Life Insurance Over 40 Years Old? Get Cover Today In 2022

life insurance over 40

Are you an older parent, or are you perhaps finding that despite being in your 40s, you still have significant financial commitments?

The Insurance Hero analysts have studied policy terms and premiums from all the insurers in the UK,
including many not featured on the comparison sites. Each insurer will see age differently. We have a shortlist of six insurers for people in their 40s that have much more attractive premiums.

One is much better for smokers. The other one is appealing because of its tolerance for health issues.

We are confident we can give people over 40 a much better life insurance policy offering than they are likely to get from the commission-driven and far from impartial comparison engines. Find out how our research can help you get great life insurance over 40 cover and save money!

Over 40 And Need Cover? Compare The Leading Life Insurance Companies & Get The Best Deal

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Do you worry about what would happen to your loved ones financially should you pass away suddenly?

If the answer to any of these questions is yes, you should consider life insurance for over 40s. Read on to find out how a well-designed life insurance policy can provide you with financial peace of mind.

Protect loved ones if the unexpected happens.

  • Specialist life cover offering your family protection without emptying your bank account
  • Sound customer reviews for customer service
  • Really good rates are provided for Dads and Mums
  • Reliability – Honesty – Caring – Trustworthy – Amazing Prices – UK Based Staff
  • Discover the best insurer for you without the headaches
  • Mortgage cover life insurance for extra peace of mind
  • Critical Illness coverage separate or in combination with life insurance at little extra cost

How Does a Life Insurance Over 40 Policy Work?

Like other age groups, a life insurance policy for over 40s is intended to provide financial protection for family members or other designated beneficiaries on a plan should you die. The protection is a financial lump sum, which is decided at the start of the plan and typically aligns with your circumstances.

For life insurance cover to be put in place, it is necessary to pay a monthly premium to the insurer over a policy’s duration.

Help Protect Your Family’s Future, Compare Top Insurers. Find Your Cheapest Quote

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Why Do 40s and Over Need Life Insurance?

Over 40s probably have more financial responsibility than any other age group. Over 40s likely have children who are still going to be of school or university age. With the age of those first stepping onto the property ladder in the UK now being above 30 years old, it is likely over 40s are still halfway through paying off a mortgage.

Over 40s will be increasingly set in their ways compared to younger policyholders and have a certain level of expectation about their day-to-day lives.

If there is no life insurance in place and as the breadwinner, you pass away suddenly, how would your family:

  • Maintain an acceptable or their current lifestyle?
  • Pay the mortgage?
  • Replace your salary as the primary source of income?
  • Keep funding childcare, private education, or further education?

Considering all these factors, it is essential to give life insurance at least some consideration.

40 Or Over? We Compare Quotes From The Leading UK Insurers That Protect You. 60 Second Quote Form

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Which Life Insurance Options Are Available for Those Over 40 Years Old?

There are two traditional life insurance products available for the over 40s, and these are fixed-term and whole of life insurance.  We will now look at the difference between these two options.

Fixed Term Life Insurance

Fixed-term insurance is the most popular form of life cover. Although it does require medical vetting for acceptance onto a policy, it is cheaper than whole of life insurance which we will next cover in this article.

As its name implies, the policy has a fixed duration, and if you die during this period, designated beneficiaries on the plan will receive a payout. If, however, you die after the plan has expired, no payout will be due.

Increasing Term Cover

Increasing life insurance cover means that the sum assured increases in line with the Consumer Price Index (CPI), a UK Government inflation benchmark over the fixed term policy duration. It means that a lump sum payout will be proportionally worth the same if you die as it did at the policy’s start.

Decreasing Term Cover

With decreasing life insurance cover, the sum assured will decline throughout the life policy. It is an intentional form of insurance cover as it typically ties in with a reducing amount owed on a mortgage, which will fall to zero at the end of a fixed-term policy.

Level Term Cover

With a level term cover policy, the sum assured will stay the same for the policy’s duration. It does mean that the effects of rising inflation will mean any payment amount will be worth less at the end of the policy compared to the start. This life cover type does have its uses, typically for covering financial obligations that may not rise but do not diminish over time, for example, an Inheritance Tax bill.

Whole of Life

Unlike fixed term life insurance, whole of life insurance gives financial protection for as long as you live, and if a policy starts when you are in your forties, it can still be an affordable option.

Due to no time limit on the plan, whole of life is more expensive than fixed-term insurance, and if you want to take out this plan, it is advisable to do it as young as you can. Even in your forties, a year of delay can make a difference as underwriters will look at advancing age as being associated with being more likely to die than a younger policyholder.

How Much Does A Life Insurance Over 40 Policy Cost?

The cost to put in place life insurance will differ significantly between over 40s, primarily due to differing personal circumstances and health levels.

An underwriter uses complicated algorithms and models to get a life insurance quote that most closely aligns with your circumstances. Therefore, an insurance company must ask detailed questions to understand your situation, which is done via a fact-finding questionnaire. At this stage, all questions must be answered honestly so that a life insurance quote and subsequent plan, if accepted, closely matches your situation. Failure to disclose information correctly could render a policy invalid when it comes to making a lump sum payout.

Insurance Hero is an independent life insurance broker specialising in providing life cover for older policyholders, including the over 40s. Due to our in-depth knowledge, we know how to ask questions and give underwriters the information to put in place a watertight life insurance policy that will pay out when your dependents need it most.

Questions we will ask to understand your circumstances as an over 40 will include but are not limited to the following:

  • What are your current weight and BMI (body mass index) levels?
  • What level of insurance coverage do you require?
  • How old are you, and for how long do you need insurance put in place?
  • Do you smoke, or are you a non-smoker?
  • Do you drink alcohol regularly? If so, how many units per week?
  • How tall are you?
  • Do you have any underlying medical conditions, and if so, what are they, and how long have you had them?
  • How much do you earn on a monthly or annual basis?

The replies to these questions will help the underwriter compute the likelihood that you will die and quote a premium accordingly. Life insurance can be put in place from as little as £7 to £10 a month for a 40-year-old non-smoker who participates in regular sporting activities due to a lower risk profile than an obese 49-year-old who smokes.

What About if You Are Parents and Over 40?

To become a new parent in your forties is an increasingly common occurrence as both men and women focus on their careers working hard to rise to positions of importance in their occupations. Furthermore, with the advance in medical science, people live longer, and it is also possible for women to have children more safely in their 40s.

As an older parent there may be an increased risk that as your child is growing up and you are advancing in years, something may happen to you. Without financial protection, if you were to die, your family may face economic hardship.

With life insurance, however, a lump sum payout could be used in any of the following ways and provide financial peace of mind:

  • Repay a mortgage
  • Repay any other secured or unsecured loans
  • Pay for funeral costs
  • Provide an Inheritance
  • Help payday day to day bills
  • Pay for private or further education

For more information about affordable life insurance over 40 policies, please contact Insurance Hero. Our friendly team of brokers has experience providing life cover for older policyholders and will ensure any plan closely aligns with your circumstances. Contact us today on 0203 129 88 66.

What About Joint Life Insurance?

Joint life insurance is available to those who live together as married or in civil partnerships and can be a cost-effective life insurance product where savings can be made over separate life insurance policies.

Joint insurance is when a married couple or a couple in a civil partnership can take out a sole policy instead of two single life insurance policies. The advantage of a combined life insurance plan is the cost. Premiums are up to 25% lower compared to taking out two individual policies.

Joint life is only available on a fixed term insurance basis and not whole of life. When the first partner dies, it triggers a payout. The joint policy is then considered expired, and the surviving policyholder will need to take out a new plan.

If the surviving partner is older, it can result in a substantial increase in taking out a new plan which may counteract the savings received on paying life insurance premiums into a joint plan.

Can Over 40s Get Life Insurance with Guaranteed Acceptance, So No Medical?

Guaranteed life insurance over 40 policy is not available on fixed-term or whole of life insurance. It is essential to provide medical information, and where necessary, undertake a medical and provide a GP report.

Guaranteed acceptance onto a life assurance policy without a medical is only possible if you are over 50 and take out a policy type called an over 50s plan, which was first offered by SunLife and is now commonly available with other major insurers.

Over 50s life insurance does not require medical screening for acceptance onto a life assurance plan; however, the payout is substantially lower than either fixed or whole life insurance and is typically capped at around £30,000 depending on the insurance company.

Associated Types of Life Insurance Over 40 Cover

Some additional financial protection products have long been associated with life insurance either as a part of a plan or as stand-alone cover.

Critical Illness Cover

Critical illness cover merits consideration when taking out life insurance to be included as part of a plan or purchased as a separate life policy.

Like life insurance, it provides financial protection for beneficiaries of a plan, but it differs as you do not need to die to benefit.

If you survive at least ten days after diagnosis of a qualifying critical illness, a payout is made to provide financial support for you and your loved ones, as you may never work again.

A list of qualifying critical illnesses is drawn up at the start of a plan. Many diseases are considered standard by many insurers, however, illnesses that may be more relevant to your circumstances, such as those associated with a particular occupation, can also be included.

Common illnesses include:

  • Loss of hand or foot
  • Severe lung disease
  • Alzheimer’s disease or pre-senile dementia
  • Parkinson’s disease
  • Motor neurone disease
  • Heart valve replacement or repair
  • Multiple system atrophy
  • Coronary artery by-pass grafts
  • Structural heart surgery
  • Benign spinal cord tumour
  • Traumatic brain injury
  • Benign brain tumour
  • Systemic lupus erythematosus

Terminal Illness Cover

Terminal illness is typically included as a standard add-on for a life insurance policy and should not be charged as an additional cover.

For terminal illness, if you are diagnosed with a disease that is terminal with you predicted to die within the next year of diagnosis, you are entitled to make an early claim.

It allows you to spend your last months with your loved ones in dignity and without financial worry. A cash payout can be used to make financial provisions for your loved ones and provide you with private medical treatment to help you in your final months.

Income Protection Cover

Income protection provides financial support should you be unable to work for a time due to an accident or injury.

By paying a regular monthly premium into an income protection policy, then should you be unable to work, a replacement salary is provided under your plan.

A replacement income can be forthcoming from as little as one month and up to one year once you stop working and submit a claim. Typically, the length of this period reflects your employment situation. For the self-employed, a replacement salary would likely be required straight away.

For employees, the employer may continue paying a salary for several months once you stop working according to the employment contract for the company.

How Can you Get the Best Policy to Suit Your Needs?

It is not always easy to prepare yourself to put in place the best life insurance for over 40 policy. Of course, an experienced independent broker like Insurance Hero can provide guidance, but it is also essential to have knowledge of the key considerations around a plan.

If you are over 40, you should keep in mind the following:

  • Try and arrange life cover as soon as you can. Even a year can make a difference in the cost of life insurance premiums.
  • Always choose the cover amount that you need according to your circumstances. If you select more than you require, you will become over-protected, and you will pay an unnecessary monthly premium.
  • Try and lead a healthy lifestyle as areas such as excessive drinking, unhealthy eating or smoking increase the likelihood that you will die in the eyes of an insurer, leading to higher life insurance premiums.
  • Always choose the right cover for your circumstances and avoid paying for cover that you do not need.
  • It helps if you always compare an insurance quote before taking out a plan. If you use the services of an independent life insurance broker like Insurance Hero, they will do the research for you and present several quotes for you to choose from.

Insurance Hero is an experienced life insurance broker of life insurance over 40 policies that put your needs first. Contact one of our friendly team today on 0203 129 88 66 for a no-obligation life insurance quote.


If you are over 40, you likely have essential ongoing commitments such as mortgage payments, child costs, and the day-to-day bills required to keep a family. This article has highlighted how an over 40s plan can provide the peace of mind that your debts repay and your loved ones financially supported if you pass away.

An over 40 life insurance policy may cost less than you think, and companies will provide a free life insurance quote with no obligation allowing you time to decide if it is appropriate for your circumstances.

Life Insurance Over 40 FAQ’s

Does life insurance go up at 40?

Life insurance does not necessarily go up at 40 years old. If you are getting a new policy, it is normal for insurers to go over your entire health history again, but if you are only looking to change your existing insurance policy, you should be able to do so without your life being re-evaluated.

How much is life insurance for a 40-year-old?

Life insurance rates are based on a variety of factors including your age, health, and the type of policy you choose. For a 40-year-old, the average monthly cost of a £160,000, 15-year level-term life insurance policy would be roughly £10 per month.

Should I get life insurance in my 40s?

Life insurance cover in your 40s can provide you protection from financial loss. In your forties, you have a lot of life ahead of you, but it is still a good time to start thinking about life insurance.