As you are near your 50th birthday, you are likely thinking about your family and how you can protect them should you be gone in the future. Shopping for the best cheap life insurance providers for people 47 years old can become more stressful as you get older, but it doesn't have to feel like an impossible task.

The Pros and Cons of Looking for Life Insurance at 47

At age 47, you can choose from various life insurance options to protect your family in the future. Although you are nearing your 50s, you are still not past the milestone that can cause a dramatic increase in premium. Although premiums will be a bit higher now than in prior decades and you may need to dig a little deeper to get the coverage you want, you can find many cheap life insurance providers at age 47.

Unlike buying a policy in your twenties and thirties when most people do not face health risks or challenges, buying a life insurance policy at 47 years old ensures you can cover a period of your aging years and protect your family in the event a health crisis should occur. 

Even term life insurance can offer significant protection. A 30-year term policy can cover you through age 77 and offer you peace of mind during the period of time when most children transition to adulthood and you and your spouse may begin to transition to retirement.

What Kind of Life Insurance Coverage is Available for 47 Year Olds (Male and Females)?

When it comes to choosing a life insurance policy, you first must evaluate the types of policies available. At 47 years old, you can choose from affordable life insurance products that include term life insurance, universal life insurance, or whole life insurance policies. 

Term life is a common option for those on a budget who want to protect their families for a period of time but do not necessarily want to spend a large amount of money in premiums each month on permanent life insurance. For just a few dollars a day, most people can find a term life insurance policy that offers decent coverage and protection for average terms of 10 to 30 years.

Permanent life insurance can be more robust and offer lifelong protection for your family. If you want to choose a policy where you will no longer have to worry about term expiration dates or what your future premiums will be, permanent life insurance is a great option for you. 

Through permanent life insurance, you have the peace of mind that you are covered until your death, whenever that may be. The costs of permanent life insurance are often much higher than a term policy, but the benefits can outweigh these costs depending on your situation.

Best Way to Shop for Cheap Life Insurance Providers for 47 Year Olds

Comparison shopping is not just for your next big-ticket item, but it is also the best strategy when shopping for life insurance, especially at age 47. The reality is that as you near the big five-o, life insurance policies can begin to increase significantly, and comparing various life insurance policies can end up saving you money down the line. 

Term life insurance costs can vary widely from company to company or you may be surprised to find the affordable permanent life insurance coverage that aligns with your preferences and your budget. 

When it comes to shopping for life insurance, always take the time to browse several options and see what each company has to offer. Do not assume that because your options are limited with one company you will be limited by all. The best way to find a life insurance policy for you is to compare prices and options from different providers by clicking here.

7 of the Best Cheap Life Insurance Providers for 47 Years Old Women and Men

Sproutt

Sproutt

The innovative life insurance coverage option from Sproutt takes a personalized approach to help individuals get the coverage that they need by rewarding positive lifestyle choices and those that meet their health metrics for the best available premiums. 

Their interactive questionnaire gives you instantaneous feedback and a quote for a term life insurance policy, taking into account your stats and answers to the questions. You can also indicate your preference for a medical exam or no medical exam policy.

Average costs for coverage for a $500k policy for 47-year-olds:

  • Male: $108 per month for a 20-year term life insurance policy with SBLI
  • Female: $76 per month for a 20-year term life insurance policy with SBLI

AIG Direct

AIG Direct

With coverage from $100k up to $10 million, with AIG you can customize a policy that meets you and your family's needs. AIG offers a wide range of life insurance products that includes term life insurance and permanent life insurance with coverage that can protect you during your life and your family in the event of your death. 

You can use the online quote generator and get instant quotes for term life products or inquire for more information about a custom permanent life insurance quote through phone or email from an AIG agent.

Average costs for coverage for a $500k policy for 47-year-olds:

  • Male: $111 per month for term life or $125 for term life with living benefit coverage options
  • Female: $84 per month for term life or $93 for term life with living benefit coverage options

SelectQuote

SelectQuote

With SelectQuote, you can take the hassle and frustration of life insurance shopping out of the equation. They do the legwork for you while you just review your options and choose the best fit for you. They offer various life insurance coverage, including both term and permanent life insurance. 

You submit a few details about you and your lifestyle to get a personalized quote by email or a phone call from a SelectQuote representative to discuss the best options available for you. This is a fantastic option for individuals that appreciate personal attention and care from an agent that will work with them to find the right fit and help answer questions with a live person.

Prudential

Prudential

You can get an instant quote for Prudential's term life insurance policy or dig deeper with the help of a Prudential representative for more options. The company offers 11 different life insurance products, ranging from their simple and straightforward-term life insurance to more in-depth coverage with various riders and benefits through one of their universal life insurance policies. 

If you are looking for rates instantaneously, you can get an estimate of their term policies through their easy-to-use online tool, but if you want to compare your options with one of the other policies, you will have to follow up with a Prudential financial professional that can help guide you to the policies you are eligible for and give you an estimate of what the monthly costs will be.

Average costs for coverage for a $500k policy for 47-year-olds:

  • Male: $72 per month for a 20-year term life insurance policy with Assurance IQ
  • Female: $62 per month for a 20-year term life insurance policy with Assurance IQ

Guardian Direct

Guardian Direct

Guardian Direct offers coverage not only for life insurance but also for vision, dental, accident, and liability. If you are looking for a one-stop-shop to compare plans and prices, you can easily do that with the Guardian Direct service. 

After a few clicks and quick answers to a handful of questions, you will have a personal quote for life insurance generated for you. The quote process with Guardian Direct is fast and convenient, allowing you to easily change coverage options to find the best fit for your budget and needs. Keep in mind the life insurance offerings by Guardian Direct are limited only to term life insurance.

Average costs for coverage for a $500k policy for 47-year-olds:

  • Male: $74 per month for a 20-year term life insurance policy
  • Female: $57 per month for a 20-year term life insurance policy

Bestow

Bestow

The answers to six quick questions are all it will take to get a quote from Bestow for its term life insurance product. With no medical exams required and an instant decision for you, there is little to lose in checking out what offers are available for you. 

Term life insurance policies are available for any adult aged 18-60 with coverage ranging from $50,000 to $1.5 million. The company does not offer permanent life insurance, so if that is what you are looking for, it will not suit your needs.

Average costs for coverage for a $500k policy for 47-year-olds:

  • Male: $62 per month for a 20-year term life insurance policy
  • Female: $46 per month for a 20-year term life insurance policy

Lemonade

Lemonade

If you want fast access to term life insurance options and a quick turnaround on coverage at a low cost, then Lemonade may be what you are looking for. This company asks you a few personal questions such as your location and age, height, weight, and whether you are a smoker to give you instantaneous quotes on term life insurance options. 

With their online tool, you can slide across to compare the various coverage amounts and terms to see how that will influence your monthly payment estimates. Once you find an amount that fits your budget and meets your coverage needs, you can move forward to their online application process, which they claim will take as little as five minutes to complete. 

Average costs for coverage for a $500k policy for 47-year-olds:

  • Male: $62 per month for a 20-year term life insurance policy
  • Female: $50 per month for a 20-year term life insurance policy

Average monthly premium of a $500k 20-year term life insurance policy for a 47-year-old:

  • California - Male policyholders - $68; Female policyholders - $58
  • Texas - Male policyholders - $63; Female policyholders - $49
  • Florida - Male policyholders - $64; Female policyholders - $50
  • New York - Male policyholders - $70; Female policyholders - $60
  • Pennsylvania - Male policyholders - $66; Female policyholders - $52
  • Kentucky - Male policyholders - $58; Female policyholders - $46
  • Ohio - Male policyholders - $61; Female policyholders - $48

Final Takeaway

Take out a few hours of your day to find a life insurance policy that works for you. Use our guide for finding the best cheap life insurance providers at 47 years old to navigate this potentially overwhelming task and narrow down your choices to what fits best with your budget and your expectations. Do not put off buying this important coverage any longer and choose the best cheap life insurance policy for your peace of mind and security. 

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