The mid 40s is usually a time of peak earning potential. With increased earnings, people often upgrade houses and make other financial decisions. It’s important to evaluate retirement plans, other investments, and protection needs. Protecting yourself and your family against major financial loss due to death or disability is also a priority. While these types of insurance might be in place, it’s a good idea to reevaluate to make sure coverages are sufficient.
The article will look specifically at guaranteed universal life insurance rates for 47 year olds. For those who want to take a quick glance at the rates and get a feel for the costs, the sample rates we provide below will be helpful. The rates are the lowest rates available at the time of this writing, but we suggest using our quoting tool for the most up-to-date rates.
Rates fluctuate daily, so the instant quote engine will provide you with the current rates. Keep in mind, not every carrier appears on the quote engine, even though it’s one of the most comprehensive in the industry. This is true of all quote engines. However, we work with ALL the top companies for term life, guaranteed universal life, and disability insurance. We will be glad to provide you with a customized quote.
Guaranteed Universal Life Insurance (GUL) AKA: Term to 100
We frequently refer to GUL as Term to Age 100 or Term for Life. Others refer to GUL as “Term that doesn’t Expire” or No-Lapse Universal Life. The names “Term to age 100” and “Term for Life” aren’t necessarily accurate for guaranteed universal life. Since almost every GUL carrier allows the insured to “dial in” the guarantee age from 90 to 120/121, it’s possible to outlive the policy in some instances.
We recommend selecting a guarantee age to 100 or longer. Some of our clients have selected a guaranteed age to 95. They are confident (due to health and family history) that they won’t live past 95. MetLife is the only company that doesn’t allow a guarantee age past 95 on their policies. Their rates are competitive in this category. To read a review about MetLife, please click here. The sample rates below use a dial-in guaranteed age of 100.
No-lapse Universal Life is another name for GUL. Even though GUL is very similar to term life insurance for the following reasons, it is still a type of universal life:
- Guaranteed Level Premiums
- Guaranteed Death Benefit
- No “moving parts” that could affect the policy
What makes GUL different from other types of universal life insurance (and other types of permanent life insurance) is that the policy isn’t designed to build cash value. It’s possible to accumulate cash value with some GUL carriers, but that’s not the purpose. GUL is fully guaranteed and the cost is much lower than Whole Life insurance.
To read our review of Guaranteed Universal Life insurance and compare it to the other types of permanent life insurance, please click here. We cover the pros and cons of GUL in a post you can read by clicking here.
The Lowest Guaranteed Universal Life Insurance Rates for 47 Year Olds
Most insurance companies base their life insurance rates on “nearest birthday”. If you are within 6 months of your next birthday, then you can will receive 48 year-old rates when you enter your date of birth on our quote engine. Companies allow “backdating” policies for up to 6 months so you can receive the lower rates. This can make a lot of sense (and save a lot of money) over time.
- Preferred Non-tobacco (2nd best rate class) and Standard Non-tobacco (average to good health).
- Age 100 Guarantee
- Monthly rates rounded to nearest dollar.
|Male Face Amount||$50,000||$100,000||$250,000||$500,000|
|Rates for 47 year old – Preferred Rate Class||$49||$75||$180||$341|
|Rates for 47 year old – Standard Rate Class||$59||$89||$215||$412|
- Preferred Non-tobacco (2nd best rate class) AND Standard Non-tobacco (average to good health).
- Age 100 Guarantee
- Monthly rates rounded to nearest dollar.
|Female Face Amount||$50,000||$100,000||$250,000||$500,000|
|Rates for 47 year old – Preferred Rate Class||$44||$62||$154||$279|
|Rates for 47 year old – Standard Rate Class||$51||$76||$181||$336|
Choosing the Best Guaranteed Universal Life (Term for Life) Policy
Selecting a policy with the lowest premium can sometimes makes sense. However, there are other important considerations. Below are a few factors that should be considered.
- Financial Ratings / Strength. In our carrier reviews, we look at the financial ratings from the major independent rating agencies such as AM Best and Standard & Poor’s. Although the death benefit is guaranteed, it is prudent to make sure the company is not in financial trouble with a negative outlook.
- Policy Riders. Although some companies say there “riders” are built into the policy, for the sake of clarity, we distinguish between Riders (additional optional benefits at an extra charge) from policy provisions (included in the policy). Some of the most common Riders are: Waiver of Premium, Accidental Death Benefit, and Children’s Life Insurance. The actual benefit and cost can vary considerable among companies.
- Policy Provisions. This is one of the most important factor to consider. Some carriers offer a Return of Premium benefit and/or a Chronic Illness Benefit as policy provisions (no additional premium), as opposed to a rider. These provisions can make a policy much more attractive and it is certainly worth comparing.
We can point out the carriers with the best policy provisions and help you understand the value.
The Laddering Concept: Multiple Term Policies or Term and Guaranteed Universal Life Insurance
One of our most popular articles addresses the concept of laddering and can read here. This strategy allows the total amount of coverage to diminish over time. Ideally, the diminishing coverage parallels the reduced need for life insurance. This can be accomplished by splitting up term policies with different term lengths (such as one 20-year term and one 30-year term) or by selecting one or more term policies and one guaranteed universal life policy.
We recommend working with an independent, reputable, experienced agent. An independent agent can help you select from all the best companies. The last thing you want is to find out several months later that there was a better company (at a lower price) that you didn’t hear about. An agent’s reputation is very important. We provide testimonials of real clients who were willing to give their full name.
There is no substitute for experience in our industry. Developing relationships with underwriters and knowing how to make informed recommendations only comes with experience. We recommend a minimum of 10 years.
We will be glad to help you and answer any questions you might have, so please call us anytime.