Life Insurance in your 40’s. Ultimate Guide to Life Insurance Rates in your 40’s

Planning for your future | Life Insurance

Life Insurance in your 40’s- Guide to Achieving the best Rates

Life Insurance Rates in your 40’s (2018)

Life insurance in your 40’s can be intimidating. We get it and that’s why we are here.

We want to show you all the options for life insurance in your 40’s.

Life insurance rates in your 40’s is one of those things that just isn’t that appealing to have to deal with.  You probably have more important items you want to take care.  The problem is… The rates are now beginning to rise and it’s time to lock up a policy to take you into retirement..

Typically in your 40’s you probably don’t have a brand new mortgage anymore and the biggest factor is probably covering your children’s college expenses if you were to pass or replacing your income for your spouse.

You are probably within 10-20 years of your retirement age and the planning process for your final working years is crucial.

Life insurance in your 40’s is a cut and dry decision for most given the circumstances.  If you haven’t purchased life insurance or even researched, it yet…. No worries.

We are here to help.

We hope that in your 40’s you still have some spring in your step and don’t have to many medical conditions to consider but if you do, no worries.  We can help with that too.

As an Independent Agency with no direct ties to any given carrier, we are here to provide you pure value and nothing else.  We want to guide you to the lowest rates possible and walk you through the process in an easy and stress-free manner.

Most of you probably don’t have much of an idea on which life insurance carrier would be the best pick…Let Good Life Protection handle that aspect of the purchase for you.

That’s not all though…. you see…

Other factors need to be considered when deciding to purchase life insurance in your 40’s.

What kind of life insurance are we searching for…. term or permanent insurance?  How long do we need the coverage to last for?  What will be the total cost?   Which carriers should you consider?

One of the biggest things to get out of the way is looking at example rates in your 40’s. Every year counts with life insurance, so let’s dive into that first and see how many nights at your favorite restraint this might set you back per month.

Term Life Insurance in your 40’s-Term Life Insurance Rates (2018)

Cheapest Life Insurance options in your 40’s

Whole Life insurance in your 40’s- Whole Life Insurance Rates in your 40’s

Cheapest Whole Life Options in your 40’s

Universal life insurance in your 40’s-Universal Life Insurance Rates in your 40’s

Cheapest Universal Life Options in your Thirties

So how much Life Insurance do you need in your 40’s?

So how much coverage do we really need to provide the protection our family needs?  It’s a little trickier than an easy, quick answer. A lot of things go into piecing it all together. Don’t worry…we know that sounds bad, but we are quick at it and make it a seamless painless process for you.  That doesn’t mean we don’t have some preliminary questions to kickstart the process however.

How old are you currently?  The amount of life insurance a 40-year-old needs may be vastly different than someone about to turn 50 years of age.

  • How many children do you currently have? Do you intend on having additional children? Are any of the children still attending college?
  • How much total debt do you have? Student loans remaining? Credit card debt? Business debt?
  • Do you currently have a mortgage?
  • Are you the majority income provider for the family?
  • How much income does your spouse or significant other need if you were to meet your maker?


These items are all significant in the decision of how much coverage you ultimately need.  You don’t need to have an abundance of coverage, but you also don’t want to cut things short for your family when it comes to financially protecting them and your assets.  Once we have this pinpointed it’s time to pick the form of coverage we want to place in force for your family.

So, what exactly are you searching for?

Are you looking for

  • Term Life Insurance?
  • Whole Life Insurance?
  • Universal Life Insurance?

In your 40’s, this is a difficult decision for a few reasons. At Good Life Protection we typically only recommend whole life insurance for final expenses or burial coverage.  It doesn’t necessarily mean it’s the best option.  It just means, that once you break the 50-year-old barrier, whole life insurance isn’t going to be a very viable option anymore or have time to grow you much cash value.  You will still be able to enjoy affordable rates for permanent coverage at this age but not at very large coverage amounts unless you are a marathon runner and have a perfect health history.  Why would permanent insurance ever be a good idea?  We will get to that.

We have said it before, but we will say it again, for the most part, Good Life Protection thinks that whole life is not the gold medalist in the life insurance purchasing decision.   However, if you are only looking for a small burial plan, it could make perfect sense to take care of it now and be done with it.

If it doesn’t fit, term life insurance will take care of your needs with no problems.  Especially when you consider a longer term.  In your 40’s is still a prime time to lean toward a longer duration term policy such as an

  • 20 Year Term
  • 25 Year Term
  • 30 Year Term

Term life insurance comes in the following durations…

  • 10-year level premium term
  • 15-year level premium term
  • 20-year level premium term
  • 25-year level premium term
  • 30-year level premium term

The Pros and Cons of Term Life Insurance in your 40’s

Most of the time, term life insurance is going to get the job done.  Plain and simple.  However, like we discussed before, reasons do exist to consider other options.

The top pros of term life insurance?

  • Budget friendly and affordable
  • Convertible to Permanent Insurance
  • Locks in a health rating
  • Possible to achieve higher death benefit protection at lower prices
  • Simple and easy to understand. You pay a fixed amount per month. When you die, your family or beneficiaries receive a fixed death benefit. Easy as 1,2,3.


The top negative details about term life insurance

  • Not permanent- It does expire at the end of the current term selected.
  • No cash value builds up potential. No additional investment portions. Just death benefit here.
  • Not as much leverage with creditors
  • Health conditions can develop after term policy expires

Example Term Life Insurance Rates

Age- 40-49 for Males and Females

We are going to display some example rates for ages 40-49 for term life insurance.

To keep things simple- we are going to display rates at a preferred rating and non-smoker for males and females in the following coverage amounts over a 20-year level premium term duration.

  • 100,000.00
  • 250,000.00
  • 500,000.00
  • 1,000,000.00
MALE 100,000 250,000 500,000 1,000,000
AGE 40
$12.74
$21.75
$37.10
$67.88
AGE 41
$13.81
$23.65
$40.97
$74.74
AGE 42
$14.94
$25.61
$44.72
$82.52
AGE 43
$16.13
$27.93
$49.03
$90.64
AGE 44
$17.06
$30.69
$53.90
$99.17
AGE 45
$17.15
$33.07
$58.99
$108.47
AGE 46
$20.03
$36.02
$64.12
$118.96
AGE 47
$21.53
$38.44
69.19
$129.09
AGE 48
$22.23
$41.58
$75.21
$141.21
AGE 49
$23.01
$45.24
$82.07
$155.23
FEMALE 100,000 250,000 500,000 1,000,000
AGE 40
$11.20
$18.81
$31.63
$57.62
AGE 41
$11.78
$20.12
$33.93
$61.40
AGE 42
$12.38
$21.50
$36.41
$66.56
AGE 43
$13.07
$22.96
$39.04
$71.09
AGE 44
$13.85
$24.76
$42.05
$76.33
AGE 45
$14.53
$26.27
$45.23
$82.10
AGE 46
$15.52
$28.27
$48.86
$89.13
AGE 47
$16.39
$29.97
52.86
$97.17
AGE 48
$17.34
$32.25
$57.23
$105.40
AGE 49
$18.37
$35.09
$61.97
$114.67

But why 20 Years for the Term Duration?

20 years is the most common duration for term life insurance.  In your 40’s, we highly recommend considering a 20-year policy.  Why?  It’s going to get you very close to retirement age if not past retirement age.  This will most likely eliminate your mortgage payment and eliminate a lot of the overall need for the coverage. Your ability to lock up cheap rates for a long duration will soon not seem so fun to purchase.  The rates will begin to creep up and you will probably be thinking a ten-year term is just fine.  But it’s typically not.

If it’s affordable and you need it, lock it up for the long haul now.  No need to procrastinate with such an important decision.

Why the Preferred Rating only?

In the later years of life, preferred ratings tend to be a bit more difficult to achieve.  In your 40’s however, not nearly as challenging.

At this age you probably haven’t developed many major medical health concerns.  If you are thinking you don’t qualify for the preferred rating and may fall a bit short, check out…

  • Life Insurance Rates with Medical Conditions

And for the next option…

Pros and Cons of Universal Life Insurance in your 40’s

Universal Life Insurance can be a great financial planning tool in your 40’s.  It serves a more complex purpose and allows you to stretch the duration of coverage well past what term insurance can cover.

The top pros to consider with Universal Life Insurance in your 40’s?

  • Flexible Premiums
  • Ability to increase cash or increase death benefit
  • Ability to keep permanent coverage till your death
  • More affordable than whole life insurance

And for the negative feedback. The cons of Universal Life Insurance?

  • Higher price tag than term life insurance
  • Not guaranteed death benefit unless it’s a GUL (Guaranteed Universal Life)

Let’s take a glance at what Universal Life Insurance will cost in your thirties

Example Universal Life Rates

Ages-40-49- Male and Female- Non- Smoker

We will also keep things uniform and display the rates at preferred ratings at the following coverage amounts.

  • 100,000.00
  • 250,000.00
  • 500,000.00
MALE 100,000 250,000 500,000
AGE 40
$69.53
$157.75
$304.29
AGE 41
$72.34
$163.95
$316.12
AGE 42
$75.08
$169.97
$327.58
AGE 43
$77.70
$175.71
$338.52
AGE 44
$80.34
$181.47
$349.45
AGE 45
$83.03
$187.32
$360.54
AGE 46
$86.80
$196.24
$378.01
AGE 47
$90.75
$205.61
$396.43
AGE 48
$94.85
$215.39
$415.66
AGE 49
$99.14
$225.68
$435.94
FEMALE 100,000 250,000 500,000
AGE 40
$57.58
$130.19
$250.85
AGE 41
$59.91
$135.40
$260.85
AGE 42
$62.31
$140.77
$271.14
AGE 43
$64.76
$146.22
$281.58
AGE 44
$67.23
$151.72
$292.10
AGE 45
$69.69
$157.18
$302.54
AGE 46
$73.28
$165.20
$317.95
AGE 47
$76.91
$173.33
$333.56
AGE 48
$80.57
$181.54
$349.33
AGE 49
$84.26
$189.82
$365.29

Pros and Cons of Whole Life Insurance in your 40’s

Let us be very clear about whole life insurance.  We are not huge fans of whole life insurance in most situations.  We believe term can accomplish what’s needed from a protection and income replacement standpoint.  We also believe that if permanent insurance is needed, a Universal Life insurance policy can meet your needs for less cost.

As discussed previously, whole life insurance in your 40’s is usually not going to be the best option.  However, if it is for the burial insurance or final expenses, it can be a great pick.

Pros of whole life insurance in your 40’s?

  • Permanent Guaranteed Insurance
  • Forced Savings
  • Tax Benefits
  • Fixed Premium Rates
  • Participating policies (dividends earnings potential)

Cons of Whole Life Insurance in your 40’s?

  • Most expensive form of life insurance
  • Fees and expenses are typically higher with whole life policies
  • Death benefit is separate from cash value (You don’t get both)
  • MEC policies- careful to not overfund otherwise tax penalties may apply
  • And the Commissions! That’s right folks, the life insurance agent typically makes more commission on a whole life policy.

Let’s take a glance of some whole life insurance rates for ages 40-49.

These example rates will be at preferred rates, nonsmoker and for the following coverage amounts…

  • 100,000.00
  • 250,000.00
  • 500,000.00
MALE 100,000 250,000 500,000
AGE 40
$138.25
$336.18
$659.49
AGE 41
$144.46
$351.71
$690.55
AGE 42
$150.76
$367.46
$721.18
AGE 43
$156.98
$382.99
$752.24
AGE 44
$163.19
$398.52
$782.86
AGE 45
$169.49
$414.27
$813.93
AGE 46
$177.54
$434.39
$853.74
AGE 47
$185.59
$454.52
$893.99
AGE 48
$193.64
$474.64
$933.80
AGE 49
$201.78
$494.99
$973.61
FEMALE 100,000 250,000 500,000
AGE 40
$120.66
$292.21
$572.42
AGE 41
$125.83
$305.11
$597.80
AGE 42
$130.90
$317.80
$623.17
AGE 43
$135.98
$330.49
$648.11
AGE 44
$141.14
$343.39
$673.49
AGE 45
$146.21
$356.08
$698.86
AGE 46
$153.82
$375.11
$736.49
AGE 47
$161.44
$394.14
$774.55
AGE 48
$169.05
$413.18
$812.18
AGE 49
$176.75
$432.43
$849.80

Other options for life insurance in your thirties?

If none of the options we have covered so far fit exactly what you are looking for, it doesn’t leave much to work with..

However, you can also explore the option of no medical exam life insurance.  This will in most circumstances come in the form of term life insurance.  Some whole life insurance policies also allow coverage without requiring a medical exam but often you would be looking at term life insurance.

Locking in your Rates- Life insurance in your 40’s part 3

So, you decided to pass on life insurance coverage in your 40’s.  What’s the big deal?

Maybe nothing.  Maybe more than you think.  Let’s look at two big issues.

Issue 1-  you now have a major medical condition which doesn’t allow you to gain any life insurance coverage.  In addition, your debts are higher, you have 2 additional children and you are the primary breadwinner.

End Result- No coverage to replace your income or take care of your family after a tragic vehicle accident resulting in you expiring. Family is now left with nothing to handle your final expense cost, that mortgage you left behind or any funding to provide for incoming expenses that are beginning to stack up rather quickly.  Not a good situation to leave your family in if you can avoid it.

May not sound like a major concern in your twenties but most things we don’t want to purchase, that is typically how it works.  Comes around to bite you in the rear later.

Issue 2-  Your rates are now that of someone 10 years or older than if you would have purchased the coverage in your 40’s.  May also not be the end of the world but when you factor in that you could have secured this coverage much cheaper per month, it may leave you a little frustrated when balancing your checkbook.

But I have coverage through my Work? I don’t need Life Insurance in my 40’s

Not a good motto to live by.  Employer sponsored life insurance is great for some additional cash to your beneficiaries if you meet your maker.

That’s a big IF for many reasons because employer sponsored life insurance is essentially useless in most circumstances unless you like living on the edge or at bare minimums. Employer sponsored life insurance can be comparable to carrying liability only on your vehicle insurance.

A reason exists as to why you must carry full coverage on a vehicle that still carries an outstanding loan.  It’s just not enough to coverage to really do much of anything. Same goes for employer sponsored life insurance….

Not getting a whole lot here.

It’s not locking you into any guaranteed rates and you rarely have any control over the policy.  Your employer can choose to terminate coverage at any time and in almost all circumstances, it’s rarely portable.

If it is portable, it’s usually not at very favorable life insurance rates.  Experts and agents should always recommend you have a private individual policy completely unrelated to your work sponsored coverage.

Don’t fall into the trap we see so often of people taking advantage of this coverage for most of their careers only to find out they are either leaving without the coverage or will end up paying a large premium dollar to continue the coverage at small death benefit amounts.

I have medical conditions; these rates won’t apply to me! Don’t pass up life insurance in your 40’s

Having medical conditions can cause issues gaining life insurance coverage.  Your also probably not going to fit the rates of what we have displayed for your age group.

Sorry for that, it’s just difficult to display accurate rates for many health conditions.  However, we do help and specialize in with high risk medical conditions as well.

What’s the good news?

Coverage is still doable, it just takes an agent who understands underwriting and an agent who will put in a little extra work on your behalf.  If you have pre-existing medical conditions, talk to someone at Good Life Protection, we will do everything we can to ensure we get you covered at the best possible price.

Age is Very Important with Life Insurance- Life Insurance in your 40’s

You could be a marathon runner or an Olympic gold medalist which will probably allow you to achieve preferred rates or a very favorable health class.  You can also always choose your coverage amount.

One factor you can’t control if you wait too long is the price difference of getting older.  Age makes a big difference with life insurance.  Maybe not so much in your 40’s but it will come around to get you sooner or later.  You should always consider getting life insurance when protection is needed.

You see….

Just because you may not need a lot of coverage right this second doesn’t mean you won’t very soon.  Don’t undercut coverage if it’s affordable.

Example- 47-Year-old calls and secures coverage for 100,000.00 at preferred rates at 17.00 per month on a 20-year level premium term policy.

3 years later he purchases his first home, has his first child and is newly married.  His wife currently doesn’t work, and this individual makes roughly 75,000.00 per year.

100,000.00?  It’s not going to do much and now all the sudden your old policy needs to be replaced or have a supplement policy added to it….

And….

Your three years older and the rates are going to be inflated accordingly.

Some would argue that this isn’t a huge deal but if you could have just locked up more coverage a few years prior for a lower cost over the next 15-20 years…. most would think that would have been the wiser financial decision.

To Sum Things Up

Life Insurance in your 40’s is not something to shy away from. We can help.

Our goal was to provide you some accurate life insurance rates for those of you entering into your final years in the work force and most likely the kids are off away at college by now.

You have several options at this age. All the options we covered could be a good choice. Speak to someone at Good Life Protection to narrow down your search even further.  Weigh your options carefully and with an independent agency who can provide you with the best possible rates.

Life insurance is a product that goes by the famous quote “The Sooner the Better”.  Lock in your rates while young and healthy. Most would assume you are only reading this because you have people you care about.  You should always ensure you are leaving adequate coverage to protect the ones your ones you love the most.

If you need help determining how much life insurance coverage you really need, give us a call today.  We promise to keep things simple.  May the best prices win!

Did you enjoy life insurance in your 40’s? Let us know below. We would love to hear from you. Drop a comment below.

Updated- 10/22/2018

Resources: InvestopediaGlobeanMailCashMoneylife

FILED UNDER – LIFE INSURANCE RATES

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