It is never too late to get life insurance. At 46, you're still middle-aged and in a prime position to lock in premium discounts and rates before you cross the threshold of 50. 

While it is true that after 40, premium rates spike significantly, there's still time to take advantage of deals before you turn 50. In fact, the sooner, the better since you will experience premium increases for each year you age after 46. This means that even waiting until you're 47 years old can cost you more money. 

Instead, make sure your family is covered with the right life insurance. Keep reading to learn why it's important and the top life insurance providers for your age group!

The Importance of Life Insurance at Age 46

There are several reasons life insurance is particularly important for 46-year-olds. First and foremost, research shows that the average age for starting families has increased to 29, with women in New York averaging 31 and women in San Francisco averaging 32.  

This means that by 46, you're more likely to still have young children in the home who will experience additional financial hardships (as well as emotional) if you were to pass away soon and there wasn't a backup plan in place. 

In fact, just your funeral expenses can set the family back by thousands. According to Lincoln Heritage Funeral Advantage, it's no longer unusual for the average funeral to cost families up to $9,000 or more, with the average ranging from $7,000 to $12,000. What's worse is that this number doesn't even cover all funeral expenses like flowers, cemetery, marker, and more. 

Having life insurance protects your partner and children when they need it most. Many deaths happen unexpectedly or even as a result of an accident, so it isn't always ideal for families to get their finances in order before losing a loved one who is such a major contributor to the home's financial stability. 

The Top 7 Life Insurance Providers for 46-Year-Olds

Although it is best to start shopping around for life insurance in your early twenties, more than half of life insurance customers are 45 and older. This is because the mid-40s are when people start worrying about their lives, health, and overall well-being. 

Although most people aged 46 are perfectly healthy, it's always better to protect your family and their financial future by planning ahead with life insurance. Here are the seven best Insurance Providers to get you started:

SelectQuote

SelectQuote

Although SelectQuote isn't a direct insurance provider, they are well-known for connecting you with some of the top providers in your area. For instance, they partner with well-known names in the industry such as:

  • AIG
  • Prudential
  • Protective
  • Globe Life
  • Legal & General
  • Lincoln Financial Group 
  • Mutual of Omaha, and more. 

After putting in all your personal information and life insurance needs, SelectQuote delivers all the top results that will best suit your specific needs at 46.

Sproutt

Sproutt

Much like SelectQuote, Sproutt is also not a direct provider but rather a company that connects you with relevant life insurance providers so that you can choose the best one for you. However, what sets this company apart from many others like it is its Quality of Life Index (a personalized health and lifestyle assessment).

It evaluates and gives tips on your:

  • Sleep
  • Movement 
  • Emotional health
  • Nutrition 
  • Work/life balance 

Bestow

Bestow

While Bestow does have varying age limitations on each of their term life insurance policies, 46-year-old will have no problem applying for up to a 20-year term. However, the downside here is that their 25-year term is limited to only 18-45  non-tobacco users, and 30-year is restricted to only 19-40 non-tobacco using females and 19-39 non-tobacco using males. Tobacco users can apply, but ages are lower than non-tobacco users. 

For 20-Year Term - Non-tobacco users

Coverage Average Cost
$500,000 $41.42 a month for a 46-year-old female and $52.76 a month for males
$750,000 $59.13 per month for Females age 46 and $76 per month for males
$1,000,000 For a 46-yr-old female is $76.83 a month and $99.33 a month for males

SBLI

SBLI

With SBLI, you not only get quick and easy — completely hassle-free — quotes, but they pride themselves on treating their customers with "the kindness, compassion, and respect they deserve." Another unique factor about SBLI is that their death benefit goes up to as much as $20,000,000. While this won't be a necessary amount for everyone, it is an incredible option to have for those interested. 

For 20-Year Term - Non-tobacco users

Coverage Average Cost
$500,000 $68.59 a month for a 46-year-old female and $89.60 a month for males
$1,000,000 $126.01 per month for Females age 46 and $166.50 per month for males
$20,000,000 For a 46-yr-old female is $2,425.25 a month and $3,235.04 a month for males

Pacific Life

Pacific Life

Pacific Life offers two types of term life policies for you to choose from, allowing you to choose from the Promise Term that allows you to convert a selected amount to universal life insurance and Elite (can convert to cash value life insurance after ten years). What makes this provider stand out most is their incredible customer service — in fact, they have the fewest customer complaints than any company its size. 

For 20-Year Term - Non-tobacco users

Coverage Average Cost
$500,000 $78.23 a month, $915.34 annually for a 46-year-old female and $102.49 a month, or $1,205.79 annually for males
$1,000,000 $148 monthly, or $1,687 annually for Females age 46 and $192.93 per month, $2,269.74 annually for males
$10,000,000 For a 46-yr-old female is $1,564.22 a month, $18,007.40 annually and $1,883.38 monthly, or $22,157.40 annually for males

Haven Life

Haven Life

Haven life is known as one of the best life insurance providers for those looking for the most affordable price. It is said that they're able to keep their costs so low by being fully underwritten, so those "who qualify for coverage without an exam will pay significantly lower rates than for the typical no-exam policy." The only setback is that their approval process can take a little longer for applicants over 45 to get preapproved for a policy, including those just one year older. 

For 20-Year Term - Non-tobacco users

Coverage Average Cost For a 46-year-old
$100,000 Female is $22.40 a month, a male is $31.86 a month
$500,000 Female is $96.69 a month, a male is $131.92 a month
$1,000,000 Female is $113.44 a month, a male is $162.07 a month
$3,000,000 Female is $327.81 a month, a male is $473.69 a month

Ethos

Ethos

The benefit of Ethos is you have complete online access that doesn't require you to get a medical exam at 46. It's also a simple application process, so you can skip the headache of jumping through hoops to get a reasonable quote and move forward. At 46, this may be a good option if you're interested in getting insured as soon as possible. 

For 20-Year Term - Non-tobacco users

Coverage Average Cost For a 46-year-old
$100,000 Female around $16 to $25 a month, a male $19 to $31 a month
$750,000 Female between $66 to $121 a month, a male around $84 to $161 a month
$1,000,000 Female around $85 to $153 a month, a male around $108 to $204 a month
$2,000,000 Female from $163 to $299 a month, a male from $211 to $401 a month

Average Premiums for Females and Males Age 46 by State

Before considering your options between providers, you should also note that average premiums vary by state. This means that many of the general averages you see can either increase because of your location or decrease. The reason for this difference is that cost of living and wages vary from state to state. 

For instance, these are the average premium of term life insurance for just seven of the 50 states:

State Average Cost
California The average life insurance cost for 46-year-olds in California is about $56 a month and $668 annually. 
Florida The average cost in Florida for 46-year-olds is about $52 a month and $627 annually. 
Kentucky The average premium in Kentucky for 46-year-olds is about $50 a month and $599 annually. 
New York The average life insurance cost for 46-year-olds in New York is about $56 a month and $675 annually. 
Ohio In Ohio the average policy cost for 46-year-olds is about $50 a month and $599 annually. 
Pennsylvania The average premium in Pennsylvania for 46-year-olds is about $55 a month and $658 annually.
Texas The average life insurance cost for 46-year-olds in Texas is about $53 a month and $633 annually. 

Cheap Life Insurance Quotes by Age

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