Seeking life insurance when you’re 45 or older can prove more discouraging than it usually is for younger individuals. But it's even worse if you're unaware of your options. As you approach your 50s, it might become strenuous to access premium rates and find suitable policies. But with our list of the best cheap life insurance providers for 45-year-olds, it doesn't have to be, and it's never too late to get yourself life insurance.

Even for 45-year-old individuals, there are plenty of insurance options to pick from. However, the type you choose significantly depends on your goals, health, and finances. But even with health concerns, you can still find a cheap insurance policy. Consider a plan whose benefits are enough to take care of your family and cover all your lingering expenses after you’re gone.  

Factors That Determine the Cost of Life Insurance

Different life insurance providers have varying underwriting standards and criteria. Some may seem strict, while others are relatively lenient when addressing hobbies, DUIs, and health conditions. Below are a few vital factors that affect how much you'll pay for your life insurance policy:

  • Your age: The younger you are, the less costly your life insurance is.
  • Duration of the policy's term: Shorter-term policies demand a lower premium, and longer policies generally have higher premiums.
  • Lifestyle choices: If the insurer deems some lifestyle choices risky, you may pay high premiums. Such lifestyle factors include heavy drinking, smoking, and recreational drug use.
  • Your family and health history: You may have to provide your medical history information or have a medical examination. History of specific medical conditions or procedures could increase the cost. If you obtain good results from the medical exam, you're likely to enjoy lower premiums.
  • Amount of coverage purchased: Insurance policies with less coverage feature lower premiums than those with a higher range.
  • Gender: Males pay higher life insurance premiums than Females

The Six Best Cheap Life Insurance Providers for 45-Year-Olds

Let's check out the cheap life insurance providers for 45-year-olds as of today.

Sproutt

Sproutt

Sproutt Life Insurance is undoubtedly one of the fastest growing and best companies in the business. It leverages insurtech in delivering life insurance services. Also, its policy applications and coverage take less than 15 minutes to process. The best part is that you don't need a medical examination as part of your application to qualify for coverage.

All Sproutt application processes are conducted online, which is very convenient. There's also an option to consult an experienced Sproutt advisor for help. However, you can still finish purchasing the coverage on your own.

Additionally, Sproutt boasts a Guided Artificial Intelligence Assessment platform. This gauges your lifestyle, collecting data that will help the platform provide personalized recommendations. In other words, the GAIA system powers the Quality-of-Life Index analysis that factors into your potential coverage.

Yes, adding another bill to your current expenses may put some financial stretch on you. But it's even worse if something unfortunate happens to you, leaving your loved ones devastated financially.

Type of Policy (Over the Phone)

  • Whole life insurance
  • Guaranteed life insurance
  • Universal life insurance  

Type of Policy (Online)

  • Term life insurance                         

Age Limits

18 to 100 years old

Coverage

$50,000 to $5 million

Term Lengths

30, 25, 20, 15, 10, or 5 years

SelectQuote 

SelectQuote

SelectQuote doesn't provide life insurance directly but rather brokers policies. Therefore, the premiums paid belong to the insurance company you pick. It's also an independent agency and can offer a wide variety of coverage from distinct companies.

Even more impressive, SelectQuote facilitates the comparison of rates from the best life insurance providers for 45-year-olds. The available riders depend on the insurance company you're dealing with. Typical rider options include a child rider, an accelerated death benefit rider, an accidental death benefit rider, and a waiver-of-premium rider.

Type of Policy

  • Term life insurance
  • Whole life insurance

Age Limits

18 to 80 years old

Coverage

$100,000 to $5 million

Term Lengths

30, 25, 20, 15, or 10 years

Bestow

Bestow

Bestow is a recently established startup selling life insurance policies online. It's straightforward and provides almost immediate coverage for anyone that qualifies. Using Bestow's mobile-enabled website, applicants answer a few questions. Through this process, Bestow collects data and feeds it into algorithms that enable the company to set prices and make decisions.

Although it's based in Dallas, Bestow Life Insurance is available for all U.S. states except New York. Moreover, applicants qualify instantly without being sent for a medical exam. But some customers fail to secure coverage. For instance, if you've been treated for or diagnosed with cancer within the past ten years, your application may be denied. 

Type of Policy

  • Term life insurance

Age Limits

18 to 60 years old

Coverage

$50,000 to $1.5 million

Term Lengths

30, 25, 20, 15, or 10 years

LeapLife

LeapLife

LeapLife isn't a life insurance company itself. Instead, it's a life insurance search engine that you can use to find personalized policy quotes at a minimal cost. Leaplife works alongside 15 carriers, offering information about both whole and term life insurance policies.

Additionally, you can use the platform to compare distinct options available from the top cheap life insurance providers for 45-year-olds. This way, you can effortlessly receive the coverage you seek at a reasonable price. This company also offers a straightforward application process. 

If you're after term life insurance, you can apply either by phone or online and be done in a few minutes. In the case of whole life insurance, you'll be required to contact a live agent who will take you through your options.

Type of Policy

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

Age Limits

18 to 75 years old

Coverage

Varied by carrier

Term Lengths

30, 25, 20, 15, 10 or 5 years

Ladder 

Ladder

Ladder operates by finding term life insurance policies for people. That's possible because the platform partners with Allianz Life Insurance Company of North America (for D.C. and all other states except N.Y.) and Allianz Life Insurance Company of New York. 

With Ladder, you only need 10 minutes to apply and get approved instantly. Pricing is generally affordable, and there are zero hidden charges. Besides the high $8 million coverage limit, the company also allows flexibility in the different policy plans. 

Remarkably, it's possible to reduce your premium amounts and coverage if you deem it necessary. That way, you can constantly adjust your preferred policy to accommodate your situation with time.

Type of Policy

  • Term life insurance

Age Limits

20 to 60 years old

Coverage

$100,000 to $8 million

Term Lengths

30, 25, 20, 15, or 10 years

Mutual of Omaha

Mutual of Omaha

Mutual of Omaha delivers an assortment of services, including Medicare solutions, general insurance, and life insurance. The company offers low monthly premiums alongside streamlined underwriting processes.

Among its standard policies is the Living Promise Level Benefit, the provider's whole life plan. It has an impressive $40,000 coverage and doesn't necessarily demand a medical exam. To qualify for this, you must be at least 45 years old.

There's also an array of riders to pick from if you wish to customize your insurance policy. They include accidental health, long-term care coverage, and chronic illness. You can also access other plans, such as the Mutual of Omaha's Mutual Perks Program. This is a discount plan, so you can enjoy savings on travel, mortgages, and wellness services like gym memberships, and more. 

Type of Policy

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

Age Limits

18 to 85 years old

Coverage

$100,000 to $1 million

Term Lengths

30, 20, 15, or 10 years

Final Thoughts About The Best Life Insurance Providers for 45-Year-Olds

Buying life insurance may prove a worthwhile investment. After all, it will significantly benefit your loved ones in case tragedy strikes and you're gone. But if you're debt-free and no one depends on your revenue to survive, then life insurance may not be worth it.

Even so, all the six life insurance providers reviewed above qualify among the best there is. Click below to compare their prices and see which insurer works for you.  

Average Monthly Life Insurance Premiums for 45-years-old Females and Males by State

Below are average estimates of term life insurance premiums by state. The coverage used is $500,000 for a 20-year term policy.

State Description
California The average life insurance cost for a 45-year-old in California is $55.34/month for males and $42.99/month for females.
Texas The average cost of a life insurance policy for a 45-year-old in Texas is $41.89/month for females and $53.23/month for males.
Florida The average life insurance monthly premium for a 45-year-old in Florida is $43.01/month for females and $55.21/month for males.
New York The average premium of life insurance for a 45-year-old in New York is $44.01/month for females and $57.12/month for males.
Pennsylvania The average life insurance premium in Pennsylvania for a 45-year-old is $41.99/month for females and $54.67/month for males.
Kentucky The average life insurance monthly rate in  Kentucky for a 45-year-old is $42.34/month for females and $52.99/month for males.
Ohio The average rate of a life insurance policy in Ohio for a 45-year-old is $41.99/month for females and $54.21/month for males.

Cheap Life Insurance Quotes by Age

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The responses below are not provided, commissioned, reviewed, approved, or otherwise endorsed by any financial entity or advertiser. It is not the advertiser’s responsibility to ensure all posts and/or questions are answered.

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