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Purchasing Term Life Insurance in Your 40s, 50s & 60s

Jack Venturi Life Insurance, Term life insurance Comments Off on Purchasing Term Life Insurance in Your 40s, 50s & 60s

Purchasing life insurance in your 50sMost of us decide to purchase life insurance when a major event rolls around such as marriage, buying our first home, having children and the list goes on. At this point in time we are normally in our mid-twenties or early 30s and the rates are definitely affordable for a substantial face amount. Sometimes people get into a financial situation where they are going to be living on a fine line of financial debt vs. their income.

This blog post is designed to help you purchase life insurance quickly and easily and be able to receive the lowest rates possible. Purchasing Term life insurance in your 40s, 50s and 60s can still be very successful but don’t put it off any longer because the rates go up with every year you get older. 

People by nature can then put off the idea to a later date and then hope their situation changes and they can finally afford to purchase a life insurance policy that they know they really need just for the sake of their dependents financial future. If you compare Term life insurance quotes online you can change the date of birth to reflect different age groups to see how life insurance rates go up with age.

The younger you are the lower your premium will be.

We all know too well how time seems to fly by and all of a sudden we find ourselves in an age category of 40 years old, 50 years old and even 60 years old. Also we still have not purchased that life insurance policy we had been talking about getting but never did. The problem now is the life insurance quoting rates go up every year you get older and so can health conditions coming into the picture as you get older also.

Young people don’t realize how medical problems seem to slowly sneak into the picture as you get into you 40s and up. Medical concerns such as high blood pressure, high cholesterol, becoming overweight, heart conditions and many others seem to be standard procedure for people as the years go by. These high risk medical conditions have a major impact on your premiums.

So now we face the situation of where we went long enough and took to many chances and we now decide we can’t put it off any longer and we must make the move without any further delay. We already waited too long and put our family’s financial well being in harm’s way in case anything happened.

Is your Life Insurance still going to be affordable?

Let’s take a look at some premiums in these three age groups, 40, 50 and 60 years of age. If we look at a $500,000 face amount for a term period of 20 years for a 40 year old male we would be looking at $485.00 every year. At age 50 the premium would increase to $1,200.00 per year and the 60 year old would have to pay $3,300.00 for the exact same policy. The premium for quoting purposes keeps going up as the person gets older. This is simply all based on statistics that all insurance companies pay close attention to in order to determine what the rates should be for each age.

Will Life Insurance still be affordable at age 40, 50, & even 60?

You can still purchase affordable life insurance in these age groups especially if you are in decent health. Naturally it will never be as inexpensive as it would be if you purchased your insurance in your 20s or 30s but Term life insurance can still be affordable. This is where a large arsenal of carriers comes in handy so your agent can pre-screen the market with a comprehensive list of companies to see who will offer the best premium for you.

Peoples insurance needs can easily change as far as their life insurance portfolio goes so this happens to many people throughout their life. If you consult an experience life insurance agent, he will find you a good plan design for an affordable premium. The best scenario is if you can make your life insurance purchase one time in your life so you are not being exposed to purchasing a new plan at higher and higher ages costing you more money.

Apply for Term Life Insurance when you’re young and save money.

It would be nice if we all took out the time to seriously consider purchasing low cost life insurance at a young age, but term life insurance to most people is a product that you buy when you need it which might be too late to get a low premium because of your age. When you stand back and look at the overall picture, you will find that when you are at a very young age where you can take advantage of the low rates you will tend to purchase life insurance at a later date because you don’t look at it as a priority purchase at that point in time.

You will usually find that you probably don’t have any financial liabilities that would warrant going out to buy life insurance and your income is usually lower at this young age also. Purchasing term life insurance in your 40s, 50s and 60s is still very possible and to also purchase your plan with an affordable premium at the same time. Hopefully your health holds out.

Planning for the future is very important when it concerns purchasing life insurance.

When you are at a young age and you don’t really have any dependents at this time it is a great idea to plan for the future and purchase your life insurance right now when you are young. You will then be ready when the time comes. The modern quote engines of today can easily show you the difference in premiums from one age to another by just adjusting the date of birth drop down menu to reflect whatever age you would like to see.

Once you get a true look at the premiums from one page to another it will bring you into reality why is a smart move to start your Term, or Universal Life plan at a young age and start saving money right away and not creating a bigger expense for yourself down the road by just putting it off. If you were to purchase your life insurance when you were in your twenties, you would find the premiums would be an absolute fraction of what they will be later on. 

What life insurance plan design would work best for you?

A 30 year term life insurance plan would be great for your younger years especially if you also purchase a Universal Life policy at the same time. At this point you would be set for life. If you are in your later years such as you 50s or 60s a permanent plan design such as Universal life would work great. At the older ages you will be limited to what the carriers would offer you.

For example if you were 60 years old you could apply for a 20 year term policy but not a 30 because it no longer would be offer for your age group. That is where the Universal and Whole life work out great because you will not take a chance at outliving you policy and then having no insurance at all. This is always the worst case scenario.

Using the most applicable life insurance company is the most important way to find the lowest life insurance rates.

We use over 40 trusted life insurance companies when we quote life insurance premiums for our perspective clients. All life insurance companies underwrite their applications differently and they all have different viewpoints on how medical conditions, hazardous occupations and dangerous sports or hobbies should be observed. Using the correct carrier is the key to finding the lowest premium. Take a moment to review our Top 12 life insurance companies review that we created to show you who are the most exceptional life insurance companies in the US.

Just some of the excellent companies we use are; Prudential, MetLife, Transamerica, Banner Life, Protective Life, AIG American General, Assurity, North American, ING, Voya, John Hancock, Lincoln National, SBLI, Sagicor along with many others.

Activate our quote engine and see the best life insurance quotes for yourself.

Don’t forget to activate our consumer quote engine where you can compare over 40 trusted life insurance companies rates side by side online. Feel free to contact our office 7 days a week to get all the help you need to find the best term life insurance for the lowest possible premium. Our service has no cost to the consumer and no obligations to purchase anything. Purchasing Term Life Insurance in your 40s, 50s & 60s can be accomplished with an experience agent behind you. Contact us today and get all your questions answered with no cost or obligation. I hope you liked this blog post and it has answered some of your questions.

Here is our service area where we have been helping people save money on their life insurance for over twenty years:

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About the author

Jack Venturi

Jack Venturi is the owner of and is a licensed Insurance Broker with more than 25 years experience specializing in all forms of life insurance products. You may learn more about him at

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