Being 43 is considered a transitionary period in financial planning, and buying life insurance is critical. Life insurance is an imperative financial security net for your loved ones, guaranteeing financial support for your family once you pass away. However, many males and females find it difficult to find cheap life insurance providers for 43-year-olds.

Whether you are seeking your first life insurance policy or adding coverage, there is no age limit on when to buy a policy. You can find the best cheap life insurance at 43-years-old, especially when overwhelmed with other financial responsibilities like a mortgage, children, and a spouse.

This post highlights the most affordable life insurance providers for both males and females at 43 years old. But first, is it worth it?

Why You Should Get Life Insurance at 43

Life insurance is among the most overlooked financial assets for 43-year-olds looking to better manage their wealth. However, life insurance is critical at any age, especially if you have people depending on your income. Some reasons to consider buying life insurance include:

You Have People Depending on You

Most people at 43 have families with one or more children who rely on them for various needs, including financial support. Besides day-to-day expenses like housekeeping and childcare, future expenses like college require adequate planning. Life insurance ensures your spouse and children are covered financially in the event of your death. Although the policy cannot replace you, it provides financial assistance to your loved ones.

Cover Your Final Expenses

Average funeral costs range between $7,000 and $12,000, making them expensive for your loved ones if you do not have a life insurance policy. Besides funeral expenses, other final expenditures include additional medical bills, special memorial services, and travel. Buying life insurance helps secure your loved ones financially, preventing them from bearing the expense during an already difficult time.

You Have Debts

Most males and females at 43 have different forms of debt, including mortgage, student loans, and credit card debt. In the event of your demise, your family will bear the burden of settling your debt, which can lead to significantly tough times for them. A life insurance policy from one of these cheap providers for 43-year-olds can pay for your mortgage, auto, and credit card loans after your death. Besides, purchasing a policy at 43 gives you a better view of your finances, letting you buy the right coverage that covers all your financial needs.

Leave Inheritance for Your Children

If you have yet to stash away significant assets to secure the future of your kids, a life insurance policy could be the best option for you. For example, suppose you purchase a $500,000 policy and pass away. Then the insurance company has to offer the $500,000 coverage to your kids provided they are over 18 years old. This enables you to leave a meaningful inheritance for your children since they don't need to pay income tax on the death benefit.

Term Life Insurance vs. Permanent Life Insurance

Most life insurance companies provide different types of policies for their clients. When considering coverage that best suits your needs, it is essential to evaluate your current financial state. Generally, there are two typical types of life insurance for males and females: term life and permanent life insurance.

Term Life Insurance

Term life insurance is the most inexpensive and most popular type of life insurance. This type of coverage provides financial protection based on the years people depend on your income. It guarantees financial protection for a specific amount of time, usually 10, 20, or 30 years. With term life insurance, the insurance provider determines your premiums based on factors such as age, health, and gender, allowing you to pay your premiums within a predetermined period.

When the term expires, the policyholder can renew it, convert it into a permanent policy or terminate it because there is no payout. If you pass on during the policy term, the insurance company will pay the death benefits to your beneficiaries. Term life policies often lack value and only guarantee death benefits.

Permanent Life Insurance

Permanent life insurance remains throughout your entire life. It is a life insurance option that offers extensive coverage of cash value and death benefits, although it costs more than term life insurance. Whole life insurance is a common form of permanent life insurance; others include universal life, indexed universal life, and variable universal life insurance.

A percentage of each premium payment made towards your permanent policy covers your insurance and policy fees. The remainder goes to fund your cash value, but the growth potential varies based on the type of permanent policies. When purchasing permanent life insurance at 43, it is essential to note that using your cash value might reduce the death benefit, shorten or terminate a guarantee, or even result in policy lapses and attract tax consequences.

Top 7 Best Cheap Life Insurance Providers for 43-Year-Olds

At 43, finding the best cheap life insurance provider can be trying, especially when looking for insurers that make the most sense. So to ease the hassle, we've highlighted the top seven cheap life insurance providers best suited for your age.

Prudential

Prudential

Prudential dates back to 1873, offering a broad selection of policies and exceptional ratings for financial strength. It boasts an A+ rating with AM Best and an AA- rating from Standard & Poor's regarding financial stability. With a minimum of $100,000 in policy coverage, you can get up to $1,000,000 coverage with a term of between 10 and 30 years.

Types of Policy

  • Term life
  • Universal life
  • Variable universal life
  • Indexed universal life

Benefits

  • Multiple universal life policies
  • Sturdy online resources and tools
  • Competitive monthly premium rates
  • Customers can consult a financial professional when choosing a plan.

Average Cost for a 43-Year-Old Male ($100,000 Coverage):

  • 10-year term: $24/month
  • 15-year term: $26/month
  • 20-year term: $35/month
  • 30-year term: $66/month

Average Cost for a 43-Year-Old Female ($100,000 Coverage):

  • 10-year term: $22/month
  • 15-year term: $25/month
  • 20-year term: $31/month
  • 30-year term: $59/month

Protective Life

Protective Life

Thanks to the insurers' competitive rates and advantages, Protective Life is among the best life insurance companies for 43-year-olds. Founded in 1907, the company focuses on providing exceptional life insurance and retirement services to its clients.

For a policy with $250,000 in coverage and a 10-year term, monthly premiums would range between $16.77 and $18.21, depending on factors like your health status, gender, or whether you're a smoker or non-smoker.

Types of policy

  • Term life insurance
  • Whole life insurance
  • Universal life insurance

Benefits

  • Online applications for term life policies
  • Riders offer various customization options.
  • Policies are available across the three policy types.
  • Competitive rates
  • Automatic premium payments

Average Cost for a 43-Year-Old Male ($250,000 Coverage):

  • 10-year term: $18/ month
  • 20-year term: $29/month
  • 30-year term: $36/month
  • 40-year term: $44/month

Average Cost for a 43-Year-Old Female ($250,000 Coverage):

  • 10-year term: $16/month
  • 20-year term: $24/month
  • 30-year term: $32/month
  • 40-year term: $41/month

Sproutt

Sproutt

Sproutt leverages powerful software to ensure clients find ideal insurance providers, making it an easy-to-use platform. As a 43-year-old male or female, you are probably busy running errands, so it’s challenging to spend time searching for the best cheap life insurance provider. Sproutt makes it less difficult to find the right policy for your needs.

Monthly premium rates vary, starting from $14 to $16 for males purchasing a $100,000 policy in terms of 20 years and $12 to $13 for a 43-year-old female. In addition, Sproutt offers policies of up to $1,500,000 for a term of 10-30 years.

Types of Life Insurance Policies

  • Term life
  • Whole life
  • Universal life
  • Guaranteed issue
  • Variable universal
  • Simplified issue

Benefits

  • Excellent user experience
  • Access to human staff
  • No medical exam required
  • Competitive rates
  • Advanced software

SelectQuote

SelectQuote

Although not an insurance company, SelectQuote is a perfect insurance sales agency that enables you to receive quotes from the top cheap insurance companies like Protective Life and Prudential. It offers term life and whole life insurance, among other policies, depending on the insurer.

Policy amounts range from $5,000 to $5,000,000 with a term length of 10, 15, 20, and 30 years. For a 43-year-old individual, you can pay a minimum of $9 monthly premium for a $100,000 coverage.

Benefits

  • High coverage amounts
  • Renewable policies
  • Competitive monthly premiums
  • Convertible term policies (that can convert to permanent coverage)

Mutual of Omaha

Mutual Of Omaha

Mutual of Omaha is a full-service insurance provider offering numerous products for general insurance, life insurance, and Medicare solutions. In addition, it operates as a mutual company and provides financial planning services, mortgage, banking, and investment products.

With an average monthly premium of $15.22, Mutual of Omaha lets you secure the future of your loved ones when you die.

Types of Policy

  • Term life insurance
  • Whole life insurance
  • Universal life insurance

Benefits

  • A range of insurance products and policies
  • Customizable life insurance policies
  • Competitive monthly premiums
  • High cap on the face value of policies
  • Strong financial and customer ratings

Average Premiums for a 43-Year-Old Male (20-Year Term):

  • $100,000 coverage: $13/month
  • $250,000 coverage: $21/month
  • $500,000 coverage: $37/month

Average Premiums for a 43-Year-Old Female (20-Year Term):

  • $100,000 coverage: $11/month
  • $250,000 coverage: $19/month
  • $500,000 coverage: $31/month
Banner Life

Banner Life offers exceptional life insurance options, and it’s widely known for its lowest monthly premiums. Although it provides limited life insurance products, the insurer has seamless options for customers. Its term insurance plan, OPTerm, offers valuable features across Banner Life's plans.

The term life amount starts from $100,000 with a term period of 10, 15, 20, 25, 30, 35, or 40 years. If you purchase $250,000 in coverage with a 10-year term, you can expect to pay between $13.74 and 16.22 for the monthly premium.

Type of Policy

  • Term life
  • Universal life

Benefits

  • Term life of up to 40 years
  • Underwriting for a family history of cancer
  • Claims settled within a single business day after approval
  • Competitive monthly premium rates

Average Cost for a 43-Year-Old Male (10-Year Term):

  • $100,000 coverage: $10/month
  • $250,000 coverage: $13/month
  • $500,000 coverage: $17/month

Average Cost for a 43-Year-Old Female (10-Year Term):

  • $100,000 coverage: $9/month
  • $250,000 coverage: $12/month
  • $500,000 coverage: $15/month

Bestow

Bestow

Bestow is a perfect option for 43-year-olds looking to purchase a life insurance policy and secure the future of their loved ones. Established in 2016, it is a relatively new insurer aiming at making life insurance easier and simpler. It has created a seamless way to get and apply for coverage online.

As one of the cheapest life insurance companies, Bestow offers only a term life policy with benefits ranging from $50,000 to $1,500,000 and a term length of 10 to 30 years.

Benefits

  • No medical exams required
  • Available online quotes and applications
  • 30-day money-back guarantee
  • Competitive rates

Average Rates for a 43-Year-Old Male (20-Year Term):

  • $100,000 coverage: $23/month
  • $250,000 coverage: $49/month
  • $500,000 coverage: $70/month
  • $1,000,000 coverage: $134/month
  • $1,500,000 coverage: $198/month

Average Rates for a 43-Year-Old Female (20-Year Coverage):

  • $100,000 coverage: $18/month
  • $250,000 coverage: $38/month
  • $500,000 coverage: $51/month
  • $1,000,000 coverage: $97/month
  • $1,500,000 coverage: $143/month

The Average Premiums by State for 43 years Olds 20-Year Term Policy With $500,000 Coverage:

  • California: The average life insurance cost for a 43-year-old in California is $37/month for females and $45/month for males.
  • Texas: The average cost of a life insurance policy for a 43-year-old in Texas is $38/month for females and $46/month for males.
  • Florida: The average life insurance monthly premium for a 43-year-old in Florida is $34/month for a female and $43/month for a male.
  • New York: The average premium for life insurance for a 43-year-old in New York is $46 per month for females and $54 per month for males.
  • Pennsylvania: The average life insurance premium in Pennsylvania for a 43-year-old is $38/month for females and $47/month for males.
  • Kentucky: The average monthly rate for life insurance in Kentucky for a 43-year-old is $37 for a female and $46 for a male.
  • Ohio: The average rate of a life insurance policy in Ohio for a 43-year-old is $38 per month for females and $46 per month for males.

The Bottom Line on Cheap Life Insurance Providers for 43-Year-Olds

Shopping for the best cheap life insurance providers for 43-year-olds requires adequate time and resources to find the most affordable insurer. Despite several life insurance companies offering competitive premium rates for coverage, finding the best rate requires you to compare different prices by clicking here.

Cheap Life Insurance Quotes by Age

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