Buying Life Insurance At Age 42
Buying term life insurance at the age of 42 typically will not be hard. As long as your health and lifestyle is relatively good, you should have many companies available to you. Term life insurance continues to get less expensive. This is due to the fact that the population is living longer, medicine is improving and life insurance competition lowers rates.
There are several factors that you need to be aware of before you think about applying for life insurance. When you are shopping for the top life insurance rates you need to ask:
- Am I choosing the best term life insurance policy at age 42?
- Should I get a policy that requires a medical exam or a No Exam policy?
- Is there a benefit with shopping directly with the insurance company?
How to choose the best term life insurance policy?
Every person applying for life insurance is different. Each person’s needs are different too. However, it’s very likely that you’re shopping for either a 15 or 30 year term life policy. You need to start by asking yourself, what is the goal of this policy?
Is it strictly to cover the end of a mortgage period? A 10 year term may be appropriate in this case. Your mortgage is almost paid and you don’t have any other debt. But what if you have much more to pay on your mortgage? What if you have school age children? A 30 year mortgage may offer you the appropriate coverage that is needed to protect your family’s future.
Start by asking the basic questions:
- Do I owe a significant amount on your mortgage?
- Will my income be difficult to replace?
- Is my policy needed to help fund my children’s education?
These are questions and answers that need to be addressed. At Life Insurance Blog, we provide you all of your available options. We’ll help you make the appropriate life insurance decision for your family and you- however it is ultimately your decision.
What if term life insurance doesn’t address your goals? Perhaps you’re looking for life insurance that won’t expire at a certain time. Guaranteed Universal Life insurance can provide you life insurance coverage to a specific age. Guaranteed Universal Life (GUL) can be bought to cover you up to the age of 121. This is a great life insurance option if your goal is to know that you’ll always be covered and the policy won’t run out in 10, 15, or 30 years.
Is a Medical Exam or a No Exam policy right for me?
Buying a life insurance policy that requires a medical exam is how most people will purchase coverage. Is this your first time buying life insurance? You might be a bit overwhelmed with all of the choices. A medical exam is very simple. After you apply, your agent will coordinate a time and location that’s convenient to you for the examiner to complete the exam. Think of it like a basic physical exam. The examiner will gather the following information for the life insurance company:
- Blood Pressure
- Blood Sample
- Urine Sample
Once completed, the medical exam information is sent off to the life insurance company that you applied for. You are not charged for the medical exam. It’s paid for by either the Agent or the Life Insurance carrier you applied with.
First things first
Let’s back up a little bit because we are getting ahead of ourselves. Before you put in an application and complete the medical exam, your agent needs to get to know you. What does this mean? Your agent should be communicating to you and gathering detailed information about your health and lifestyle. Look for another agent if they are not asking you specific details about your health. A good agent should be asking you about your current and past health history in order to quote you correctly. They will be doing this to estimate which health class rating you should qualify for. If they aren’t, then they are just guessing and you’re likely not going to get the best rate possible. If you’re honest and provide your agent with this information, you are giving yourself the best chance at the best rates available.
Medical exam results
Now let’s fast forward a bit to your medical exam results. Life insurance companies will analyze your medical exam results. They will look into your current and your past medical history. Things like old physician notes, medication history, MVR reports, etc. Unless something pops up in your medical exam or health history, your original quote should be accurate. Just as long as you provided your agent all of your health history. Unfortunately, some people withhold information, but the life insurance companies always find it. When this happens, your rates will likely be higher due to your original quotes were based on the information you provided. Always provide your agent with accurate information- You’ll save money and headaches!
Now, what if something was to be found in your medical exam that you didn’t know about? You are more than likely going to have an increase in your premium if an offer is given. You may even possibly be denied a life insurance policy altogether if it’s a significant issue.
The benefits of a No Exam life insurance policy
There are those of us who don’t want a medical exam for whatever reason. Some of us prefer the convenience and quickness of Non Medical Exam life insurance. These life insurance policies usually have a much quicker application process. Non Medical policies have of a checklist of medical questions, a database check of your medications, and a motor vehicle report.
Medical vs. Non Medical Insurance Rates for a 42 Year Old
If you’re looking at comparing rates for non medical vs medical life insurance, here are the rates for $250,000 worth of coverage for 20 year Non Med term.
- SBLI $26 per month
- Transamerica $29 per month
- American National $48 per month
- Sagicor $44 per month
- American Amicable $48
- Phoenix $62
- Fidelity $88 per month
While Transamerica and American National provide excellent rates for Non Medical exam life insurance, they typically take longer to get an approval when compared to Sagicor and Fidelity. Transamerica and American National do not require a medical exam, but they will request your medical records from your doctor. Since they request your records, your approval will typically take about 3-4 weeks. This is opposed to Sagicor’s timeframe which can approve you within 15 minutes and up to 48 hours. Fidelity, which usually approves policies within 24 hours, is another good option when wanting a policy quickly.
If you need to get a life insurance policy fast – go with Fidelity Life or Sagicor – and we can help you apply quickly and easily.
Is there a benefit with shopping directly with the insurance company?
There isn’t a benefit. Every life insurance carrier will provide their life insurance rates for approval to every state’s insurance department. The life insurance carrier will generate their rates prior to submitting them. Once these rates are approved, the company must sell the policies at that rate. It doesn’t matter where you purchase the policy because they are all the same.
Now, if you go directly to a carrier, you’re only going to qualify under that company’s underwriting guidelines. You won’t know if you are getting the best rate from the market by using one company. If you have any health condition or take certain medications this is even more important. Anything that can effect underwriting needs to be shopped to multiple carriers to make sure you get the best deal.
So how can you feel confident shopping for life insurance? Use an independent agent. It is the only way to find out which companies will look at you most favorably based on your specific situation. Independent life insurance agents are not confined to one life insurance company. Your agent should have access to multiple life insurance carriers.
At Life Insurance Blog, we use over 60 top rated companies when shopping for our clients. We use so many in order to make sure we can find you the best chance of coverage at the best rates available.
What are some of the best term life companies for a 42 year old?
Finding the right life insurance company that’s the right fit for you depends on several factors. Your current health and your past health history are major factors. Also, your family history and your weight and height determine your health class. It also depends on your desired amount of coverage and how long you want your term length to be.
The following companies usually have the cheapest life insurance rates and best term coverage for the 42 year olds: