Last Updated: November 2020
By the time you have reached 44 years old, your financial situation may begin to have an impact on individuals other than yourself.
Whether you have a spouse, children, or any other financial dependents, you might be thinking about how they would be able to get by in your absence. Life insurance is a great way to provide your family with that financial security at age 44.
Below, you’ll learn:
- Why a 44-Year-Old Might Need Life Insurance
- Sample Rates: The Cost of Life Insurance for 44-Year-Olds
- The Best Life Insurance Companies for 44-Year-Olds
- Choosing the Best Life Insurance Policy at Age 44
- What Affects the Price of Life Insurance?
- The Easiest Way to Apply for Life Insurance at 44 Years Old
Though the average lifespan in the United States is significantly longer than 44 years, preparing yourself for the unknown future is the best way for you to give your family peace of mind.
This article will briefly examine how a life insurance policy can benefit a 44-year-old and how to find the right type of life insurance coverage that is ultimately the best for you.
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
Life insurance at 44 years old can be a wise financial step for the security of your family members or dependents. A life insurance policy at the age of 44 can be very affordable. A 44-year-old man can find a $100,000, 20-year term policy for as low as $18 a month. A woman can find a similar policy for as low as $14 a month. Comparing rates and companies is the best way to secure the lowest rates.
Why a 44-Year-Old Might Need Life Insurance
Though many of the benefits of a life insurance policy will not come to fruition until further down the line, the short-term costs (monthly premiums) of obtaining a policy are often significantly less than the long-term benefits.
The most obvious reason a 44-year-old would purchase life insurance is that you have financial dependents who would be unable to adequately provide for themselves in your absence. Many people purchase term life insurance in their 40’s to cover any risks while their kids are still dependents.
Depending on the size and type of life insurance coverage you are applying for, a life insurance policy may also be able to function as a financial asset that you can actually have access to while you are still alive.
Your forties are often considered the prime time for you to begin building a more diversified financial portfolio. Though you probably should not invest all of your money in a life insurance policy, investing a portion of your surplus monthly income can often be quite helpful.
Sample Rates: The Cost of Life Insurance for 44-Year-Olds
Many life insurance providers will begin the underwriting process by categorizing each potential client as someone who is either in a “preferred” or a “standard” health class.
During the underwriting process, it is very important for you to be honest about any medical conditions that you may have. Although you may be able to get away with lying about some things at the time (such as your status as a smoker), if the insurance provider later finds out you were dishonest, your beneficiaries may be denied a portion of the policy.
Rates for 44-Year-Old Males
These are monthly rates for term life insurance for a 44-year-old male in the “Preferred” health class:
| Policy Length | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10-Year Term | $10 | $12 | $20 | $34 | $60 |
| 15-Year Term | $12 | $14 | $24 | $43 | $79 |
| 20-Year Term | $13 | $18 | $32 | $58 | $106 |
The rates below are for a 44-year-old male in the “Standard” health class:
| Policy Length | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10-Year Term | $13 | $15 | $29 | $51 | $94 |
| 15-Year Term | $15 | $20 | $38 | $70 | $131 |
| 20-Year Term | $18 | $24 | $49 | $96 | $176 |
In addition to the wide range of variables mentioned above, many life insurance providers will also consider your gender during the underwriting process.
Generally speaking, women will be eligible to pay lower monthly premiums than men. However, the differences regarding this particular variable will usually be less than the differences seen with age.
Rates for 44-Year-Old Females
Below are monthly rates for the same policies, but for a 44-year-old female in the “Preferred” health class:
| Policy Length | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10-Year Term | $9 | $10 | $18 | $30 | $49 |
| 15-Year Term | $10 | $12 | $21 | $37 | $66 |
| 20-Year Term | $12 | $14 | $26 | $45 | $83 |
Below are monthly rates for a 44-year-old female in the “Standard” health class:
| Policy Length | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 Year Term | $12 | $12 | $22 | $38 | $70 |
| 15 Year Term | $14 | $16 | $30 | $54 | $102 |
| 20 Year Term | $15 | $19 | $38 | $71 | $131 |
The Best Life Insurance Companies for 44-Year-Olds
As members of an industry that dates back to at least the 19th century, there are naturally many different life insurance companies that are available for you to choose from.
There are numerous things that you should consider when trying to compare different life insurance providers. For example, while some life insurance companies will ignore most medical conditions, others will even go out of their way to give discounts to those who are healthy.
Things such as your budget, other financial circumstances, and the current family situation should also be actively accounted for.
These are just a few of the best life insurance companies that are currently available for you to choose from.
| Company | A.M. Best Rating | Customer Satisfaction |
|---|---|---|
| Banner Life | A- | 4.3 / 5 |
| AIG | A+ | 4.2 / 5 |
| Prudential | A+ | 4.3 / 5 |
| Lincoln Financial | A+ | 4.0 / 5 |
| Phoenix Life | B | 4.0 / 5 |
| John Hancock | A++ | 4.1 / 5 |
| Assurity | A- | 4.0 / 5 |
In order to compare the best life insurance companies for 44-year-olds, it may be a good idea to begin by checking out each of their websites.
Working with an objective life insurance provider such as Rootfin can also help you understand your current range of options.
Choosing the Best Life Insurance Policy at Age 44
The term “life insurance” is something that describes an incredibly wide range of financial assets. The type of life insurance policy that will make the most sense for you and your loved ones will depend on your monthly budget, your health, and your long-term financial objectives.
Because there is such a wide range of life insurance policies available for you to choose from, it is important to consider all possible options before making any final commitments.
Term Life Insurance
The most popular type of life insurance policy is a term life insurance policy. These policies are generally the most affordable and will provide you with coverage that will usually last for 10, 20, or 30 years. Though these policies do not offer a tangible cash value, they are often an excellent choice for families that are on a budget.
Permanent Life Insurance
Permanent life insurance policies are more extensive than their term counterparts and are often an excellent option for individuals who are hoping to create a more diversified financial portfolio.
Though permanent life insurance policies will frequently cost more on a monthly basis, you will have the benefit of building equity in the form of the policy’s cash value.
Purchasing a permanent life insurance policy is often compared to choosing to own a home, rather than rent one.
Burial (Final Expense) Insurance
If you are looking to simply cover the costs of a funeral and possibly a burial, rather than fully replace your income, then you may want to consider purchasing burial life insurance.
These policies are often incredibly affordable, though the amount of coverage they provide is typically quite limited. However, depending on your current financial situation, purchasing a burial life insurance policy may be in your best interest.
Clearly, there is a lot for you to consider when comparing different life insurance policies. Many life insurance providers will offer several variations of all three types of policies mentioned above.
Working with an independent agent or website that allows you to consider multiple different options at once will make it substantially easier for you to be confident in your final decision.
What Affects the Price of Life Insurance?
There are many different variables that affect which life insurance policy will make the most sense for you. The life insurance policy which makes the most sense for one family will not always be the one that makes the most sense for another.
This is why the importance of doing your research and taking a comprehensive look at the industry cannot be overstated.
Your age will have a significant impact on the cost of a life insurance policy. When all else is equal, someone who is 44 can expect to pay more for a policy than someone who is 34.
They can also expect to pay much less for the same amount of coverage as someone who is 54. This is why, for the sake of you and your loved ones, applying for life insurance while you are younger is generally better than applying when you are older.
Other variables that will be considered during the underwriting process include your health, your lifestyle, your status as a smoker, your weight, and many others.
If you believe you have a condition that will disqualify you from receiving normal coverage, you may want to look for companies that target people like you in particular.
Additionally, comparing different websites, asking your friends for references, and contacting other financial providers can also help you find a policy that meets your needs.
The Easiest Way to Apply for Life Insurance at 44 Years Old
With the right life insurance policy, you will be able to provide your family with long-term financial security for a reasonable monthly price.
If you are currently 44 years old, now may be the time to seriously start thinking about your financial future.
Though you should certainly do your research before making any final commitments, taking the time to do so will undeniably be worth it.
Give one of our life insurance agents a call today to learn more about your life insurance policy options, or get started using our online quoting engine in order to compare the best life insurance policies for 44-year-olds instantly.
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