Cheap Term Life Insurance for 47 Year Olds

What do Judy Garland, Rodney King, and Jack Kerouac all have in common? They all passed away at the age of 47.

Cheap Term Life Insurance for 47 Year Olds

Finding affordable life insurance when you’re 47 is quite possible, but you need to know which companies look most favorably toward your situation.  Age is just one of the factors that companies use to determine your rates. Life insurance rates by age can vary significantly from each life insurance company. Life insurance isn’t standardized when it comes to underwriting. What does that actually mean? Each life insurance company uses their own underwriting guidelines. This means that every life insurance company has a potential niche where they can offer the lowest rate.

There’s no better time to secure life insurance coverage then right now. Term life insurance rates are at an all time low.  Since you’re 47 years old, you should not have difficulty securing an affordable policy. It’s vital to the consumer that they know that not every life insurance company will view their lifestyle, health, and age the same. At LifeInsuranceBlog, we focus and find the best companies based on you. By doing this, we help our clients find the best company based on their unique situation and needs. Remember, life insurance is not a “1 size fits all” purchase.

Life Insurance At Age 47

If you’re 47 years old and looking for a life insurance policy you probably have some questions, which we will answer in this blog post. This article will discuss permanent as well as term life insurance policies, providing pricing examples for a range of term lengths and benefit amounts. We’ll also be discussing the differences between medical and no medical exam life insurance.  Finally, we’ll be suggesting the top insurance companies for the 40’s age demographic. 

If you already have a good idea of the type of policy you are looking for and are interested in comparing life insurance quotes there is an online quote calculator located to the side or down below the page. If you want to learn more and gain a full overview of the options available to you, read on.  You’ll discover just how much you should expect to pay for life insurance at age 47 for a variety of different scenarios.

Purchasing term life insurance at age 47 typically will not be difficult. Life insurance continually gets less expensive due to people living longer, advancements in medicine and life insurance competition. With that said, when looking for the best life insurance rates by age, you need to be aware of several things prior to putting in an application.

  • Am I choosing the best term life insurance policy at age 47?
  • 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?

Choosing the best term life insurance policy at age 47?

Each individual is different, however 15 and 30 year term life insurance policies are very common. Begin by asking what is the purpose of this policy? We have clients that choose 10 year term because their mortgage is almost paid for and their children are almost in college (which was paid for). 30 year term is also common depending on your family’s needs.

Do you have a significant amount left on your mortgage? Will your income be difficult to replace? Will your policy need to help pay for your children’s education?  These are decisions that you need to make.  We provide you all of your options and will absolutely help you make the proper decision for your family and you- but it’s ultimately your decision.

Perhaps term life insurance isn’t appropriate for your goals. Maybe you looking for life insurance that won’t expire. Guaranteed Universal Life insurance would provide you coverage to a specific age.  GUL policies can be purchased to cover you all the way up to age 121. This option is great for those that want peace of mind knowing they will always have life insurance coverage.

Should I get a policy that requires a Medical Exam or a No Exam policy?

Purchasing a life insurance policy with a medical exam is the traditional way people buy coverage. If this is your first time purchasing life insurance, you may feel this is your best option. The typical medical exam consists of the examiner gathering the following information:

  • Height
  • Weight
  • Cholesterol
  • Blood Pressure
  • Blood Sample
  • Urine Sample

Think of the medical exam as a physical.  All of this information will be sent off to the company you chose to apply with. You will not be charged for this medical exam. It is paid for by either your Agent or the Life Insurance company.

We’re getting ahead of ourselves somewhat, so let’s back up a bit. Prior to your application and medical exam, your agent needs to gather as much information about your health and lifestyle. A good agent will do this in order to quote you correctly and estimate which health class you should qualify for.  If you’re honest and provide them with this information, your quote should be accurate.

Now let’s fast forward to the medical exam results. The life insurance company analyzes the medical exam results and also your past medical history (Physician notes, medication history, MVR reports, etc.).  Unless something pops up in your medical exam or health history, your original quote should be accurate.

Now, what if something does pop up on the medical exam or health history? You are more than likely going to have an increase in your premium if an offer is provided. You may even be denied a policy altogether.

The benefit of No Exam life insurance

There are people who don’t want a medical exam.  Some prefer the convenience and speed of a No Medical Exam life insurance policy.  These policies typically have a much shorter application process.  They consist of a list of medical questions, a medication database check, and a motor vehicle report.

Medical vs. Non Medical Insurance Rates for a 47 Year Old

If you are interested in comparing the rates for no medical vs medical life insurance, here are the rates for $250,000 worth of coverage for 20 year term.

  • SBLI $20.71 per month
  • American National $31.88 per month
  • American Amicable $32.67
  • Sagicor $35.88 per month
  • Phoenix $37.63
  • Assurity $45.15
  • Foresters $50.93
  • Transamerica $65.36
  • Fidelity Life $57.07


While Transamerica and American National have the best rates for no medical exam life insurance, they do take longer to approve than Sagicor and Fidelity. Transamerica and American National will not require an exam, however they will request your records from your doctor. Because of this approval will usually take about 3-4 weeks, as opposed to Sagicor which can approve you within 15 minutes to 48 hours, and Fidelity which approves within 24 hours.

If you need to get a policy quickly – for example for collateral for a loan or before flying on a plane, go with Fidelity Life or Sagicor – and we can help you apply.

Is there a benefit with shopping directly with the insurance company?

The quick answer is “No”.

Each life insurance carrier will post their life insurance rates for approval. They to this for every state’s insurance department. The life insurance carrier will make their rates before they submit them to the insurance department. Once their rates are approved, the insurance company must sell the policy at that submitted rate. You receive a better rate based on where you purchase the life insurance policy.

So when you apply with a company directly, you are subjecting yourself to that company’s underwriting rules. Will you know if you’re receiving the best rate on the market if you apply with one company? You won’t. This is especially true if you have a health condition, use a certain medication, or have something that may raise a red flag in underwriting.

The only way you can feel confident that you are getting the best life insurance rate is by working with an independent agent. Independent agents are not locked in with one company. They should have access to a variety of companies so they can shop for you appropriately.

At LifeInsuranceBlog, we have access to over 60 of the best rated companies.  We make sure we find the best chance of coverage for you at the best price available. This gives our clients the best chance at securing affordable coverage.

Sample Life Insurance Rates for 47 Year Olds

Below are sample term life insurance rates for Non Smokers. The majority of these quotes require a medical exam (However, several of the Standard rates are Non Medical exam). The rates are organized by gender and health class ratings (Preferred Plus and Standard health classes). If you use tobacco, you can approximate your rate by doubling the rates listed below.

Term life insurance rates for a 47 year old Male with a Preferred Plus Health Rating. 

10 Year Term15 Year Term20 Year Term30 Year Term
$2,000,000$108.15 $160.82$219.08$379.40


Term life insurance rates for a 47 year old Female Preferred Plus Health Rating.

10 Year Term15 Year Term20 Year Term30 Year Term


Term life insurance rates for a 47 year old Male Standard Health Rating.

10 Year Term15 Year Term20 Year Term30 Year Term


Term life insurance rates for a 47 year old Female Standard Health Rating.

10 Year Term15 Year Term20 Year Term30 Year Term


What are some of the best term life companies for a 47 year old?

Determining the company that is the best fit for you is dependent on your present health, your health history including family history, as well as weight and height. It also depends on your desired amount of coverage and the length of your term. We can help you figure out which life insurance company would be best for you based on these variables.

These companies generally have the cheapest rates and best term coverage for 40 year olds.

Protective Life
Banner Life


No matter your situation, always work with an independent life insurance agent. LifeInsuranceBlog works with more than 60 of the best life insurance companies on the market. Compare rates on our site, or simply pick up the phone and give us a call at 888-411-1329 for a quote customized specifically for you.

Thanks for reading our post, Cheap Term Life insurance for 47 year olds. Please leave a comment or question down below.


Michael Quinn

Michael Quinn is the owner of Life Insurance Blog. If you have specific questions or face challenges getting coverage. Please email or call me a call at 888-411-1329 - Either way, I'm happy to help you.