Cheap Term Life Insurance for 40 Year Olds
Posted in Life Insurance Quotes by Age last updated on February 2, 2024Welcome to the Big 4-0! You have probably been out celebrating with your pals and reminiscing of the good old days of your 20’s and 30’s wondering where the time has gone. The reality has set in that you never purchased life insurance and you’re feeling the pressure of what you have been putting off all these years.
You’re wondering, is it too late to purchase term life insurance? Can I get cheap term life insurance at 40 years old?
Need help in finding coverage? We’re here to help! We will put your mind at ease in finding the right coverage based on individual needs. Purchasing life insurance in your 40’s is very affordable and coverage is easily obtained.
Shopping for the Cheap Term Life Insurance rates for 40 year old
Choosing the right insurance policy can be overwhelming for some. You’re wondering where to start? How much term life insurance do I need? What will it cover? We will answer all these questions to help you find the best coverage for your specific needs.
When shopping for the best life insurance rates, we recommend that you work with an independent life insurance agency that has access to all of the top rated life insurance companies. The agent that you’re working with can ask you important questions pertaining to your health and family history and provide you with the best rates possible. If you are relatively healthy you can use our online quote tool to receive current rates, which are the same rates all agents see. All you need to do is pick the best rate and carrier for you.
If you have a pre-existing medical condition, we would like to speak with you in person to gain greater detail before providing you with a quote. We need those details because every insurance carrier looks at past medical conditions differently. We will then contact each insurance company individually on your behalf before to seek out the best life insurance rates for you.
How do I choose the Best Life Insurance Policy?
Term life insurance is the most common life insurance policy purchased in your forties because it’s the most affordable policy on the market. Most of us in our forties are married with kids, have a mortgage and some other outstanding debts. Some financial advisers recommend coverage of 7 to 10 times your annual income, however we have found it not to be realistic for every family’s situation. What is often more realistic is 13 to 20 times your annual income. Now you’re probably freaking out because you think that’s a lot but realistically it is not if you look at things in perspective.
Here are some questions to ask yourself:
- Think of the number of years you’d need to replace your income to enable your spouse to continue the same quality of life.
- What about paying off financial debts or your outstanding mortgage?
- Children are another concern for many parents; you want to take into consideration the number of children you have, the youngest child’s age to provide for a college education for them.
Taking these things into consideration, we find most people in their forties purchase a 10, 20 or 30 year term policy to get through these important years.
The most important thing we would recommend is for you to purchase an affordable life insurance policy to will meet your family’s needs and budgets. Remember, even a small amount of coverage is better than no coverage. You can always add additional coverage in the future as your income increases.
The Cost for Life Insurance for 40 year olds
As you know, life insurance is cheap only as the day you first purchase the coverage. Every year as you get older so do the rates, so LOCK them in now while you’re young and healthy! Most people will be surprised as to how cheap term life insurance really is.
The sample rates listed below show what you can approximately be paying for a 40 years old term life insurance policy.
Please note that rates can change and to feel free to use our online quoter for more current rates that are updated frequently. These rates are in monthly premiums and they will require for you to take a medical exam.
The rates listed below are for Non-Smokers. If you are a current smoker then the rates are typically going to be doubled from what you see from below.
Life Insurance rates for 40 year old male with a Preferred health class:
$250,000 $500,000 $750,000 $1,000,000
10 year term $14 $24 $33 $39
20 year term $22 $38 $55 $69
30 year term $37 $66 $97 $123
Life Insurance rates for 40 year old male with a Standard health class:
$250,000 $500,000 $750,000 $1,000,000
10 year term $22 $38 $50 $64
20 year term $34 $60 $87 $115
30 year term $59 $110 $163 $205
Life Insurance rates for 40 year old female with a Preferred health class:
$250,000 $500,0000 $750,000 $1,000,000
10 year term $13 $20 $27 $34
20 year term $19 $33 $47 $59
30 year term $29 $53 $77 $97
Life Insurance rates for 40 year old female with a Standard health class:
$250,000 $500,000 $750,000 $1,000,000
10 year term $19 $31 $46 $53
20 year term $29 $50 $76 $92
30 year term $45 $83 $122 $159
Life Insurance Without a Medical Exam
If you are one of those individuals who prefer to purchase a life insurance policy without a medical exam, we can help you! These rates tend to be more expensive and the face amounts are typically limited to $500,000 or less. Life insurance with a medical exam take more time to be approved than non-medical exam policies. If you don’t have the time and want to make sure your family is protected, a non-medical life insurance policy is the type of policy best for you.
If you are in your forties and still in need of life insurance, please give us a call at 877-817-2583 and we will assist you with your important purchase. We will provide you with a personal quote and inform you of the next steps in securing the best rates for your life insurance. We look forward to working with you and your loved ones.