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Life Insurance Over 40 Years Old? Get Cover Today In 2024

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 6th May 2024

life insurance cover 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.

Each insurer will view age differently. We have a shortlist of seven insurers with much more attractive premiums for people in their 40s. One is much better for smokers, and the other is appealing because of its tolerance for health issues.

Over 40s Life Insurance In Summary:

Securing life insurance in your 40s is a financially wise decision to protect your loved ones during uncertain times.

Insurance Hero can help you find the most comprehensive and cost-effective over 40s policies.

  • Future Financial Security: Life insurance at this age can provide a significant cash lump sum to your family in the event of your passing, helping maintain their living standard and cover essential expenses.
  • Affordable Premiums: In your 40s, you can still secure low monthly premiums, locking in affordable rates that balance cost with comprehensive coverage.
  • Tailored Coverage Options: Life insurance in your 40s can be customised to meet your evolving financial responsibilities, whether covering specific debts like a mortgage, providing for your children’s education, or preparing for other future needs.

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

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life insurance over 40 years old

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

If the answer to 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 financial peace of mind.

Protect loved ones if the unexpected happens.

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  • 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 (or those born in the 1980s or 1990s Millennials) 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, decided at the plan’s start and typically aligns with your circumstances.

For life insurance coverage to be put in place, paying a monthly premium to the insurer over the duration of a policy is necessary.

reasons to get life insurance in your forties

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 will still 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, giving life insurance at least some consideration is essential.

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

over 40s life coverage

  • Our price match promise means we will find you the right cover for your personal circumstances at the lowest price possible. Terms & Conditions and Privacy Policy

best life insurance for over 40 uk

Benefits of Life Insurance For Those 40 And Over

BenefitDescription
Financial SecurityEnsures your family’s financial stability in your absence.
Debt CoverageHelps to pay off debts, including mortgages, ensuring they don’t become a burden to your family.
InheritanceCan provide a lump sum to your heirs as an inheritance.
Funeral ExpensesCovers the cost of funeral expenses, relieving your family of the financial burden.
Peace of MindKnowing your loved ones are financially protected can provide significant peace of mind.

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 you die after the plan has expired, no payout will be due.

Increasing Term Cover

Increasing life insurance cover means 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 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.

life insurance over 40 no medical

Level Term Cover

With a level term cover policy, the sum assured will stay the same for the policy’s duration. This means that the effects of rising inflation will mean that any payment amount will be worth less at the end of the policy than at the start.

This life cover type has its uses, typically for covering financial obligations that may not rise but do not diminish over time, such as 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 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 possible. 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.

Summary Of The Types Of Life Insurance For Over 40s

Type of InsuranceDescriptionIdeal For
Term Life InsuranceProvides coverage for a specific period. If the policyholder dies within this term, beneficiaries receive a payout.People seeking affordable, temporary coverage.
Whole Life InsuranceOffers lifelong coverage with a fixed premium. Includes a cash value component that grows over time.Those looking for permanent coverage and an investment component.
Decreasing Term InsuranceThe death benefit decreases over time, typically aligned with the balance of a mortgage.Homeowners looking to cover mortgage obligations.
Level Term InsuranceProvides a fixed death benefit throughout the term of the policy.Individuals needing consistent coverage amount, like for an interest-only mortgage or income replacement.

Factors Affecting Life Insurance Premiums Over 40

FactorDescription
AgeThe older you are, the higher the premium, as the risk of death increases.
HealthYour current health and medical history. Poor health can lead to higher premiums.
Smoking StatusSmokers typically pay higher premiums due to increased health risks.
Policy TermThe length of the policy. Longer terms can lead to higher premiums.
Coverage AmountThe amount of money the policy will pay out. Higher amounts lead to higher premiums.

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 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? 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 of your death and quote a premium accordingly.

Life insurance can be put in place from as little as £6 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.

The table below illustrates a comparison of how much life insurance could cost for someone in their forties

AgePrice of cover per Month (£)
408.31
419.02
429.67
4310.33
4411.01
4511.85
4613.19
4714.52
4815.85
4916.18

What About If You Are Parents and Over 40?

Becoming a new parent in your forties is increasingly common as both men and women focus on their careers and work hard to rise to important positions in their occupations.

Furthermore, with the advances 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 of something happening to you as your child grows up and you advance in years. Without financial protection, your family may face economic hardship if you were to die.

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 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 as 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 a qualifying critical illness diagnosis, 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 plan’s start. 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
  • Lupus

Terminal Illness Cover

Terminal illness is typically 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 terminal disease and 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 with 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 if you cannot work for a time due to an accident or injury.

By paying a regular monthly premium into an income protection policy, 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 they stop working according to the company’s employment contract.

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 knowing the key considerations around a plan is essential.

Choosing the most suitable life insurance for individuals over 40 requires considering various factors, including overall health, financial obligations, and family needs.

Term life insurance is generally recommended as it provides substantial coverage at a lower premium, which can be particularly attractive for those entering their 40s. This type of insurance can cover critical years of financial obligation, such as mortgage payments, education fees for children, and other debts.

Many companies offer competitive rates for those over 40, especially if they are in good health. It’s advisable to compare several policies to find the best balance between coverage and cost.

For those with specific concerns, such as existing health issues or high-risk hobbies, a whole life insurance policy may be more suitable. It offers lifelong coverage and can build cash value despite higher premiums.

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

  • Try to 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 pay an unnecessary monthly premium.
  • Try to 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 you do not need.
  • It helps to 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 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 on 0203 129 88 66 for a no-obligation life insurance quote.

Summary

A life insurance policy can give you and your family peace of mind. It can help to ease the financial impact of your death by providing money to cover expenses such as funeral costs, debts, and ongoing bills.

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. Companies will provide a free life insurance quote with no obligation, allowing you time to decide if it suits your circumstances.

Over 40s Life Cover Case Study: The Thompson Family

Case Study 1: The Thompson Family

Background:
John and Sarah Thompson, 45, live in Manchester, UK, with their two children, aged 15 and 12. John works as an engineer, and Sarah is a part-time teacher. They have a mortgage on their family home and some savings.

Life Insurance Decision:
After a close friend’s unexpected passing, John and Sarah decided to take out life insurance policies to ensure financial stability for their children and each other if something happened to either of them.

They chose a term life insurance policy to cover the mortgage and provide additional financial support.

Benefits:

  1. Mortgage Protection: The policy covers the remaining mortgage, ensuring the family home is secure.
  2. Children’s Education: The policy includes a provision for their children’s education, ensuring they can continue their studies without financial strain.
  3. Peace of Mind: Knowing that their loved ones will be financially secure gives John and Sarah peace of mind.
  4. Tax Benefits: The policy offers certain tax benefits, allowing them to maximise their savings.

Case Study 2: The Williams Family

Background:
David and Emily Williams, both 43, live in London, UK. They have one child, aged 10, and Emily’s elderly mother also lives with them. David is a small business owner, and Emily works in healthcare.

Life Insurance Decision:
With the responsibilities of caring for a young child and an elderly parent, David and Emily decided to take out whole life insurance policies.

They wanted to ensure that their family would be cared for, regardless of the future.

Benefits:

  1. Lifetime Coverage: Whole life insurance covers their lives, not just a specific term.
  2. Cash Value Growth: The policy builds cash value over time, which can be borrowed against or used in retirement.
  3. Elderly Care: The policy includes provisions for Emily’s mother’s care, ensuring she will continue receiving the necessary support.
  4. Child’s Future: The policy ensures their child’s future education and well-being are financially secure.
  5. Business Security: As a small business owner, David’s policy includes a provision that helps in the continuity of his business, protecting his employees and business interests.

Conclusion:

The Thompson and Williams families have proactively protected their loved ones through life insurance.

While their needs and choices of policies differ, the underlying theme is the same: providing financial security and peace of mind for themselves and their families.

Whether covering a mortgage, ensuring a child’s education, or providing for elderly care, life insurance offers a safety net that aligns with their unique family dynamics and financial goals.

Life Insurance Over 40 FAQs

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. Still, 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 various factors, including 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. You have a lot of life ahead of you in your forties, but it is still a good time to start thinking about life insurance.