As you enter your later years, it can be hard to know the best way to protect your loved ones in the event of your unexpected passing. Term life insurance is an affordable and effective way to provide your family with financial security should an unfortunate tragedy occur
While there are numerous options available, how much life insurance do you need — and, more pressingly, how much is term life insurance for 45-year-olds? In this article, we'll break down the factors that contribute to the cost of a term life insurance policy for a 45-year-old, so you can make an informed decision about what type of coverage is right for you.
Burial Insurance
20-Year Term Life Insurance Cost (Men; Age 45)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 45 | Men | No | 20 Years | $25,000 | Mutual of Omaha | $18 |
| 45 | Men | No | 20 Years | $50,000 | Prosperity Life | $22 |
| 45 | Men | No | 20 Years | $100,000 | Prosperity Life | $37 |
| 45 | Men | No | 20 Years | $250,000 | Prosperity Life | $82 |
The table above shows the cost of a 20-year term life insurance policy for a 45-year-old male who is not a smoker, based on the coverage amount. The coverage amount options are $25,000, $50,000, $100,000, and $250,000
Mutual of Omaha has the lowest rate for the $25,000 policy at $18 per month, and Prosperity Life has lower rates for the larger coverage amounts at $22, $37, and $82 per month respectively.
30-Year Term Life Rates (Male; Age 45)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 45 | Men | No | 30 Years | $25,000 | Mutual of Omaha | $22 |
| 45 | Men | No | 30 Years | $50,000 | American Amicable | $30 |
| 45 | Men | No | 30 Years | $100,000 | American Amicable | $55 |
| 45 | Men | No | 30 Years | $250,000 | American Amicable | $122 |
The table above accurately displays a variety of term life insurance product offerings from two different companies for a 45-year-old male nonsmoker. The term length is 30 years and the coverage amounts range from $25,000 to $250,000
Mutual of Omaha offers a monthly rate of $22 for $25,000 worth of coverage, while American Amicable offers rates of $30 for $50,000 worth of coverage, $55 for $100,000 worth of coverage, and $122 for $250,000 worth of coverage.
20-Year Life Insurance Pricing (Male Tobacco; Age 45)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 45 | Men | Yes | 20 Years | $25,000 | Mutual of Omaha | $31 |
| 45 | Men | Yes | 20 Years | $50,000 | Prosperity Life | $51 |
| 45 | Men | Yes | 20 Years | $100,000 | Prosperity Life | $95 |
| 45 | Men | Yes | 20 Years | $250,000 | Prosperity Life | $227 |
The table above shows 20-year life insurance pricing for a 45-year-old male smoker. The table includes life insurance coverage from Mutual of Omaha and Prosperity Life for $25,000, $50,000, $100,000, and $250,000
The rates from Mutual of Omaha are $31 per month for $25,000 coverage and from Prosperity Life, $51 per month for $50,000 coverage, $95 per month for $100,000 coverage, and $227 per month for $250,000 coverage.
Burial Insurance
30-Year Term Rates (Male Smokers; Age 45)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 45 | Men | Yes | 30 Years | $25,000 | Americo | $40 |
| 45 | Men | Yes | 30 Years | $50,000 | Foresters | $56 |
| 45 | Men | Yes | 30 Years | $100,000 | Foresters | $107 |
| 45 | Men | Yes | 30 Years | $250,000 | Foresters | $260 |
The table above shows the rates for 30 year term life insurance policies for male smokers aged 45. The coverage amounts and respective rates offered by two companies, Americo and Foresters, are depicted
Americo offers a $25,000 coverage term policy at a monthly rate of $40, while Foresters offers the same term policy coverage of $25,000 at the higher rate of $56. Both companies offer term policies with coverage amounts of $50,000, $100,000 and $250,000, but Foresters offers the higher rates for these policies.
20-Year Term Premiums (Women; Age 45)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 45 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $17 |
| 45 | Women | No | 20 Years | $50,000 | Prosperity Life | $18 |
| 45 | Women | No | 20 Years | $100,000 | Prosperity Life | $29 |
| 45 | Women | No | 20 Years | $250,000 | Prosperity Life | $62 |
The table shows the monthly premiums for life insurance policies with 20-year terms for female non-smokers, aged 45. The policies vary in coverage, ranging from $25,000 to $250,000, and are offered by Mutual of Omaha and Prosperity Life
The monthly rate for $25,000 of coverage at Mutual of Omaha is $17, whereas Prospertity Life charges $18. As coverage increases, so does the term premium. For example, the monthly premium for $100,000 of coverage is $29, and for $250,000 it is $62.
30-Year Term Policies (Women; Age 45)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 45 | Women | No | 30 Years | $25,000 | Mutual of Omaha | $21 |
| 45 | Women | No | 30 Years | $50,000 | American Amicable | $22 |
| 45 | Women | No | 30 Years | $100,000 | American Amicable | $38 |
| 45 | Women | No | 30 Years | $250,000 | American Amicable | $84 |
This table shows the rate for 30-year term policies for female customers aged 45, with no smoking history, from two different companies. The policies from Mutual of Omaha have a $25,000 coverage, and the rate is $21 a month
The policies from American Amicable offer $50,000, $100,000, and $250,000 coverage, with respective monthly rates of $22, $38, and $84.
20-Year Term Monthly Premiums (Women Smokers; Age 45)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 45 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $29 |
| 45 | Women | Yes | 20 Years | $50,000 | Prosperity Life | $40 |
| 45 | Women | Yes | 20 Years | $100,000 | Prosperity Life | $73 |
| 45 | Women | Yes | 20 Years | $250,000 | Prosperity Life | $172 |
The table above shows the monthly premiums for women smokers aged 45 who are looking to purchase a 20-year term policy. For Mutual of Omaha, the monthly rate for a $25,000 policy is $29
For Prosperity Life, the monthly rates are $40 for a $50,000 policy, $73 for a $100,000 policy, and $172 for a $250,000 policy.
Burial Insurance
30-Year Term Insurance Quotes (Female Smokers; Age 45)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 45 | Women | Yes | 30 Years | $25,000 | Mutual of Omaha | $36 |
| 45 | Women | Yes | 30 Years | $50,000 | American Amicable | $52 |
| 45 | Women | Yes | 30 Years | $100,000 | American Amicable | $98 |
| 45 | Women | Yes | 30 Years | $250,000 | American Amicable | $229 |
The table above provides 30-year term life insurance quotes for 45-year-old female smokers. The quotes displayed show coverage amounts up to $250,000 offered by Mutual of Omaha and American Amicable
The monthly cost associated with these quotes increases as the coverage amount goes up. Based on the data provided, Mutual of Omaha offers the most affordable rate at $36 per month for $25,000 in coverage that increases as the coverage to $229 per month for $250,000 in coverage. American Amicable can provide up to $100,000 in coverage for $98 per month and $250,000 for $229 per month.
