefits diminish as you pay off your debt, which covers outstanding balances owing during any duration of time.
Creating policies to address small business issues would warrant an assessment of your finances to decide how much of a benefit would be required to pay off the surviving partner’s interest in the company.
There are several things to go over when creating your coverage options. We can comprehensively go over your family’s needs. But at 49 years of age, don’t postpone any further.
Costs for coverage will increase each year you get older.
Life Insurance at 49
At 49-years-old, if you are in good health, your rate is likely to be quite affordable. Contact us now. We represent dozens of top carriers. We’ll be able to examine your personal risk, and place your policy with the perfect insurer to cover the needs of your loved ones.
Medical Exam or a No Exam policy?
When applying, a medical exam is what is typically used as part of the the underwriting process. However, No Exam policies are becoming more popular and more companies are offering these options.
A medical exam is just like a physical. The medical exam information will be sent to the company to be examined and help determine your health class rating. This will eventually let you know the actual rates you qualify for.
The medical exam consists of basic procedures such as a urine sample, blood sample, height, weight, and getting your blood pressure.
Benefits of No Exam Policies
Time and convenience.
That is a simple way of explaining the benefits of a no exam policy. These policies typically have a variety of qualifying questions depending on the insurer. Each company’s questions may be different, so it’s very important to explain your health history to your agent before applying. Your agent will then be able to find the companies you will qualify for.
Shop directly with the Insurer? Is it wise?
It is not.
There is no difference in cost if you apply with a company directly or with an independent agent.
Shopping direct will present problems. You won’t know if you are getting the best rate if you buy direct. If you have any sort of medical condition or use medications, you will have no idea if that company will rate you higher for that condition or medication.
We’ll make sure you get the best chance of coverage at the best rate.
No matter your situation, always work with an independent agent. Compare rates on our site and get a quote customized specifically for you.
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