Obtaining Life Insurance for 43 Year Olds

What do John Candy, Reggie White, and Lyle Alzado all have in common? They all passed away at the age of 43.

It is quite possible for you to find the affordable life insurance at the age of 43, but you must be familiar with the companies that are most favorable towards your situation. Age is simply one of the things that insurance companies use to determine the rates. There can be significant differences in the rates of life insurance by age being offered by different companies. Life insurance is not standardized when it comes to underwriting. Different life insurance companies use different underwriting guidelines for life insurance. What this means is that there is a potential niche for every life insurance company, where they can offer the lowest rates.

Life Insurance at Age 43

There isn’t any better time of securing the life insurance coverage you need. The current rates of life insurance are very low when compared to previous years. Since you are in your forties, you shouldn’t have any difficulty getting an affordable policy. It is important for the consumer to know that their age, health and lifestyle will be viewed differently by every life insurance company. We are focused on finding the best companies for you. We help our clients find the best company according to their unique situation.

Since you are in your forties and shopping for life insurance, you would probably have several questions that we’ll try to answer in this article.

  • We will discuss your term life insurance options as well as permanent life insurance policies in this article.
  • We will also provide the pricing examples for different policies.
  • A description of the differences between medical and the no medical exam life insurance is also addressed.
  • Finally, you’ll get information on the best insurance companies for people in their 40’s.

If you are already well educated on life insurance policies and you have a good idea of the type of life insurance policy you are looking for, great! You can simply get free quotes and do so via the online quote calculator on our site. In case you want to learn more and you want to get a complete overview of the available options, keep reading this article.

Buying Life Insurance Policy at the Age of 43

Generally, it is not difficult securing a term life insurance policy at the age of 43. Over the years life insurance policies have become less expensive because of the fact that average life expectancy has increased over time. This is due to better access to health facilities and advancements in medicine. Another reason for the life insurance policies becoming more affordable is the increasing competition in the market space. When you are looking for the best rates of life insurance policies by age, there are a few things that you need to be aware of before you submit an application.

  • Is the term life insurance policy that you are choosing at age 43 the best available option?
  • Will you get any benefit by shopping directly with insurance company?
  • Should you get a policy that has a requirement of a medical exam or should you go for a policy with no medical exam?

How to choose the best term life insurance policy at the age of 43

Every person is different; however buying 15 & 30 term life insurance policies are quite common. You should start by asking the purpose of your policy? Many of our clients choose coverage for 10 year term because their children are almost in college and their mortgage is almost paid. 30 year term is also quite common depending on the needs of your family.

Is there still a significant amount to be paid on your mortgage? Will it be difficult to replace your income? Are you looking for your policy to help pay for the education of your children? These are the major decisions that you have to make.

We will give you all the options that you have and we will help you reach a decision that is best for you and your family.

There might even be a case that term life insurance is not appropriate for your needs. Perhaps you are looking for life insurance policies that would not expire. You will get coverage to a specific age using Guaranteed Universal Life insurance. You can purchase the GUL (Guaranteed Universal Life) policies in order to cover you up till the age of 121. This is a great option for the people who want to be confident that they will always have life insurance coverage that won’t expire.

Medical exam policy or no exam policy – which one should you go for?

The traditional way of buying coverage is purchasing the life insurance policy with a medical exam. In case this is your first time applying for a life insurance policy, it might seem to be the standard thing to do. In a typical medical exam, the examiner will gather the following information:

  • Weight
  • Height
  • Blood pressure
  • Cholesterol
  • Urine sample
  • Blood sample

Just think of the medical exam as a physical. All this information will be sent to your insurance company. You will not have to pay anything for the medical exam, as either the insurance company or your agent will pay for it.

We are getting ahead of ourselves, so let’s back up a little. Before the application and the medical exam, the agent will need to gather detailed information about your lifestyle and health. You can expect a good agent to do this in order to give you a correct quote and to estimate the health class that you should qualify for. If you are honest and you give them accurate information, you should get an accurate quote.

What will the life insurance underwriter find during underwriting?

The underwriter will find everything that they need so that they can determine if you are a risk or not. Your medical exam results and your past medical history will be analyzed by the life insurance company. Your past medical history will include medication history, physician notes, MVR reports, etc. Unless they find something significant in the health history and medical exam, the original quote should be accurate.

This is why it’s very important to let the independent agent know all the details of your lifestyle and health before you apply. If you withhold the details, it will simply hurt you at the end of the day. You might be thinking, what if something pops up on your health history or medical exam? Well, in such a case it is likely that you will have an increase in the premium when an offer is provided. There is a chance of the policy getting denied as well.

The benefits of No Exam Life insurance

Some people simply don’t want a medical exam. They prefer the speed and convenience of a No Medical Life insurance policy. Usually, these policies have a much shorter application process. These policies include different medical questions, a motor vehicle report, and medication database check.

Medical vs. Non-Medical Insurance Rates at the age of 43 years

In case you are interested in comparing the rates of medical life insurance and no medical life insurance, we’ve provided some below. The following are the rates for coverage worth $250,000 for twenty years term:

  • American National – $52/month
  • SBLI – $28.00/MONTH
  • Transamerica – $30/month
  • Fidelity – $95/month
  • Sagicor – $52/month
  • American Amicable – $52/month
  • Phoenix – $67/month
  • Assurity – $75/month
  • Foresters – $86/month
  • Mutual of Omaha – $99/month

While American National and Transamerica have the best rates for the no medical life insurance, the time taken by them to approve is longer than that by Fidelity and Sagicor. American National and Transamerica won’t require an exam. But they will request the records from your doctors. And because of this, the approval usually takes about 3 to 4 weeks. On the other hand, with Fidelity, you can expect the approval to be within 24 hours. With Sagicor you can expect the approval to be within 15 minutes to 48 hours.

In case you want to get the policy quickly, for example before flying a plane or for collateral for a loan, you should go with Sagicor or Fidelity. We can assist you in the application process.

Are there any benefits of shopping directly with the insurance company?

The short and simple answer is, NO!

The long answer is that each company submits their life insurance rates for approval for the insurance department of each state. The life insurance companies come up with the rates before submitting them. When the rates are approved, the insurance companies must sell the policy at those rates. You won’t get a different rate, no matter from where you buy the policy.

By applying directly, you subject yourself to the underwriting rules of the company. How would you know that you are receiving the best rates on the market if you use only one company? You would not. This is particularly true in case you use a certain medication, have a health condition or have something that might affect the underwriting.

You can only feel confident that you are getting the best rate of life insurance policy by working with an independent agent. The independent agents have a vast knowledge of the market and they are not stuck with a single company. They have access to different companies – the more the better.

We work with more than 60 of the best rated life insurance companies. We do this in order to make sure that we can get the best coverage at the best rates. Our clients have the best chance of securing the best coverage at very affordable rates.

Sample rates of life insurance for 43 year olds

Here are the sample term life insurance rates for the non-smoker applicants. Medical exams are required by the majority of the quotes. The rates have been organized by health class ratings and gender. In case you are a tobacco user, you can double the rates given below to get an approximate rate for yourself.


Term life insurance rates for a 43 year old Male with a Preferred Health Rating. 

10 Year Term 15 Year Term 20 Year Term 30 Year Term
$50,000 $11.93 $13.77 $15.66 $19.67
$100,000 $11.13 $13.42 $16.98 $27.12
$250,000 $18.19 $22.97 $29.44 $48.12
$500,000 $30.81 $39.11 $51.64 $88.72
$750,000 $45.93 $56.04 $74.83 $128.80
$1,000,000 $52.34 $71.99 $93.58 $165.30
$2,000,000 $104.81  $138.05 $186.49 $325.50

 


Term life insurance rates for a 43 year old Female Preferred Health Rating.

10 Year Term 15 Year Term 20 Year Term 30 Year Term
$50,000 $10.62
$11.88
$12.78
$16.43
$100,000
$10.57
$12.49
$13.69
$19.95
$250,000
$16.62
$19.60
$23.76
$36.88
$500,000
$27.43
$33.12
$41.41
$67.29
$750,000
$38.52
$47.06
$59.49
$97.01
$1,000,000
$46.29
$59.41
$75.20
$123.37
$2,000,000
$87.32
$113.57
$144.83
$240.62

 


Term life insurance rates for a 43 year old Male Standard Health Rating.

10 Year Term 15 Year Term 20 Year Term 30 Year Term
$50,000
$13.72
$16.56
$18.38
$25.07
$100,000
$14.82
$18.90
$23.10
$36.98
$250,000
$26.41
$35.35
$43.88
$76.91
$500,000
$47.32
$64.66
$81.29
$145.16
$750,000
$70.09
$94.37
$117.77
$212.49
$1,000,000
$85.07
$117.88
$155.75
$268.62
$2,000,000
$169.75
$230.52
$306.25
$532.00

 


Term life insurance rates for a 43 year old Female Standard Health Rating.

10 Year Term 15 Year Term 20 Year Term 30 Year Term
$50,000
$12.74
$13.95
$15.43
$20.52
$100,000
$14.04
$16.80
$19.37
$28.35
$250,000
$23.26
$30.10
$36.22
$56.13
$500,000
$40.35
$54.16
$65.76
$105.35
$750,000
$57.90
$78.09
$96.06
$153.45
$1,000,000
$71.54
$100.10
$121.91
$202.55
$2,000,000
$140.35
$194.35
$238.56
$399.84


 

What are some of the best term life companies for a 43 year old?

Finding the right company that is the best fit for your situation will depend on your health, your health history (this includes your family history), as well as your build (weight and height). Finding the right company will also depend on the desired amount of life insurance coverage and the length of your term policy. We can help you with this. We help our clients figure out which life insurance company will offer the best value based on all of these variables.

The companies below generally offer the best rates and best term coverage for people in their forties.

Protective Life
SBLI
Banner Life
Prudential
Transamerica
ING

Conclusion

Always work with an independent life insurance agent – No matter your situation. LifeInsuranceBlog provides you more than 60 of the best life insurance companies in the market. You can easily compare rates on our website. You can also simply give us a call at 888-411-1329 for a quote made specifically for you.

Thanks for reading our post, Obtaining Life insurance for a 43 year old. Please leave a comment or question down below.

 

Michael Quinn

Michael Quinn is the founder of LifeInsuranceBlog. 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.

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