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Life insurance for 40-year-olds
Purchase a policy now to set your family up for a future of financial freedom.
As a 40-year-old, it’s the perfect time to get coverage: You’re still young enough to qualify for good rates, and you likely have the funds and flexibility to buy the coverage you want.
What is the best life insurance policy for 40-year-olds?
We recommend: Term life insurance
Term life insurance is an inexpensive way to protect your financial legacy, for a set period of time, in the event that something ever happens to you. As someone who is in their 40’s, you’ve likely picked up a few additional financial responsibilities such as a mortgage, a spouse, and/or children. A term policy can give you peace of mind knowing that your financial obligations will still be met whether or not you outlive the policy. What’s more: because 40 is still considered to be relatively young, given that you’re in good health, you will still qualify for lower rates.
A great pick: Protective
We like Protective because of their highly affordable rates, and streamlined application process. Not only does Protective guarantee level premiums, but should your needs ever change Protective may give you the option to convert to a permanent policy.Get a quote on Policygenius
Which is the cheapest life insurance provider for 40-year-olds?
At this stage of your life, you might be looking at $500,000 worth of coverage or more, so let’s use that as an example. Our research suggests that the cheapest life insurance provider for a 40-year-old nonsmoker is Protective Life, which tends to charge $28.38 a month for men, and $24.94 for women.
As always, life insurance rates for a smoker are higher. Banner Life and William Penn are among the most budget-friendly options, coming in at $131.31 a month for men, and $96.66 for women.
Of the 15 providers we’ve looked at…
Cheapest for a 40-year-old male with a $500,000 coverage policy
Cost: $28.38 / month
Cost: $30.17 / month
Cost: $30.52 / month
Cheapest for a 40-year-old female with a $500,000 coverage policy
Cost: $24.94 / month
Cost: $25.49 / month
Cost: $25.81 / month
What is the typical cost of life insurance for 40-year-olds?
The rate you’re offered is the result of factors like your age, health, family history, occupation, lifestyle and whether or not you’ve gone down the no-exam route. It’s also a product of the provider’s underwriting guidelines; some life insurance carriers are lenient, while others have stringent standards. Either way, as a 40-year-old, you can still qualify for coverage at competitive — and maybe even preferred — rates.
For a 40-year-old man in perfect health, our research suggests the typical cost for $500,000 worth of coverage in a 20-year term policy is $33.31 a month. Over the course of the policy, this comes to $7,993.71, with an expected value of $50,989.06. For that same amount of coverage, the average cost is slightly lower for women at just $28.23 a month, totaling $6,775.71 over 20 years with an expected value of $32,304.32.
By age 40, you’ve probably climbed the career ladder to earn a comfortable salary. If you’re trying to decide between two or more levels of life insurance protection, chances are there won’t be much of a price difference.
Let’s use a 40-year-old nonsmoking woman as an example. According to our research, a $250,000 policy with Protective Life, the cheapest provider, might cost her $15.27 a month. To boost her coverage to $500,000, that insurer tends to charge $24.94 — a price difference of less than $10 a month for twice the coverage. And to lift it to $1 million, she might pay $43.43 a month.
How much life insurance do I need around age 40?
Life insurance is all about comfort. The premium should be affordable, and if you die, the death benefit should comfortably cover your beneficiaries. Generally, life insurance experts suggest a number between 5 and 10 times your annual salary, but potentially more if you have a family or other financial obligations. Use our calculator to see exactly how much you should take out.
When you’re determining your life insurance needs, think about what you pay for now and what you predict you’ll be paying for in the future.
What is my risk of dying in the next five years?
According to our life expectancy data, for a healthy 40-year-old woman, the risk of dying in the next five years is 0.79%. For a man, it’s a little higher at 1.22%.
Odds of dying for a 40-year-old
|Within the next…||Male||Female|
Life expectancy rates are merely calculations based on averages of mortality among specific population, gender and age groups. They do not predict the specific life expectancy of any one person - including you. If you're concerned about your overall health and risks, talk to your doctor or health professional.
Those statistics are even better when you consider that in the US, a 65-year old man is likely to live until 84.3, while a woman can expect to live until the age of 86.6. These are averages — about a quarter of 65-year-olds will reach their 90th birthday and beyond.
Life insurance underwriting is complex, with many factors coming into play — but age is a constant. A healthy 40-year-old is not seen as too risky to insure. As you compare life insurance policies, you’ll realize that many providers offer low premiums and preferred rates to people in this age group.
At 40, financial planning is probably at the forefront of your mind. If you have a family, business or financial assets, you may want to look into taking out a life insurance policy. It can protect all of those things, plus give your family or employees a sense of security for the future. Life insurance becomes more expensive as you age, but if you apply now, there’s a good chance you’ll be offered a low premium — and that rate stays the same until your policy expires.
As always, be sure to shop around to find a life insurance policy that fits your needs.
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