At 37 years, you have most likely settled down with a family. Like most people, you want to protect your loved ones should anything happen to you in the future. But you also want to make sure to choose the right life insurance provider, and it can be daunting to sift through all providers for the perfect one. 

That's why we created this post for you. We will take you through 7 of the best insurance providers, their policy terms, and extra tips to help you make a decision. Let's jump right in.

Top 7 Cheap Life Insurance Providers For 37-Year-Old Females and Males

Sproutt

Sproutt

Sproutt is more of a life insurance brokerage firm. They give you access to both no-exam insurance and traditional insurance requiring a medical examination. Sprout Life insurance also makes it super easy to apply online from the comfort of your couch. Below is an estimate of monthly rates for a healthy 37-year-old with a 10-year coverage term:

Policy type Coverage Average Cost
10-year-term $500K Average cost of a Life Insurance policy for a 37-yr-old is $16/month for males and $14/ month for females

Benefits

  • Federal income tax-free death benefits
  • No medical exam insurance coverage

SelectQuote

SelectQuote

Just like Sproutt, Select Quote is a team of insurance agents that help you find the best quote for your life situation. The quotes are free, and you can access them either by email or phone. Each quote comes with a breakdown of 10+ insurance providers.

Typically, a 10-year term rate would have estimated monthly premiums as shown below.

Policy type Coverage Average Cost
10-year-term $500K Average cost of a Life Insurance policy for a 37-yr-old is $17/month for males and $15/ month for females

Benefits

  • Federal income tax-free death benefit.

Haven Life

Haven Life

Haven life insurance is one of the most affordable life insurance providers for 37-year-olds. The insurance company offers two types of plans; the Haven simple and Haven term. Haven simple is 100% digital and doesn't require a medical exam. Then there is Haven term, a medically underwritten insurance. The Haven term plan may require you to take a medical exam, but this isn't the case for everyone.

Insurance starts at $14 for females and $15 for males, as long as you are in shape healthwise. 

The following are the estimated Haven simple monthly premiums for 37-year-olds in excellent medical conditions. 

Policy Type Coverage Average Cost
10-year-term $500k Average Life Insurance cost for a 37-yr-old is $15.61 per month for male and $14.07 per month for a female.
15-year-term $500k Average cost of a Life Insurance policy for a 37-yr-old is $18.31/month for males and $17.63/ month for females
20-year-term $500k The average Life Insurance monthly premium for a 37-yr-old is $21.47 for females and $25.34 for males
25-year-term $500k The average premium of a Life Insurance for a 37-yr-old is $30.06/month females and $36.65 males
30-year-term $500k The average Life Insurance premium for a 37-yr-old is $35.46 per month for a female and $43.74 per month for a male

Benefits

  • Level premiums
  • Accelerated death benefit
  • Paperless processing
  • No obligation free-look period

Transamerica

Transamerica

Transamerica Life Insurance comes in two plans: 

Trendsetter® Super

In this plan, the coverage amount is expected to remain the same throughout the life insurance term. You can also convert part or all your coverage to permanent life insurance without the need for additional underwriting.

Trendsetter® LB

This is an insurance policy with living benefits. It offers up to $2 million in death benefits, depending on your plan. You can also accelerate part of the death benefits to cover a qualifying chronic or terminal illness.

The following are estimates of the Transamerica Super plan for a 37-year-old in excellent health conditions.

Policy type Coverage Average Cost
10-year-term $500K Average cost of a Life Insurance policy for a 37-yr-old is $15.91/month for males and $13.76/ month for females
15-year-term $500K The average Life Insurance premium for a 37-yr-old is $16.77 per month for a female and $18.92 per month for a male
20-year-term $500K The average Life Insurance monthly premium for a 37-yr-old is $21.93 for females and $27.52 for males
25-year-term $500K Average Life Insurance cost for a 37-yr-old is $34.40 per month for male and $28.81 per month for a female.
30-year-term $500K The average premium of a Life Insurance for a 37-yr-old is $37.41/month females and $43.43 males

Benefits

  • Level premiums
  • Your rate remains the same during the length of your term.
Legal & General Life Insurance

The Legal & General Insurance company has the most options for term life coverage of up to 40 years. Case in point, most insurance providers have term coverage of up to 30 years. Legal & General is great for people in their late 30's who want the flexibility of combining term coverages to fit their life situation. With Legal & General, you can pay fewer premiums for your base coverage with the flexibility of getting additional protection through a different term coverage. 

Below are the estimated premiums for healthy 37-year-olds. 

Policy type Coverage Average Cost
10-year-term $500K Average Life Insurance rate for a 37-yr-old is $17.09 monthly for a female and $22.10 monthly for a male
15-year-term $500K The average Life Insurance premium for a 37-yr-old is $18.24 per month for a female and $22.10 per month for a male
20-year-term $500K Average rate of a Life Insurance for a 37-yr-old is $21.67 per month for females and $27.36 per month for males
25-year-term $500K Average Life Insurance cost for a 37-yr-old is $36.45 per month for male and $29.38 per month for a female.
30-year-term $500K The average premium of a Life Insurance for a 37-yr-old is $35.18/month females and $45.90 males
35-year-term $500K Average cost of a Life Insurance policy for a 37-yr-old is $54.45/month for males and $43.46/ month for females
40-year-term $500K The average Life Insurance premium for a 37-yr-old is $73.41 per month for a female and $91.68 per month for a male

Benefits

  • Customize with Life insurance riders
  • Stack term riders
  • Options to renew or convert to a permanent policy
  • You can use it for income replacement or mortgage protection for your loved ones.

SBLI 

SBLI

SBLI offers both whole and term insurance coverages. A significant advantage of SBLI life insurance is the access to a long list of optional riders for the coverage you choose. They have accelerated underwriting, hence a good option if you require fast life insurance coverage. 

It's also one of the best among the companies we reviewed when it comes to the option of reducing coverage. 

Policy type Coverage Average Cost
10-year-term $500K Average cost of a Life Insurance policy for a 37-yr-old is $16.41/month for males and $14.06/ month for females
15-year-term $500K The average Life Insurance premium for a 37-yr-old is $17.88 per month for a female and $21.05 per month for a male
20-year-term $500K The average Life Insurance monthly premium for a 37-yr-old is $21.74 for females and $26.82 for males
25-year-term $500K Average Life Insurance cost for a 37-yr-old is $45.41 per month for male and $34.26 per month for a female.
30-year-term $500K The average premium of a Life Insurance for a 37-yr-old is $36.89/month females and $45.91 males

Benefits

  • Policies $750,000 and  below  require no medical exam
  • Accelerated Death Benefit Rider 
  • Can convert to Permanent Policy

Key Factors that Affect Insurance Rates

Several factors impact your insurance premium monthly rates. Age, lifestyle factors, such as smoking, occupation, and hobbies, are the top factors that affect premium rates. Here's a breakdown of each.

Age

The older you get, the higher monthly rates become. That's because when you are younger, you pose less risk to an insurer. You are healthier, and there is a bigger chance of outliving your insurance terms.

Lifestyle factors

If you smoke, use tobacco, or marijuana, you are more likely to pay higher premiums. The thought process is that smoking increases your chances of developing health conditions. However, if you quit smoking, there is a chance you might enjoy lower premiums one year from the date you quit.

Hobbies

Hobbies termed dangerous such as scuba diving, skydiving, and sometimes mountain climbing can also influence higher insurance premiums.

Occupation

Insurers may set higher rates for professions with an element of danger or risk, such as pilots, mineworkers, construction workers, electric installers, and firefighters.

Medical and family history

If there's a history of chronic and terminal illnesses in your family, such as cancer, diabetes, and hypertension, then your monthly premiums may be higher.

Policy benefits

The longer the life insurance coverage term, the more you have to pay in monthly rates. Permanent coverage will also attract higher monthly premiums compared to term coverage.

Top 7 States with the Best Life Insurance Rates for 37-Year-Old Male and Female

Ohio and Kentucky are two states with the cheapest life insurance premiums for 37-year-olds. The monthly rates start from as low as $15 for a 10-year term and $500,000 in coverage.

State Average Monthly Cost
Ohio The average Life Insurance cost for 37 yr olds in Ohio is $18 per month for male and $15 per month for a female.
Kentucky The average Life Insurance monthly premium for 37 years olds in Kentucky is  $15 for females and $17 for males.
Florida The average Life Insurance premium in Florida for a 37 years old is $19 per month for a female and $22 per month for a male.
Illinois The average premium of a Life Insurance for 37 yr-olds in Illinois is $14/month females and $16 males
Minnesota The average Life Insurance rate in the state of Minnesota for a 37 years-old is $17 monthly for a female and $20 monthly for a male
Michigan The average Life Insurance cost for 37 yr olds in Michigan is $23 per month for male and $20 per month for a female.
Massachusetts The average Life Insurance premium in Massachusetts for a 37 years old is $21 per month for a female and $22 per month for a male.

What to Look for When Shopping for Insurance

The most reliable way to get the best insurance coverage rates is to compare prices from different providers. Doing so manually would take you forever, but you can cut that time in half by clicking below

Either way, make sure to focus on these three critical aspects before choosing your life insurer.

1. Check For The Insurer's Financial Strength

At 37, you want an insurance company that is financially stable to care for your loved ones even after you are gone. When shopping for life insurance, look for a company that will still be financially stable decades from now.  Checking an insurer's financial strength is the quickest way to determine if it's worth investing in your family's future with the provider.

2. Look up Their Reputation

The life insurance provider that you'll pick should have a firm foundation of customer service. The National Association of Insurance Commission's website is one way to check an insurer's complaint index. Since the average complaint index is 1, make sure your insurer doesn't go above that.

3. The Policy Terms

You want a life insurance provider with a flexible policy to customize as your needs change. Here are four aspects to check in a policy.

  • Living benefits: The best insurers allow for early payouts in case of a chronic or terminal illness. 
  • Term life conversion: Most insurers will allow conversion from term insurance to permanent insurance without additional medical exams. It's a great feature to have in your policy should you develop a severe medical condition in the future.
  • Guaranteed renewability: This is where an insurer allows you to renew your policy for another term once your policy term ends. 
  • Ability to change coverage amount: A good policy should have the option to increase or decrease coverage as your needs change without buying a new policy. 

Why Should You Get an Insurance Policy at Age 37?

Here are two significant reasons to get a life insurance policy at 37 years old.

The Price Factor

At 37 years, you are healthy, and the rates have not yet crossed the threshold to expensive. For instance, if you were to buy life insurance at 40 years, you would expect to pay 8% more than if you bought one at 39 years.

Protect Your Family In case Something Goes Wrong

Most people at 37 have a spouse and a child or two. Life is uncertain, and if something were to happen to you, it's better to ensure that your family would be covered and not drowning in debt. An ideal insurer will cover debts, large expenses such as funeral expenses, and your kids' college education. And if your partner is a stay-at-home mom or dad, you will be at peace knowing they will be cared for.

Conclusion

Choosing life insurance is daunting, especially with so many options available. However, you can make a better decision by factoring in your health status, your family size, debts, and occupation to select the right plan for you.

Post ID: P611Rx54Z Category ID: WMweqBQ