Life insurance rates for people in their mid 40s are surprisingly affordable. This article will provide sample guaranteed universal rates for 45 year olds. For the most part, when people reach their mid 40s, they become more serious about retirement planning and risk protection. Some folks in their mid 40s think that rates might be too high, but they are often surprised by the affordability of life insurance.
Our needs change as we get older. The need for life insurance is usually at it’s peak in our 40s and then can taper off for various reasons. Children become independent, debts are paid down, and retirement savings grow. Those are just a few reasons why the need for life insurance can diminish over time. However, every situation is different. Often times, people purchase additional life insurance later in life because they didn’t purchase adequate coverage when they were younger. There are numerous reasons why purchasing life insurance in your mid 40s makes sense.
The rates we use are the lowest available at the time of this writing. However, rates change on a weekly basis, so it is best to use our instant quote engine for the most accurate, up-to-date rates.
Click here to see instant rates on our quote engine
We work with all the best carriers that offer level term insurance, guaranteed universal life insurance (GUL), and disability insurance. Not every insurance company works with the quoting services. For that reason, you won’t see every carrier. For example, our “5 Best Companies” article shows a couple of carriers that you won’t see on the quote engine. We can provide you with a customized quote, showing all the top companies.
Affordable Guaranteed Universal Life Insurance Rates for 45 Year Olds
We created these sample rates so you can quickly see rates based on your age. Keep in mind, most insurance companies base their rates on your nearest birthday. So, if you are within 6 months of your birthday, then you can look at our rates for 46 year olds. Companies permit “backdating” policies up to 6 months to lock in the lower rates. This can be a smart move, especially if the premium savings is significant.
Male
- Preferred Non-tobacco (2nd best rate class) and Standard Non-tobacco (average to good health).
- Guaranteed to 100.
- No Riders
- Monthly rates rounded to nearest dollar.
| Male Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| Rates for 45 year old – Preferred Rate Class | $46 | $69 | $164 | $314 |
| Rates for 45 year old – Standard Rate Class | $55 | $81 | $194 | $376 |
Female
- Preferred Non-tobacco (2nd best rate class) AND Standard Non-tobacco (average to good health).
- Guaranteed to 100.
- No Riders
- Monthly rates rounded to nearest dollar.
| Female Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| Rates for 45 year old – Preferred Rate Class | $41 | $55 | $136 | $253 |
| Rates for 45 year old – Standard Rate Class | $48 | $68 | $164 | $303 |
Other Names for Guaranteed Universal Life Insurance
We often refer to GUL as Term for Life or Term to 100. Other names used in our industry are “term that doesn’t expire” or no-lapse universal life insurance. GUL is very similar to term insurance because the premiums are guaranteed to stay level. This type of policy isn’t designed for cash accumulation, but is well suited for people who want permanent protection without the investment component.
A note of caution is necessary. The names Term for Life and Term to age 100 can be a little misleading in some cases. Not all guaranteed universal life products are guaranteed to age 100 or longer. One carrier (MetLife) only guarantees their GUL to age 95. Other carriers allow you to “dial in” your guarantee – anywhere from age 90 to 121.
If you select a guarantee to age 90 or 95 (which translates into lower premiums), then it’s possible to outlive your policy. We recommend choosing a guarantee age of 100 to 121 to be on the safe side.
A couple of carriers, including Nationwide Insurance, use the name “no-lapse” UL. Since universal life insurance policies are often sold with the purpose of accumulating cash value (and providing permanent life insurance), they can be sold based on projected interest rates. In the 1980s, many of these UL policies were sold with unrealistically high interest rate projections. Many of these policies lapsed much later.
We provide a review of Guaranteed Universal Life insurance and compare it to the other types of permanent life insurance in an article here. We also write about the pros and cons of GUL in an article you can read by clicking here.
Basically, guaranteed universal life insurance is a good option for people who simply don’t think a 30-year term is long enough. Also, they don’t like the idea of paying premiums for 30 years and seeing nothing in return. With a GUL, your beneficiaries are guaranteed to receive a death benefit regardless of when you die.
How to Select the Best Guaranteed Universal Life Policy
One of the first things to ask yourself is what is the purpose of your life insurance. For many people, one or two term life policies will suffice. For others, the idea of term for life is very appealing. However, some people can be confused when they see two or three well-known life insurance companies with similar rates. What other factors are important to consider besides premium?
- Financial Strength. It’s important to consider a company’s financial strength. In our carrier reviews, we provide financial ratings from the independent rating agencies such as AM Best and Standard & Poor’s.
- Riders. Like term insurance, GUL policies offer several riders such as Waiver of Premium, Accidental Death Benefit, and Children’s riders. These riders can vary (and the cost can vary) among carriers. Some carriers offer riders such as Return of Premium, Accelerated Death Benefit, and a Chronic Illness Benefit. Again, we look at these riders in our carrier reviews.
- Policy Provisions. This is probably the most important factor to consider. Some carriers offer a Return of Premium benefit and/or a Chronic Illness Benefit as a built-in provision (at no extra cost), rather than as a rider. These provisions can make a significant difference when comparing GUL policies.
We help our clients understand these important factors when comparing GUL options.
Consider the Laddering Concept with Term and Guaranteed Universal Life Insurance
We write about the concept of laddering policies in an article here. This concept ensures that polices expire at different times. Most people are adverse to the idea of life insurance dropping off entirely. For example, when a 20 or 30 year term policy expires, if only one policy is in force, then coverage can drop from $1 million to zero overnight. Laddering policies ensures the coverage steps down as the need for protection diminishes. Combining term and GUL is a popular way of laddering life insurance.
Summary
We believe it’s always best to work with an experienced, reputable, independent agent. You want to work with someone who can properly advise you and has access to all the best carriers. We ensure our clients get the very best rates possible. When an unfavorable underwriting offer is made by a carrier, we don’t say, “sorry, your premium is now higher”. We do our best to work with the underwriter and advocate on your behalf. We shop with all the carriers and make sure you receive the lowest rate possible.
Please call us if you have questions or would like some advice on life insurance.
