Life insurance for a 40 year old

by | General Life Insurance

If you’re 40 years old and looking for a life insurance policy you probably have some questions, which we will answer in this blog post. This article will discuss permanent as well as term life insurance policies, providing pricing examples for a range of policies, discussing the differences between medical and no medical exam life insurance, as well as suggesting the top insurance companies for the 40’s age demographic. 

If you already have a good idea of the type of policy you are looking for and are interested in comparing life insurance quotes there is an online quote calculator located just below on the page. If you want to learn more and gain a full overview of the options available to you, read on to discover just how much you should expect to pay for life insurance in your 40’s for a variety of different scenarios.

Life Insurance for a 40 year old: Permanent vs. Term Coverage

Permanent policies and term policies have significantly different pricing, and this difference gets larger as the death benefit increases. Consider the following example; a 40 year old male who has buys a $500,000 term life insurance policy would pay about $615 per year. A $500,000 permanent policy would cost $2,298 per year about 4 times the cost of a term policy.

While a permanent policy is more appropriate for certain specific situations such as estate planning or burial expenses, term pricing is significantly more achievable for the vast majority of people, while still providing coverage during the most productive income producing years of your life – which is when you need life insurance the most.

Term Life for a 40 year old

So now that we’ve established a 40 year old (male or female) would most likely be interested in a term policy, you’re probably wondering just how much this generally costs.

Below I will include pricing for a 20 year term for $500,000 for a 40 year old male. If you just want to compare rates, be sure you check out the quote form below.

Assuming a 40 year old male in excellent health, a term policy would be about $30 per month. This is an extremely reasonable cost for a $500,000 policy.

Determining the company that is the best fit for you is dependent on your present health, your health history including family history, as well as weight and height. It also depends on your desired amount of coverage and the length of your term. We can help you figure out which life insurance company would be best for you based on these variables.

These companies generally have the cheapest rates and best term coverage for the 40’s age bracket.

Protective Life
Banner Life

Medical vs. Non Medical Insurance Rates for a 40 Year Old

If you are interested in comparing the rates for no medical vs medical life insurance, here are the rates for $250,000 worth of coverage for 20 year term.

Transamerica $37 per month

American National $40 per month

Sagicor $51 per month

Fidelity $77 per month

While Transamerica and American National have the best rates for no medical exam life insurance, they do take longer to approve than Sagicor and Fidelity. Transamerica and American National will not require an exam, however they will request your records from your doctor. Because of this approval will usually take about 3-4 weeks, as opposed to Sagicor which can approve you within 15 minutes to 48 hours, and Fidelity which approves within 24 hours.

If you need to get a policy quickly – for example for collateral for a loan or before flying on a plane, go with Fidelity Life or Sagicor – and we can help you apply.

We represent more than 30 of the top life insurance companies around. Compare rates on our site, or simply pick up the phone and give us a call at 888-411-1329 for a quote customized specifically for you.

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Michael Quinn

Michael Quinn

Hi, I'm Mike. If you're trying to purchase life insurance, forget about buying direct. You'll pay less when you use an independent life insurance agent like me. If you have specific questions or face challenges getting coverage - please email me. Another option is to give me a call at 888-411-1329. Either way, I'm happy to help you.