Best Cheap Life Insurance Providers for 48 Years Old (Males & Females)

At 48 years old, chances are that you've created financial security over the four decades (going on five) that you've tirelessly labored for. There's plenty to live for when you're 40+ years old. For instance, you can now have the time to embark on that bucket list vacation with your partner or try out something new, such as publishing a book as you bask in the fruits of your labor. While you may be financially stable, you still need to hedge your retirement life to secure your finances as you transition to life after actively working. But when making smart financial plans, factoring life insurance into the mix makes more sense. Start by researching the best cheap life insurance providers for 48-year-olds.

Whether you’re considering term life or permanent life insurance, the cost of life insurance increases as one ages. So you can expect to incur more costs when purchasing a life policy compared to someone who's in their 20s or 30s. It also trickles down to your financial obligations. If you're free from financial dependents and have saved more than enough to cover your debts, it wouldn't be the best move to take term life insurance. But if you still have family members who rely on you financially, finding cheap life insurance providers for 48 year-olds is a great way of creating financial security.

Why Should You Consider Getting Life Insurance in Your Late 40s?

There's no standard playbook on how people lead their lives. One person may decide to start a family in their 20s, others in their 30s. However, your income flow may start to peter out as you approach your retirement age. 

According to data, individuals in their 40s should at least have about three times their salary in their savings accounts. Also, because the average age for first-time parents has been on the increase since 1970, it becomes challenging to have such an amount in savings while still caring for your dependents (including kids, your partner, your parents, or even your business).

What if an illness, disability, or death halts your income flow? It means your surviving family members will be left in financial ruin. The situation only gets worse when you have debts.

If you can relate to such circumstances, then it would be best to obtain a life insurance policy to ensure you have the financial security to ensure that in case of any unexpected event, your family members can continue to live their lives normally, cover mortgages or loans, and even leave an inheritance to your loved ones. Keep reading to learn more.

Choosing the Right Life Insurance When You're 48 Years Old

Your options for life insurance at the age of 48 are different from that of a person in their 20s, 30s, or 50s. Insurers price life policies based on the holders' ages, and the rates increase as you add more years. If you're uninsured or underinsured, it's essential to start considering buying life insurance before the rates get high. You need to find cheap providers for 48-year-olds with insurance costs that align with your financial and life needs.

You may have insurance benefits from your employer, but that's not enough to offset your financial needs. If you plan to continue working for a while, having an individual plan supplements the coverage you have through your company benefits. 

You may also have purchased a 20-year term life insurance while in your 20s that's due to expire in a few years to come. But now, you may have realized that you require additional financial protection. Some situations that might compel you to extend your coverage include an outstanding mortgage, you've just had a child, or you simply require more security for your partner or kids. 

Americans have high life expectancies. Being 48 years old means you're still in good health, making life insurance relatively affordable. But it's essential to do your homework and compare different quotes from different insurance providers to determine who provides the best rates for your financial situation. Online insurance marketplaces make the work easier by bringing you various quotes from renowned companies, including the best cheap life insurance providers for 48-year-olds. If you're ready to purchase a life policy, you can click here to compare rates. 

Unique Considerations for Life Insurance Coverage in Your 40s

To some, life insurance can be too expensive, but that shouldn't deter you from purchasing a life policy. The trick is to try and adjust your coverage details. You can choose lower-level coverage or a shorter-term policy to get cost-saving opportunities without losing the chance to secure the coverage you need. 

In fact, the life insurance funds you get in your 40s can help your beneficiaries cover various financial needs, including:

• Paying off the remaining part of your mortgage 
• Catering to the needs of a stay-at-home parent who depends on you for income
• Offsetting any expenses related to childcare and other extracurricular activities
• Providing financial cushioning for monthly bills instead of using savings
• Health-related expenses 
• Bridging the gap in coverage because you now have additional funds 

The Top Cheap Life Insurance Providers for 48-Year-Olds

Bestow Life Insurance

Another insurtech company, Bestow was founded in 2017 and focuses on online sales of term life policies. It caters to shoppers aged 18 to 60 years, providing life plans over 10, 15, 20, 25, and 30 years, with maximum coverage of $1.5 million. But 50- to 60-year-olds get a lower maximum of $1 million. With Bestow, you get instant coverage without having to take a medical exam. Apart from that, Bestow policyholders review the carrier positively and enjoy a wide range of term plans. 

48-year-old females of good health will pay the following rates for term life coverage:

• $37.25 per month for $500,000 in coverage over a 10-year term
• $56.00 per month for $750,000 in coverage over a 15-year term
• $86.83 per month for $1 million in coverage over a 20-year term

48-year-old males of good health will pay the following rates for term life coverage:

• $53.50 per month for $500,000 in coverage over a 10-year term
• $81.63 per month for $750,000 in coverage over a 15-year term
• $119.33 per month for $1 million in coverage over a 20-year term

SelectQuote

SelectQuote allows life insurance shoppers to obtain life insurance quotes from top-ranking, cheap life insurance providers for 48-year-olds. Although it doesn't specialize in selling universal or guaranteed life plans, SelectQuote users can buy life insurance plans with up to $5 million in coverage. Some advantages of purchasing life coverage with the insurance agency are high amounts of coverage and renewable and convertible term plans. 

Sproutt

Sproutt is an online insurance marketplace that lets shoppers obtain quotes from various providers. It works more like an online traveling ticket agency that lets you compare flight, train, or bus tickets, only that it deals with life insurance policies. It provides a fast and easy means of comparing life insurance quotes tailored to your needs based on your income, demography, and medical questions. Even after selecting a suitable quote, Sproutt further personalizes the policy by asking more questions about your lifestyle, driving records, traveling behavior, and more. In simple terms, the online insurance platform suggests the perfect plan that resonates with your needs. 

Haven Life

Haven Life is a life insurance provider founded in 2014. It is backed and entirely owned by MassMutual, a reputable insurer with over 150 years in the industry. Haven Life focuses on providing term life coverage with affordable rates to make life insurance easy to access for shoppers. The insurance agency offers coverage from $100,000 to $3 million with terms ranging from 10 to 30 years with 5-year intervals. It manages a website where insurance shoppers can apply and manage their policy details online, alleviating the hassle of purchasing life insurance.  

48-year-olds, non-smoking females of good health will pay the following rates for term life coverage:

• $13.92 per month for coverage of $100,000 over a 10-year term
• $102.50 per month for coverage of $1 million over a 20-year term
• $523.50 per month for coverage of $3 million over a 30-year term

48-year-olds, non-smoking males of good health will pay the following rates for term life coverage:

• $15.67 per month for coverage of $100,000 over a 10-year term
• $135.17 per month for coverage of $1 million over a 20-year term
• $738.47 per month for coverage of $3 million over a 30-year term

Banner Life

Owned by Legal and General, Banner Life offers far-reaching life policies in 49 states, as well as the District of Columbia. It specializes in universal and term life coverage. Shoppers choosing the latter can choose a 10-, 15-, 20-, 25-, 30-, 35-, or 40-year term. An advantage of choosing Banner Life is that it provides an extended term-life plan of up to 40 years, while most insurers only have up to 30-year offerings. Approved policyholders get proceeds within one business day, and it also caters to holders with a family history of cancer. 

48-year-old females of good health will pay the following rates for term life coverage:

• $21.04 per month for coverage of $250,000 over a 10-year term
• $237.42 per month for coverage of $2 million over a 25-year term
• $700.20 per month for coverage of $3 million over a 35-year term

48-year-old males of good health will pay the following rates for term life coverage:

• $24.00 per month for coverage of $250,000 over a 10-year term
• $323.98 per month for coverage of $2 million over a 25-year term
• $958.44 per month for coverage of $3 million over a 35-year term

Ladder

Ladder was established in 2015 with Fidelity Security as its issuer. The insurance agency offers term life insurance nationwide with a tech-forward approach, allowing shoppers to apply online without needing a medical report. Term life coverage starts from 10 years to 30 years with maximum coverage of $8 million. However, online applications are limited to term coverage of up to $3 million. With Ladder's online-first approach, insurance shoppers can easily apply and manage their policies online. 

48-year-olds females of good health will pay the following rates for term life coverage:

• $12.30 per month for coverage of $100,000 for a 10-year term
• $60.90 per month for coverage of $750,000 for a 15-year term
• $291.90 per month for coverage of $3 million for a 20-year term

48-year-old males of good health will pay the following rates for term life coverage:

• $14.70 per month for coverage of $100,000 over a 10-year term
• $79.50 per month for coverage of $750,000 over a 15-year term
• $391.06 per month for coverage of $3 million over a 20-year term

Ethos Technologies

Ethos was established in 2016 to make life insurance affordable and more accessible. Instead of wasting time and hassling over purchasing life insurance, the insurance agency enables you to apply for life coverage in less than ten minutes. Like other insurers, Ethos offers term life coverage from 10 to 30 years with 5-year intervals with $20,000-$2 million in coverage. Besides fast applications, shoppers need not take a medical exam, and they can obtain accelerated death benefits in all policies.

48-year-old females of good health will pay the following rates for term life coverage:

• $19-$52 per month for coverage of $100,000 over a 10-year term
• $210-$636 per month for coverage of $1 million over a 20-year term
• $660-$1709 per month for coverage of $2 million over a 30-year term

48-year-old males of good health will pay the following rates for term life coverage:

• $24-$65 per month for coverage of $100,000 over a 10-year term
• $273-$814 per month for coverage of $1 million over a 20-year term
• $896-$2,156 per month for coverage of $2 million over a 30-year term

The Average Life Insurance Premiums by State for 48-Year-Olds

The following are the average life insurance by state for $750,000 in coverage over a 20-year period for healthy, non-smoking 48-year-old males and females:

• California: $66.63 for females and $62.67 for males
• Washington: $80.70 for females and $105.60 for males
• Texas: $70.12 for females and $87.12 for males
• Illinois: $70.12 for females and $73.00 for males
• New York: $84.00 for females and $88.5 for males
• Pennsylvania: $114.50 for females and $201.50 for males
• Oregon: $83 for females and $106 for males

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.