What is life insurance for over 40s?

Securing life insurance in your 40s is about making sure your family are taken care of should the worst happen to you.

At this stage in your life, you may be earning a steady income, living in your own home, and settled down with children.

You may also be thinking about the future and how your family would cope if you were no longer around to support them.

For this reason, in your 40s is an ideal time to arrange life insurance, which pays out a cash lump sum if you pass away.

The beauty of taking out a policy in your 40s is that you can still lock-in affordable monthly premiums.

That said, it's always best to compare quotes, as prices vary between different insurers.

In this comprehensive guide to life insurance for over 40s, we cover:

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Should I get life insurance in my 40s?

Typically, the younger you are, the cheaper your life insurance tends to be.

This is because insurers will calculate premiums by risk and being younger implies a smaller chance of health complications.

Your 40s can be an extremely beneficial time to arrange protection for your family.

You're still reasonably young and can experience relatively low premiums with regards to term-based cover, but also at an age where whole of life insurance could be a cost-effective option.

Life insurance provides your family with a cash lump sum if you pass away while your policy is in place.

They can use the money to help cover your financial commitments so they can maintain their standard of living.

For example, it can help towards:

  • Childcare / future education costs
  • Mortgage payments
  • Living costs & utility bills
  • Funeral costs (a basic funeral costs on average £4,141[1])
  • An inheritance

Get in touch with one of our specialists today to secure the future of your loved ones and provide financial security.

How much life insurance do you need in your 40s?

Over 40 life insurance calculator

Fill in our handy calculator with the costs you’d like your policy to cover and work out how much over 40s life insurance you may need.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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How much is life insurance over 40?

We can offer cover from 20p-a-day for people over 40 † . However, the actual cost you pay will vary depending on your personal circumstances and the policy type you choose.

Your insurer will calculate the cost of your premium by using factors such as:

  • Age
  • BMI
  • Smoking status
  • Medical history (personal & family)
  • Occupation & hobbies
  • Policy term
  • Policy length
  • Sum assured

The tables below show a comparison of how much life insurance can be for those aged 40 - 49.

Quotes are based on a non-smoking applicant in good health for a level term life insurance policy with a 20-year term and £100,000 of cover:

Age Aviva AIG logo Legal & General
40£8.33£8.34£8.76
41£9.01£8.92£9.55
42£9.68£9.57£10.37
43£10.35£10.32£11.25
44£11.02£11.18£12.16
45£11.86£12.17£13.18
46£13.20£13.31£14.57
47£14.53£14.57£16.02
48£15.86£15.95£17.55
49£17.20£17.42£19.17


Quotes below are based on a non-smoking applicant in good health for a whole of life insurance policy with £50,000 of cover:

Age Zurich logo AIG logo
40£49.55£48.86
41£51.09£50.14
42£52.68£51.32
43£54.32£52.47
44£56.02£53.65
45£57.49£54.94
46£58.12£56.36
47£58.75£57.93
48£59.40£59.63
49£60.05£61.44


Compare over 40 life insurance quotes with Reassured to explore a variety of top UK leading insurers and discover our best deals.

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What is the best life insurance for over 40s?

The best life insurance if you’re over 40, will depend on your individual circumstances.

You should consider what aspects of your life you're looking to protect, the best type of cover to suit this and how much life insurance you need.

Different types of cover are better suited to protecting certain elements in your life.

It's also possible to take out multiple policies while in your 40s to help cover different financial obligations, if your budget allows.

For instance, a whole of life policy could be obtained for inheritance purposes, while term life insurance could solely cover your mortgage.

Listed are 4 of the most popular options amongst those in their 40s:

Over 40s level term life insurance

Level term life insurance

  • Covers you for a set term (2 - 40 years)
  • Fixed pay out up to £1,000,000
  • Fixed monthly premiums
  • Medical questions included
  • Free terminal illness cover included
  • Available from just 20p-a-day through Reassured †
Over 40s decreasing term life insurance

Decreasing term life insurance

  • Covers you for a set term (2 - 40 years)
  • Pay out up to £1,000,000 which decreases throughout the term
  • Fixed monthly premiums
  • Medical questions included
  • Free terminal illness cover included
  • Available from just 20p-a-day through Reassured ¥
Over 40s whole of life insurance

Whole of life insurance

  • Covers you for life
  • Guaranteed fixed pay out when you pass away (up to £1,000,000)
  • Medical questions included
  • Available through Reassured
  • Premiums can be more expensive
  • Available from just 27p-a-day through Reassured ±
Over 40s family income benefit

Family income benefit

  • Provides your family with monthly payments if you pass away during a set term
  • Policy term up to 40 years
  • Up to £5,000 per month pay out
  • Terminal illness cover included
  • Available through Reassured from just 20p-a-day ¤

Reassured can help you secure your perfect policy by comparing quotes from leading UK insurers, why not get in touch today?

Is it possible to get over 40 life insurance no medical?

Generally, it’s not possible to get life insurance in your 40s without answering medical questions during the application.

However, in most cases it’s possible to get life insurance without having to undergo a physical medical exam. Especially if you’re in good health and a non-smoker.

The only life insurance policy that doesn’t require medical information is an over 50s plan.

While it’s typically designed for people aged 50 - 85, it could be an alternative option if you’re in your late 40s as some insurers accept applicants from the age of 49.

What about life insurance for smokers over 40?

If you smoke, it can affect your premium costs substantially. This is because smoking can put you at higher risk of health conditions, which is a risk factor considered by insurers.

Below is a table comparing how smoking can affect the cost of your life insurance while in your 40s (a smoker vs a non-smoker).

Quotes are based on an applicant in good health for a level term life insurance policy with a 20-year term and £150,000 of cover:

AgeSmoker price per monthNon-smoker price per month
40£22.53£11.00
41£25.36£11.99
42£28.18£12.98
43£31.01£13.97
44£33.83£14.96
45£37.36£16.25
46£43.00£18.44
47£48.63£20.61
48£54.27£22.39
49£59.91£24.41


If you’re a smoker, it may be worth exploring options to find best life insurance for smokers.

Alternatively, giving up smoking (including using nicotine replacements and vapes) could help to reduce the cost of your premiums.

You’ll need to be completely nicotine free for at least 12 months (or more depending on the insurer) to benefit from non-smoker rates.

Life insurance for parents over 40

Many adults are having children later in life due to focusing on their careers or saving money. In 2021, the average age of mothers who gave birth in England and Wales increased to the age of 30[2].

It’s also not uncommon to become a first time mum in your 40s. 1 in 25 births in the UK were women in their 40s[3].

Having children often makes you more aware of the importance of protecting your loved ones if the worst were to happen.

Many parents take out life insurance with a term that lasts until their children are grown up or financially independent, ensuring that they’ll be financially secure while they’re dependent on you.

When calculating how much cover you need, as a parent you may want to consider that the total cost of raising a child to the age of 18 is on average £160k[4].

Childcare alone can cost up to £269.86 a week full-time (50 hours) - that's £14,030 a year[5].

So if you and your partner are in work full-time, this is something to consider.

To arrange cover to protect your family from as little as 20p-a-day, contact us today.

Joint life insurance for over 40s

Joint life insurance for over 40s could save you up to 25% on your premiums when compared with that of two single policies.

Joint cover provides protection for two people simultaneously, however, is only available with regards to term-based life insurance.

A pay out is made upon the first death, at which point the cover expires and the surviving partner is left unprotected and requiring new cover at an older age.

This could result in a significant premium increase if the original cover wasn’t arranged until in your 40s.

As a result, to ensure adequate cover, if your budget allows it's usually more beneficial to arrange two single policies.

Below is a table showing how much joint life insurance can be for you and your partner in your 40s compared to the price of 2 single policies.

Quotes are based on non smoker applicants in good health for a joint life insurance policy with a 20 year term and £100,000 of cover with 1st death pay-out compared to the cost of 2 level term single policies:

AgeJoint premium price2 single policies
40£15.06£16.66
41£16.36£17.84
42£17.66£19.14
43£18.98£20.64
44£20.32£22.04
45£22.04£23.72
46£24.92£26.40
47£27.86£29.06
48£30.57£31.72
49£32.91£34.40


To arrange over 40s joint life insurance, contact us today.

Other types of insurance for over 40s

There are many suitable options available to you in terms of life insurance for those in their 40s that can be added to your policy or an additional type of cover.

Income protection

Income protection is a type of life insurance policy that pays out if you're injured or unwell, resulting in you needing time off work.

It pays out a percentage of your usual income to help replace lost earnings, this is usually up to 70%.

You’ll receive monthly (tax-free) instalments to help cover monthly costs whilst you can't work (for example, bills, food shops, rent).

Taking out a policy through a broker, like Reassured, can help you secure your best deal.

Critical illness cover

When arranging term life insurance with Reassured, it's possible to include critical illness cover too.

Whilst this will increase the cost of your premiums, it does mean that if you're diagnosed with a serious illness (e.g. cancer, stroke, MS) you could make a claim on your policy for an early pay out.

The pay out could then be used to make any necessary adaptations to your home, fund a carer or simply replace an income if you were no longer able to work.

Adding critical illness cover to your term life insurance, however, does mean that if you make a claim, your life cover is no longer valid.

To arrange critical illness cover with life insurance, contact Reassured today.

Terminal illness cover

All over 40 term life insurance policies provided through Reassured come with terminal illness cover as standard at no extra cost.

This means that if you're diagnosed with a terminal illness and are predicted to live less than 12 months, you can make an early claim.

The pay out can then be used to help fund whatever you like. For example, private medical treatment, make financial provisions for the future or simply enjoy with your loved ones.

Compare life insurance quotes over 40

The cost and cover of life insurance over 40 can vary significantly between insurers.

To ensure you get the right cover, at a great price, it's imperative to compare quotes.

At Reassured we can source these quotes for you - saving you time and money.

Simply get in touch today and we'll compare some of the top insurers, to find you our best deal.

And the best bit...our award-winning life insurance broker service is completely fee-free.

Whether you're in your early or late 40s we'll do our best to help you find a policy that provides the protection you need.

Compare Life Insurance Quotes Today »

Sources:

[1] https://www.sunlife.co.uk/funeral-costs/

[2] https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/livebirths/bulletins/birthcharacteristicsinenglandandwales/2021

[3] https://www.independent.co.uk/life-style/health-and-families/features/pregnancy-forties-geriatric-first-child-b2434925.html

[4] https://cpag.org.uk/policy-and-research/findings-our-projects/cost-child-reports

[5] https://www.moneyhelper.org.uk/en/family-and-care/becoming-a-parent/childcare-costs

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