You have already passed 40 years of your amazing life. But, it is high time to have the best life insurance for people over 40.
Special Note: This article is applicable for anyone aged between 40 to 49 years if you are 50 years or older; go to this article.
Options Available for You
- Term Life Insurance
- Whole Life Insurance
- No Medical Exam Life Insurance
Our recommendation is to buy term life insurance in your 40s as it is cheaper compared to others.
Let’s find out the details.
Term Life Insurance at Age 40
It is the most common type of policy people buy. It is also considered as the cheapest one.
You can buy 5, 10, 15, 20, 25, or, 30 years of term life insurance.
If you are healthy, there will be no issue in getting an affordable plan. However, smoking can badly influence the rates.
Here is a sample rate chart for ($200,000 coverage):
|Term (Years)||Gender||Smoker Type||Premium/Month|
|20||Male||Non-Smoker||$25 - $35|
|20||Male||Smoker||$100 - $110|
|20||Female||Non-Smoker||$20 - $30|
|20||Female||Smoker||$70 - $100|
|30||Male||Non-Smoker||$35 - $45|
|30||Male||Smoker||$150 - $170|
|30||Female||Non-Smoker||$30 - $40|
|30||Female||Smoker||$110 - $140|
You may wonder why we are using a range. Because there are many other factors with the life insurance rates and it varies from company to company.
Whole Life Insurance
It is an option that is the most common type of permanent life insurance. This means the policy never expires until death. And, most life insurance companies offer this policy.
The policy has the cash value buildup feature and can be used to pay the debts, and funeral costs.
However, when you are just 40-year-old, we don’t suggest choosing a whole life as it will be very expensive at this age.
The average life expectancy in the USA is 79+ years, so, you are only 40 years.
To cover the inflation you have to pay a much higher monthly premium if you want to buy one now.
Great point: Some insurers give the offer to convert the term policy into a whole policy later (when the term expires).
We suggest to use our quote request box to find the exact today’s price for you.
No Exam Life Insurance Over 40
While purchasing a life insurance policy health issue becomes an important matter. If you are physically fit you are always welcome by all the companies.
But if your health condition is not so good you may have to face some trouble. You have the option to balance your health issues to get an inexpensive policy.
Life insurance over 40 is offered by different top-rated companies and if you talk to them they may give you the opportunity and time to get your health problems controlled and then you can sign the deal.
If you can’t solve the health issues you can easily go for a no-exam life insurance policy that is hassle-free. No question will be asked, just agree with the premium rate and get the policy.
How to Find a Life Insurance for People Over 40?
It’s always not a piece of cake to find a suitable policy. But, if you know what are your needs and you are confident with your calculation you can find an affordable policy.
We strongly recommend looking for policies that require a medical exam. Every insurer wants to minimize the risk factors and a medical test is a path to evaluate life expectancy.
Too bad health?
Why not trying to improve it? We human beings can do anything.
Improving health is not a big issue. By following a few steps, you are gaining two things – money & health.
Simply following a diet and exercise routine, you can gain fit health. It will also help you to lose weight and keep your blood pressure under control.
Quit Smoking Today
We have already mentioned how the price changes if you do smoke. Quit smoking today and it will help you to save hundreds of dollars every month.
You should quit smoking a few months before applying for a policy because nicotine takes some time to get out of your system.
Is It Too Late for Life Insurance Coverage?
We have thousands of clients who are over 85 years. So, you can imagine, it is absolutely not late.
Moreover, you have more than 20 years of work left. It is high time you purchase a policy.
Soon, you will see a big jump in price along with your age.
Quick Tips: Always choose a moderated coverage amount. Big coverage is a big headache of a monthly premium.
Why Do You Need Life Insurance?
As a responsible guardian of the family, it belongs to you to ensure the financial security of your family. When you are over 40 years you are at the right time to purchase a policy that can give your family financial safety.
Life insurance is simple to get; as you are at the beginning of your financial planning you can have a policy easily.
You may pass all day by doing hard work to support your family but you must consider what can happen if you pass away suddenly.
When you are at 40 years of age, you have a spouse, children and it is your duty to make them financially strong.
You must consider the day-to-day increasing living costs. Your children’s education cost is also a major concern that you must keep in mind.
Can you imagine how your family will pay the money after your passing away?
If you purchase a life insurance policy, you can easily support your family.
If you planned to purchase life insurance you must consider some important costs to determine the costs.
Funeral expenses, burial expenses, and education costs are the most important issue that you must be aware of.
A general USA family spends around $8,000 per month so you should keep it in your mind.
Last Few Words
Before buying life insurance over 40 you have to check free online quotes. We are offering a free quote requesting service where you can put your zip code and you can get the rates from different companies.
It is always important for you to search for the best policy and you can only do it by checking the quotes. The more quotes you compare the better policy you can find.
All the information you have but now it’s your time to check the quotes and find a suitable policy for you according to your needs.