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A lot of people believe that by the time they get to their 40s it can become way too expensive for them to ever be able to obtain a life insurance policy. In reality though this couldn’t be farther from the truth, because it is just as easy for someone in their 40s to obtain life insurance as it is for someone in their 30s. Most people in their 40s are actually surprised at just how inexpensive life insurance can be for them.
For anyone, regardless of their age, our best advice is to use a free tool like the quote calculator we feature on our website to figure out just how much their life insurance should cost them.
Saving money on your life insurance at 40 Years Old
Most people are just looking to get the cheapest life insurance plan possible. If this sounds like you then you should seek out the services of an independent life insurance agency who can contact all the top-rated life insurance companies for you. They will then sit down with you and go over your options to make sure you fully understand everything. If you are in good health, then our online quote tool will give you accurate rates, and these of the same rates we would be quoting you if you would’ve contacted us directly. Once you’ve entered your information into the online quote tool, it’s as simple as choosing the cheapest option.
If you do have a pre-existing condition though, things will be slightly more complicated. We will first have to look into your condition a little bit before we can do any research on your behalf. Every life insurance company has a different way of assessing risk, so we will need to contact them all individually in order to get you the best rate. Doing this on your own could easily take you several days or even a month.
Since we do this every day, we are experts at negotiating with the life insurance companies. We are proud to say that we strive to get our customers the best rates possible every time.
Inexpensive life insurance quotes for 40 year olds
If you simply want a frame of reference to see how much you might end up paying for life insurance, we provided this table below to get you started. Please keep in mind though that these rates are just examples and can only be used as a guideline. Also, the rates fluctuate daily so your best bet to get an up-to-date rate is to use the free quote tool we have on our website.
The rates below are for non-smokers. If you are a smoker then you can expect the rates seen below to double.
Term life insurance for a 40 year old male “Preferred” health class (minor or no health issues), monthly rates:
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
| 10 year term | $10 | $10 | $16 | $25 | $42 |
| 15 year term | $12 | $12 | $18 | $31 | $54 |
| 20 year term | $12 | $14 | $23 | $38 | $72 |
Term Life Insurance for a 40 year old male “Standard” Health Class (controlled health issues), monthly rates:
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
| 10 year term | $12 | $13 | $22 | $37 | $67 |
| 15 year term | $14 | $15 | $27 | $48 | $89 |
| 20 year term | $15 | $19 | $36 | $64 | $119 |
Term life insurance for a 40 year old female “Preferred” Health Class (no of minor health issues), monthly rates:
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
| 10 year term | 9 | $10 | $14 | $22 | $35 |
| 15 year term | $9 | $11 | $17 | $26 | $45 |
| 20 year term | $11 | $12 | $18 | $35 | $61 |
Term life insurance for a 40 year old female “Standard” Health Class (no or minor health issues):
| $50,000 | $100,000 | $250,000 | $500,000 | $1,000,000 | |
| 10 year term | $12 | $12 | $18 | $32 | $52 |
| 15 year term | $13 | $14 | $25 | $43 | $78 |
| 20 year term | $13 | $16 | $31 | $53 | $97 |
Choosing the best life insurance policy at age 40
There’s 2 types of policies that most people age 40 are purchasing – term life insurance and guaranteed universal life insurance. Term life insurance is self explanatory – level payments for the length of the term. Guaranteed universal life insurance on the other hand guarantees your life insurance premiums to be level for the rest of your life. Your coverage will never go down and your premiums will never go up. Of course this is what everyone wants, but it’s more expensive than term life insurance.
We’re finding many people with both temporary and permanent needs are buying a smaller GUL (guaranteed universal life insurance) policy and combining it with a 20 or 30 year term life insurance policy. A lot of agents will recommend to just purchase term coverage and convert it to permanent coverage down the road, but we’re seeing conversion options dropping. Meaning a lot of companies are dropping the best permanent policies they own for conversion.
Beyond the type of life insurance policy you want to putchase,think about what you will actually be using the policy for. Think about whether you use it to supplement your income for your spouse’s benefit or whether it will be used to cover any mortgages or other debts you might have. Some people will use it to cover their children’s college expenses. Figuring this out with help you decide exactly how much coverage you need.
Once you know how much you need, you’ll need to decide how long you’ll need the coverage for. If you’re trying to supplement your income then you will need a policy that will last until they retire. If it is a supplement any debts, then it will need to last until you feel it’ll be paid off. If it is the pay for college then it will need to last until you feel your children will be out of college.
The point is not to go broke paying for life insurance but to get something in place to protect your family. It is always better to have some coverage rather than no coverage at all so, go for something affordable that you can pay for.
Bottom line
If you’re looking to take out a life insurance policy, then you should be working with an independent life insurance agency who can get you the best possible deal. There’s a lot of information here to take in all at once, so if you have any questions please don’t hesitate to contact us directly. Also don’t forget about the free tool we have on our website to help you quickly and easily figure out how much life insurance should cost you.
