As you age and the future becomes uncertain, the importance of having a life insurance policy increases. While many people understand the benefits of having life insurance, many are unaware of the specific cost of life insurance for people in their late 40s
That’s why we're here to provide some clarity and look at how much term life insurance typically costs for someone who is 46 years old.
Burial Insurance
20-Year Term Life Insurance Cost (Men; Age 46)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 46 | Men | No | 20 Years | $25,000 | Mutual of Omaha | $19 |
| 46 | Men | No | 20 Years | $50,000 | Prosperity Life | $25 |
| 46 | Men | No | 20 Years | $100,000 | Prosperity Life | $42 |
| 46 | Men | No | 20 Years | $250,000 | Prosperity Life | $95 |
At age 46, the cost of 20-year term life insurance for a non-smoking male varies based on the amount of coverage. For example, Mutual of Omaha offers coverage of $25,000 annually for a monthly rate of $19, while Prosperity Life offers coverage of $50,000 for a monthly rate of $25, $100,000 for a monthly rate of $42, and finally $250,000 for a monthly rate of $95.
30-Year Term Life Rates (Male; Age 46)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 46 | Men | No | 30 Years | $25,000 | Mutual of Omaha | $24 |
| 46 | Men | No | 30 Years | $50,000 | American Amicable | $32 |
| 46 | Men | No | 30 Years | $100,000 | American Amicable | $58 |
| 46 | Men | No | 30 Years | $250,000 | American Amicable | $132 |
For those who are 46 years old and are looking for 30-year term life insurance, the cost can vary significantly depending on the coverage amount and the company providing the policy. A $25,000 policy from Mutual of Omaha would cost $24 each month, while a $50,000 policy from American Amicable costs $32 each month
If someone wanted a $100,000 policy, the monthly rate would increase to $58 per month. For a $250,000 policy, the monthly rate would be $132, more than five times the cost of the $25,000 policy. These numbers demonstrate that term life insurance can be a great option for those looking for coverage, as the cost increases in relation to the amount of coverage chosen.
20-Year Life Insurance Pricing (Male Tobacco; Age 46)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 46 | Men | Yes | 20 Years | $25,000 | Mutual of Omaha | $32 |
| 46 | Men | Yes | 20 Years | $50,000 | Prosperity Life | $56 |
| 46 | Men | Yes | 20 Years | $100,000 | Prosperity Life | $104 |
| 46 | Men | Yes | 20 Years | $250,000 | Prosperity Life | $250 |
The table above presents the information of term life insurance rate for male smokers, aged 46. The term ranges from 20 years with coverage amounts of $25,000, $50,000, $100,000, and $250,000
Two insurance providers are identified: Mutual of Omaha and Prosperity Life. For Mutual of Omaha, the policy holder would have to pay $32 per month for $25,000 coverage. For Prosperity Life, the policy holder would have to pay $56 for $50,000 coverage, $104 for $100,000 coverage, and $250 for $250,000 coverage.
Burial Insurance
30-Year Term Rates (Male Smokers; Age 46)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 46 | Men | Yes | 30 Years | $25,000 | Mutual of Omaha | $42 |
| 46 | Men | Yes | 30 Years | $50,000 | Prosperity Life | $76 |
| 46 | Men | Yes | 30 Years | $100,000 | Prosperity Life | $145 |
| 46 | Men | Yes | 30 Years | $250,000 | Prosperity Life | $352 |
For male smokers age 46, there are several options for 30-year term life insurance. Mutual of Omaha offers a $25,000 coverage option for $42 a month. Prosperity Life offers a range of term life insurance coverage options that increase with the amount of the coverage
For $50,000 coverage, the monthly rate is $76. For $100,000 coverage, the rate is $145. And for $250,000 coverage, the rate is $352 per month.
20-Year Term Premiums (Women; Age 46)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 46 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $18 |
| 46 | Women | No | 20 Years | $50,000 | Prosperity Life | $20 |
| 46 | Women | No | 20 Years | $100,000 | Prosperity Life | $32 |
| 46 | Women | No | 20 Years | $250,000 | Prosperity Life | $70 |
This table provides detailed information on the monthly cost of a 20-year term life insurance policy for a 46-year-old woman who does not smoke. The table indicates that for a woman of this age, a Mutual of Omaha policy for $25,000 in coverage costs $18 a month, while Prosperity Life has policies of $50,000, $100,000, and $250,000 coverage available, costing $20, $32, and $70 a month, respectively
This shows that the cost of the insurance surprisingly increases as the amount of coverage increases.
30-Year Term Policies (Women; Age 46)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 46 | Women | No | 30 Years | $25,000 | Mutual of Omaha | $23 |
| 46 | Women | No | 30 Years | $50,000 | American Amicable | $23 |
| 46 | Women | No | 30 Years | $100,000 | American Amicable | $40 |
| 46 | Women | No | 30 Years | $250,000 | American Amicable | $89 |
The table above shows rates for a 30-year term life insurance policy for a 46-year-old female non-smoker. Policy coverage amounts range from $25,000 to $250,000 and are provided by two different companies - Mutual of Omaha and American Amicable
For a $25,000 policy, the monthly rate is the same regardless of the company - $23. But the more coverage the insured selects, the greater variance in premiums. For example, a $50,000 policy, regardless of the company, has a monthly rate of $23
However, if the same individual opts for a $100,000 policy, American Amicable lists a monthly rate of $40, while a policy of the same amount from Mutual of Omaha is not listed. Finally, for a $250,000 policy, American Amicable has a monthly rate of $89, although a policy at the same amount from Mutual of Omaha is not listed.
20-Year Term Monthly Premiums (Women Smokers; Age 46)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 46 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $31 |
| 46 | Women | Yes | 20 Years | $50,000 | Prosperity Life | $44 |
| 46 | Women | Yes | 20 Years | $100,000 | Prosperity Life | $81 |
| 46 | Women | Yes | 20 Years | $250,000 | Prosperity Life | $191 |
The table illustrates the cost of 20-year term life insurance for a 46-year-old female smoker. The companies and coverage amounts vary, with Mutual of Omaha offering a $25,000 policy for $31 per month, Prosperity Life providing a $50,000 policy for $44 per month, a $100,000 policy for $81 per month, and a $250,000 policy for $191 per month
While these rates may appear high for smokers, the cost of life insurance can vary significantly based on a variety of factors, including age, health, lifestyle, and coverage amount.
Burial Insurance
30-Year Term Insurance Quotes (Female Smokers; Age 46)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 46 | Women | Yes | 30 Years | $25,000 | Mutual of Omaha | $37 |
| 46 | Women | Yes | 30 Years | $50,000 | Foresters | $54 |
| 46 | Women | Yes | 30 Years | $100,000 | Foresters | $102 |
| 46 | Women | Yes | 30 Years | $250,000 | American Amicable | $246 |
For 46-year-old female smokers, the cost of 30-year term life insurance policies vary significantly depending on the amount of coverage desired. For example, Mutual of Omaha offers a $25,000 policy for a monthly rate of $37, while Foresters provides a $50,000 policy for $54 per month and a $100,000 policy for $102 per month
For more extensive coverage, American Amicable charges $246 per month for a $250,000 policy. Keep in mind that these are generic quotes from only four providers and there may be other options available at different rates.
