Life Insurance For 47 Year Old Woman
By James Tobin, CFP®
Last Updated on
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Expert Review Of Life Insurance For 47 Year Old Woman
For most 47 year old women looking for life insurance there are a common set of questions and concerns. These questions, listed below, allow you to easily jump around and find the answers you are seeking.
Just note that with life insurance questions, the answers are usually not "stand alone". Rather, the answers tend to be inter-tangled with one another. For example deciding on the best company will have to take into account your health.
Is For A Woman Age 47 To Get Life Insurance
Most financial professionals will tell you that if you have people that depend on you , then it is always a good time to get insured.
While this stock answer has quite a bit of logic and truth, it avoids the underlying question of "when is it most advantageous to buy"?
The answer is twofold; The younger and healthier you are the less expensive rates will be and for women the forties are a fantastic time.
The major price increases tend to start at age 50 for women (younger for men) and with a affordably priced 30 year policy you can be covered ell into your seventies. Add to this, that manny significant health issues start to manifest in the 50's and you have all the incentive in the world to act before that eventuality.
How Does A 47 Year Old Woman Decide On The Amount and term Of Coverage Needed?
There are a lot of different methods financial professionals use to determine the amount of life insurance that is optimal, in fact some planners use tools that spit out 100 page reports.
At the Life Insurance Help Desk we find that most clients already have a pretty good idea of what they want and understand (better than planners) what will fit their budget. Afterall, if it doesn't fit in your budget , it doesn't much matter what the report says.
For clients who don't have a number in mind and would like to discuss the amount that is recommended, we are happy to walk you through the LIFE (loans,+income+future plans+education) tool that we use. The L.I.F.E. formula can be found here.
How Much Does Life Insurance cost For a 47 Year Old Woman?
The cost of life insurance for a 47 year old woman will depend on the health rating that the life insurance company's underwriters assign, the amount of coverage and the length of coverage.
Below we have provided the best rates available for 6 health classes ranging from standard smoker to non smoking preferred best. Additionally, we have provided sample coverage amount from 100K-1MM in 10, 15, 20 and 30 year terms.
10 Year Rates
15 Year Rates
20 Year Rates
30 Year Rates
how reliable are the quotes on this site For A 47 Year Old Woman?
The rates from the quote tool on this site are 100% accurate as long as the information you enter is 100 % accurate. The tricky part is that you cannot be sure how the life insurance company is going to rate your health.
Most people are in better or worse shape that they think. It's worth noting that only 10% of applicants wind up with a preferred best rating. The safe strategy is to price your policy based on Standard or Standard Plus and hope to be pleasantly surprised.
What Are The Best Life Insurance Companies For A 47 Year Old Woman
As we mentioned in the beginning of this article, the "best company" is not a simple question as it involves your health rating, the financial health of the carrier and the contract specific offering relative to your needs.
That being said, Protective life, Banner life, and Prudential are among our favorites.
Banner is often the price leader and is relatively easy to deal with insofar as underwriting and customer service is involved.
Protective life occupies a niche in the life insurance world in that they not only offer competitive pricing but allow you to continue your policy at the end of the term with the same rate and a decreasing benefit amount. This can be great if you still need some coverage but are no longer insurable.
Lastly, we love Prudential, a company with great name recognition for sure. However, our devotion is not due to name recognition but rather lenient underwriting of health concerns. If you have a pre existing condition Prudential will almost always give you the best rating of any company in the market. Note that on an apples to apples comparison Pru is more expensive than the others, but they make up for it with favorable underwriting.
How Does a 47 Year old woman obtain the best rates with existing health conditions
The answer to this question will sound self serving because it is. It also happens to be the indisputable truth.
Independent agencies have access to 50+ top rated carriers and have access to the underwriting guidelines. The result is we know that a women with a thyroid condition is better off at Prudential than Mutual o Omaha or AIG.
This information is often not available to the public and is difficult to access if you are not a writing agent with a specific carrier.
Moreover, using the agent doesn't cost you a penny.
That's right....not a penny.
Rates are set by the department of insurance at the state level and the rate for a policy with like terms is the same cost direct from the carrier or through an independent agent. The difference being that with an independent agent you are not going to be shoehorned into a bad fit because it's the only carrier the "captive" agent can offer.su
What is the life insurance application process for a forty seven year old Female
The application process is basically the same for everyone regardless of age or health condition.
- Choose policy Type
- Choose terms
- Get pricing
- submit application
- Take exam
- await underwriting
- review offer
- policy delivery
The 8 step process is laid out in detail on the homepage of this site.
The caveat is that if you choose a no exam option there will be (surprise) no exam. Also the underwriting time will likely be sped up considerably.
What is different about the Life Insurance help desk?
If you are wondering why use this service instead of many others available, we think it's a fair question.
First we will say that while there are many good independent agents available, you found us because your search engine decided we best answered your questions. That is not a bad recommendation to have.
More important though is the fact that we do answer all questions and welcome more by email or phone. The reason we are comfortable answering any questions you have is because we have been doing this for a while. we have experience with a wide variety of carriers and products and the result is we make the process as pain free as possible.
If you work with us you can expect fast and transparent service all done remotely.
What that means is we will take the application over the phone or computer (your choice) and we will submit the application and set up the exam at your convenience (unless you opt for a no exam option). We will update you regularly on the status of your application and we will advocate for you with the underwriting department.
When the policy is approved, we will facilitate your payment (monthly or annual) and we will e-deliver your policy and follow up every year to see if anything has changed.
These are steps that all professional agents should do , but they don't. The captive carriers turnover employees at a 92% rate every 3 years and the agent who sells a policy is unlikely to be there in a year. The big brokers who advertise on television are only a little better.
when you need us , we will still be here and no 1800 Muzak from the 1980's
Well now you know what it takes for a 47 year old woman to obtain life insurance, why it's smart and what it will cost. The next step is to act so that you are not reading about life insurance for a forty eight year old woman next year.
Thank you for choosing the Life Insurance Help Desk to shop for life insurance.
Bonus: The most common mistakes people make buying life insurance and how to avoid them