Find out prices for life insurance in your forties and save money.

Find out prices for life insurance in your forties and save money.

WHAT PRICES SHOULD YOU PAY AND WHY?

When the majority of Quebecers approach their forties and its psychological effects, they suddenly realize that they need to protect their assets in case of an accident. Before and after 40 years of age, life insurance is the most advantageous option, offering both financial security and investment strategies.

Do you own :

  • A house with an unpaid mortgage?
  • A chalet?
  • A business?
  • An income property?
  • An item of great value?
  • A project under development?

Did you know that over 62% of Canadians are covered by life insurance(source: Canadian Life and Health Insurance Association (CLHIA)? This 2015 data was taken from « Facts about life and health insurance in Canada » which highlights the fact that Canadians are fiercely trying to protect their wealth and legacy.

 

  WHAT IS LIFE INSURANCE AT 40?
At age 40, it is time to plan for your retirement. 1. To plan your retirement. Here are the main reasons to take out life insurance at age 40 in Quebec.
Before or after age 40, consider protecting your family with life insurance in case you die. 2. To protect your family.
If you want to give a legacy to your loved ones at age 40, take out life insurance. 3. To bequeath money to your loved ones.
Don’t let your family pay for your funeral at age 40 and buy life insurance. 4. To cover the costs of burial.
Plan for the unexpected by taking out life insurance before or after age 40. 5. To safekeep an amount for security.
By starting to pay fpr life insurance at age 40, you can save a lot of money later on. 6. Save on your future life insurance costs.
If you have a project in mind at age 40, better invest in life insurance. 7. To invest in a particular project.

 

 

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Discover the prices of life insurance before and after age 40 in Quebec

While your state of health allows you and your fifties seem far away, it is best to check the prices of life insurance before and after 40 years old. There are many products in the market, divided into sub-categories, and with advantages and disadvantages.

Let us look at the major types of life insurance and their prices for an individual before and after age 40.

 

Term Life Insurance in your Forties

Benefits of Term Life Insurance

At age 40, term life insurance offers protection for you during a fixed period. Its premiums are not expensive and the coverage offered should be sufficient. If you are looking for short-term protection, this product is ideal for you.

Here are examples of prices for term life insurance for a person before and after 40 years of age:

The price of term life insurance before and after 40 years old (coverage of $100,000)*
Sex Age Price for a Smoker Price for a non-smoker
Male 35 years $25.00 $13.50
Female 35 years $20.00 $12.00
Male 40 years $38.50 $17.50
Female 40 years $27.00 $14/50
Male 45 years $61.50 $25.50
Female 45 years $38.50 $18.75

*These prices are average industry prices in 2018 and can fluctuate over time.

 

Disadvantages of Term Life Insurance

 

Since this type of life insurance only protects you for a specific period of time, you will need to renew your policy in order to keep it. You will inevitably see a surcharge add up due to your advancing age and your deteriorating health.

 

Is it a good idea to buy permanent life insurance (also called whole life insurance) around 40 years of age?

Advantages of Permanent Life Insurance

 

This product will follow you all your life and the associated coverage will normally cover all your debts (home mortgage, auto, boat, etc.) and leave plenty of funds to support your family and pay for your funeral expenses upon your death. Be aware that universal life insurance is life insurance that allows you to save money with an investment account. Talk to your insurance advisor or broker.

At around 40 years old, here is the cost of permanent life insurance:

The cost of whole life with cash value life insurance before and after 40 years old (for the amount of $100,000 )*
Sex and Age of the Insured Cost – Smoker Cost – Non-Smoker
Male of 35 years $78.50 $46.50
Female of 35 years $56.50 $39.50
Male of 40 years $108.00 $66.50
Female of 40 years $79.50 $53.50
Male of 45 years $137.50 $84.50
Female of 45 years $99.50 $67.00

*You will not find these prices anywhere. These are average prices obtained in 2018.

 

Disadvantages of Permanent Life Insurance

Permanent life insurance has higher premiums than term life insurance. Your financial resources may also be insufficient for this type of insurance.

 

There is a trick to help you save money on your life insurance before and after 40 years old and here it is…

Compare prices! The cost of life insurance will vary from one individual to another and based on a variety of factors. Each insurer prepares a chart that determines what type pf premiums will be paid by their policy holders.

By comparing prices offered by insurance companies, you can find the BEST SOLUTION tailored to your needs.

To assist you in your efforts, the FREE form on this page is at your disposal to find you (with the help of one of our partners) a protection before and after 40 years.

Fill-out the form on this page and wait for the results; it is obligation-free.

Get a Free Quote for your life insurance

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