You’re 40 years old and you realize it’s about time you bought a life insurance policy. In this article I will address the question of “How Much Does Life Insurance Cost for a 40 Year Old”. I’ll discuss term and permanent life insurance policies, give some examples of pricing for a policy, and list the best life insurance companies for a 40 year old. I’ll also discuss the differences between medical vs no medical exam life insurance for a 40 year old. To learn more and obtain Life Insurance quotes over 50, continue reading so we can help you find the coverage you deserve.
When you’re applying for life insurance coverage, the company is going to look at dozens of different factors, and the biggest one is your age. The older that you are, the more that you’re going to pay for the policy. If this is your second life insurance plan, you’ll notice that your premiums are going to be higher than when you bought your previous plan.
Even if you’re over the age of 40, there are plenty of options for affordable life insurance coverage that you can buy. Don’t assume that an insurance plan has to break your bank every month.
If you just want to compare rates for term life, simply use the instant online quote calculator right below this paragraph. Otherwise keep reading for more info on “how much does life insurance cost for a 40 year old”.
How Much Does Life Insurance Cost for a 40 Year Old: Term Vs. Permanent Coverage
There is a significant difference between pricing for a permanent policy and a term policy. The larger the death benefit, the bigger the difference. For example a 40 Year old Male buying a $500,000 policy would pay $615 annually for a 30 year term policy. A $500,000 policy with permanent coverage, such as a No Lapse Universal Life, would cost $2,298 annually. As you can see, the permanent coverage is four times the amount of the term policy. There are reasons to consider a permanent policy, such as for estate planning purposes, however for most people term is significantly more doable in terms of pricing, and provides protection during the years you need it most.
Before you apply for coverage, it’s important that you decide which plan is going to work best for you. Each type of plan has different advantages and disadvantages. In most cases, a term insurance plan is going to be the best option for you and your family. They are the most affordable way to get life insurance protection for your family. If you’re looking to get the cheapest life insurance possible, a term plan is going to be the best route.
If you don’t want to worry about losing coverage in the future, you should consider purchasing a whole life policy. There are several different kinds of permanent coverage, universal, whole life, and several others. Each of them has different benefits and characteristics. Because there are several different types, it’s important that you compare all the available option. Our agents can help you decide which plan is going to give you the protection that you need.
Term Life Insurance for a 40 Year old Male and Female
So what does term life insurance cost for 40 year old male. In this example I’ll list pricing for a 20 and 30 year term policy at $500,000 at Preferred Plus Non Tobacco, Standard Non Tobacco and Standard Tobacco Rates for a man and a woman. Of course if you want to compare rates simply use our q
uote form below the first paragraph.
$500,000 20 Year Term 40 Year old Male:
- $30.45 monthly at Preferred Plus Non Tobacco:
- $64.25 monthly at Standard Non Tobacco
- $177 monthly for Smoker Rates
$500,000 20 Year Term 40 Year old Female
- $26.54 at monthly Preferred Plus Non Tobacco
- $54.34 at monhtly Standard Non Tobacco
- $135.65 monthly at Smoker Rates
$500,000 30 Year Term 40 Year old Male
- $53.51 monthly at Preferred Plus Non Tobacco
- $112.98 monthly at Standard Non Tobacco
- $274.05 monthly at Smoker Rates
$500,000 30 Year Term 40 year old Female
- $41.76 monthly at Preferred Plus Non Tobacco
- $84.83 monthly at Standard Non Tobacco Rates
- $206.50 monthly at Smoker Rates
Best Term Life Insurance Companies for a 40 Year Old:
Finding the best term life insurance company is really a function of finding out your current health and health history, height/weight, family history, coverage amount and length of term. However here are the companies that seem to have the best rates for term life for a 40 year old:
- Protective Life
- American National
- Banner Life
- North American Company for Life & Health
- Mutual of Omaha
- American General
- ING (only offers 20 year term, not 30 year)
- Lincoln National
No Medical Life Insurance Rates for a 40 Year Old
So that you can compare rates between medical vs. no medical life insurance, here are rates for $250,000 of coverage at 20 and 30 year term for a man and a woman. Typically policies above $250,000 require medical exams.
$250,000 No Medical Exam Policy for 40 Year Old Male
$77 month 20 Year Term – non smoker rate
$176 month 20 Year Term – smoker rate
$140.50 month 30 year term – non smoker rate
$259.91 month 30 year term – smoker rate
$250,000 No Medical Exam Policy for 40 Year Old Female
$63.94 month 20 Year Term – non smoker rate
$142.03 month 20 Year Term – Smoker Rate
$103.10 month 30 Year Term – non smoker rate
$190.31 month 30 Year Term – Smoker Rate
You can typically get better rates by getting a medical exam policy, however if you want to get a policy quickly, going non medical is the way to go. So whether you need help finding a no medical exam policy or a million dollar life insurance policy, we are here to help you find the plan that best fits your needs.
A no medical exam will allow you to get insurance coverage without being required to undergo the medical exam first. With a no exam plan, you’ll pay more every month, but you can be approved even if you’re in poor health or you have several pre-existing health conditions. Additionally, you may be limited on how much life insurance you can buy through a no exam plan. Most insurance companies will only sell you around $250,000 worth of life insurance without taking a medical exam.
Life Insurance In Your 40’s
If you’re looking for some simple ways to save money on your insurance coverage, it’s vital that you improve your health any way that you can. The best way that you can save money is to eliminate any tobacco that you currently use. If you’re listed as a smoker on your application, you can expect to pay much higher premiums for your life insurance. Smokers pay around double what a non-smoker is going to pay for the same amount of life insurance protection.
Because life insurance is one of the best safety nets that you could ever buy, it’s vital that you have the best plan in place for your loved ones. If something were to happen to you, they could be left with a giant mountain of debt. Losing a loved one is never easy, but being responsible for thousands of dollars of debt is going to make the situation much worse. Don’t wait another day to get the insurance coverage that they will need. You can’t put a price on the peace of mind that it will bring you.
If you have any questions about getting life insurance or how to get cheaper premiums in your 40s, please contact one of our agents today. We would be happy to answer those questions and connect you with the best policy to meet your needs.
Latest posts by Liran Hirschkorn (see all)
- Does Having a Stroke Affect Life Insurance? - October 10, 2017
- Protective Term Life Insurance: How Protective Life is Different - October 6, 2017
- Life Insurance For Dummies: Basics You Need To Buy Smart - September 25, 2017