Whole Life Insurance in Your 40’s 

Once your 30’s are in the past, you should have a clear idea of what you want to accomplish in the years to come. Furthermore, this is the decade in which most people begin to build their net worth and settle into a career.

With all this in mind, it only makes sense that your 40’s are one of the best times to purchase a whole life insurance policy (if you have yet to do so).

Due to the fact that your net worth is growing and you are adding more assets to your life, you require more protection than ever before.

Along with the above, you may find yourself doing the following:

  • Attempting to save up cash.
  • Reducing debt, including paying down your mortgage and student loans.
  • Increasing retirement savings.
  • Saving money for your children’s college tuition.

As you know, all of these things can be a financial burden. The best you can hope for is to move forward, one step at a time, eventually reaching your financial goals.

The last thing you want to do is leave your family in a bad financial spot in the event of your passing. If this were to happen, they may not be able to live the life they are accustomed to. And for this reason, it’s important that you have a safety net in place.

Whole Life insurance is a good way to protect your family permanently and there are several additional benefits to these policies such as cash value growth and tax-free benefits.

This article is specific to whole life, but we also have other articles that give you more general advice about life insurance in your 40’s.

If you are unsure if Whole life is the right fit for your situation then we always recommend locking in term insurance to cover your immediate needs. Check to make sure that your policy is convertible too. This will ensure you can change the term into whole life in the future.

Here are some basic tips for purchasing whole life insurance in your 40’s: 

1. Get started in your early 40’s 

As you close in on 50, you can expect the cost of whole life insurance to rise. Not only are you getting older, but there is a chance that you could experience some type of health change. This can drastically change your ability to get coverage.

When you shop in your early 40’s, you are still considered to be relatively young. Furthermore, if you’re in perfect health, it will allow you to save money on the cost of coverage. 

2. Purchase a policy with the appropriate death benefit 

In your 40’s you begin to get a better idea of how your life is shaping up. You have a clear understanding of your career path and earning potential. And you probably have an idea of how many children you will have.

With these details in place, it’s easier to purchase an insurance policy with the appropriate death benefit. Now’s not the time to skimp. You know how much coverage you need and you’re still young enough to get a good deal. 

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3. There’s nothing wrong with adding to what you purchased in the past 

If you are financially responsible, you may have purchased a life insurance policy in your 20’s or 30’s. But remember this: what you purchased in the past may not be enough now that you are older and your situation has changed.

There is nothing wrong with adding another whole life insurance policy, ensuring that your family has all the financial protection they need in the event of your passing.

4. You may be able to convert your Term Insurance 

You may have purchased term insurance in your 30’s or 20’s, if so you may be able to convert all or a portion of your current life insurance to whole life. Review your current contract to see if you have convertible term coverage. If your term insurance is not convertible your 40s may be a good time to consider a new convertible term policy.

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Just the same as any other age group, it’s imperative to shop around for the best whole life insurance policy. This means comparing at minimum of three quotes. Doing so will ensure that you find a highly rated company that can provide the right coverage at an affordable price.

Now’s the Time to Buy 

If you made it through your 30’s without purchasing whole life insurance, you may think it’s okay to push into your 50’s. However, this is a big risk that you should not be willing to take. There are countless stories of people who wait to extend their coverage and are denied during the application process.

You are getting older and your financial responsibilities are growing with each passing day. For this reason, you don’t want to wait any longer to protect your family’s well-being. The time to purchase a policy is now.

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