Last Updated: November 2020
Here is one of the most common myths we hear: “Life insurance is going to be too expensive because I’m 45.” This couldn’t be further than the truth because it is not that much different in price for people in their 40s compared to people in their 30s.
Below, you will learn all about life insurance at 45 years old. We will cover sample term rates, the top 3 companies, and share tips on how to save on your life insurance policy.
- Sample Rates: The Cost of Term Life Insurance at Age 45
- The 3 Best Life Insurance Companies for 45-Year-Olds
- Choosing the Best Life Insurance Policy for 45-Year-Olds
- How to Save Money on Life Insurance at Age 45
- The Best Way to Get Life Insurance at 45 Years Old
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
Life insurance for 45-year-olds starts at $63 per month for men and $49 per month for women. This will get you a 20-year term policy with $500,000 in coverage. Rates will vary based on health, medical history, and other factors. It’s always best to compare top companies to get the lowest rates.
Sample Rates: The Cost of Term Life Insurance at Age 45
How much are you going to pay for life insurance at age 45? Well, it depends.
Every situation is different, so we can’t give you an exact number, but we can give you an estimate.
These are sample term life insurance rates. Depending on your health, sex, and other factors, your rates may be different.
Rates for Men
Monthly rates for a term life insurance for a 45 year old male “Preferred” who doesn’t smoke:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 year |
$11 | $12 | $21 | $37 | $66 |
| 15 year |
$12 | $15 | $26 | $47 | $89 |
| 20 year |
$14 | $19 | $34 | $63 | $117 |
Term life insurance for a 45 year old male “Standard” health class monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 year |
$14 | $16 | $31 | $56 | $103 |
| 15 year |
$17 | $20 | $40 | $76 | $142 |
| 20 year |
$20 | $25 | $54 | $100 | $192 |
Rates for Women
Term life insurance for a 45 year old female “Preferred” monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 year |
$9 | $11 | $19 | $32 | $55 |
| 15 year |
$10 | $13 | $23 | $39 | $71 |
| 20 year |
$12 | $15 | $27 | $49 | $93 |
Term life insurance for a 45 year old female “Standard” health class (controlled health issues), monthly rates:
| Term | $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|---|
| 10 year |
$13 | $13 | $24 | $41 | $75 |
| 15 year |
$14 | $17 | $33 | $59 | $112 |
| 20 year |
$16 | $20 | $41 | $75 | $140 |
The 3 Best Life Insurance Companies for 45-Year-Olds
There is no single best life insurance company. However, there are some companies that offer better policies at lower rates for certain situations.
At age 45, these 3 companies are the best:
- Protective Life is best for term life insurance. They offer low rates and great options if your term coverage expires and you still need some coverage.
- For whole life insurance, consider Northwestern Mutual. They have a strong dividend performance for people in their 40’s.
- If you need high-risk life insurance, AIG life insurance is often the best choice. They have lower-priced policies for people with many unique high-risk medical conditions.
Choosing the Best Life Insurance Policy for 45-Year-Olds
To choose the right policy for you and your family, think about is what you will actually be using the plan for.
Will it be to cover a mortgage or other debts you might still have? Some people still need to cover their children’s college expenses. Your answers will determine how much life insurance you need.
Once you figure out how much you need, you’ll need to decide how long you will need the coverage.
If it is to cover any debts, then you’ll need a policy that will last until you feel that that debt will be paid off. If it is to cover your children’s college expenses, then you will need to figure out how long they will be in college.
For most people, the point isn’t to go broke paying for life insurance but to get something in place to protect their families. Having some insurance is better than none.
For just about every applicant, term life insurance is the best option.
Term insurance is cheaper and lets you get more life insurance per dollar. Unlike other kinds of policies, term coverage is only effective for a set length of time. You will get coverage for 20 years (or however long you buy a plan for) and then the policy is going to expire.
How to Save Money on Life Insurance at Age 45
As you can see from the quotes above, life insurance in your 40’s isn’t going to take your whole paycheck every month, but you have to remember, those are only generic quotes. There are a few things you can do to make sure you get a low rate.
Compare Multiple Life Insurance Carriers
If you want to get the cheapest rates, you’ll want to compare more than just one or two companies.
Each carrier has different underwriting processes, meaning they will look at you differently than some other 45-year-olds. You need a company who views your situation more favorably to get cheaper premiums.
How do you find one of those companies? The easiest way is to start with our quote tool.
Stay Healthy & Exercise
Aside from comparing companies, you should do a little work before you purchase a plan. Take a couple of months to get in shape. The better your health, the better the prices for your plan.
There are dozens and dozens of aspects the carrier is going to take a long and hard look at. One of those is your weight. When you apply, the company is going to look at your height versus your weight. If you’re overweight, you can expect higher rates than the numbers we listed above.
The Best Way to Get Life Insurance at 45 Years Old
Life insurance is important. It’s the safety net your family deserves.
The best way to get life insurance, regardless of how old you are, is to partner with an independent agency. Independent brokers have contracts with a dozen companies and can bring you more than a single quote.
If you’re looking for the best life insurance policy at 45 years old, start by using our quote tool, or giving us a call to work with our network of licensed life insurance agents.
I need a life insurance that can fix for 30 years with the option to renew. Any ideas
Art, give us a call at 888-430-7668. There are term policies fixed for 30 years that you can convert after your 30 years are up.