Calculate Insurance Rates By Age

Middle-age is the time when you feel more need for an insurance policy. You are slowly
feeling your age. The financial burdens are heavy, and you feel the compulsion to leave
enough for the family in the event of an eventuality. You also see a lot of people affected by
many ailments by that age. The lifestyle of today doesn’t really do much to keep you healthy.
All this makes you want to protect your family financially.

What Are The Considerations?
When you are at the age between 40 and 50 you have a family and kids. Your kids will be
going to college soon. The tuition fees are going to be huge. Your mortgage is another thing
to be taken care of.

Your house is not enough for you and the big kids. You may need to go for a bigger one. You
will need to pay the mortgage for that house. As the kids plan to leave the house and live
independently there is an ever more need to have an income that will take care of the spouse
in the event of the death of one.

You should calculate in such a way that the insurance money will earn an income to cover the
expenses of your spouse and children. It should take care of the children’s education. It
should also take care of the mortgage payments left to be paid. Your death benefit should
earn enough to cover all these

Insurance premiums for insurance policies purchased after 50 are very expensive. So, it is
wise to purchase the insurance before you turn 50. It is even better if you purchase it when
you are closer to 40. Insurance rates by age 40 will be cheaper.

A 10-year term will be good for people between 40 and 50 years of age. There are many
companies and it is better to compare the policies of every company. So, insurance
companies do offer good price even for policies for people in this age group.

How Much To Insure For?
By our calculation, you will need around $500,000 to cover your income for 5 years, another
$400,000 to pay the mortgage and $100,000 for tuition fees. This brings us to a total of
$1,000,000. For a benefit of one million, a person at 40 years of age will have to pay a
premium of $29 for a 10-year term. For the same benefits and policy term, a 50-year old will
have to pay $75. You can see the difference in the insurance rates by age.

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