Guides and Info

Over 40’s Life Insurance

Over 40's life insurance

Moving into a new age bracket from the hectic 20’s into your busy 30’s and then into the responsible 40’s can be a little bit daunting. It is more than likely that by the age of 40 that there will be some form of financial responsibility. You may have already started looking into Over 40’s Life Insurance. Which will protect your family financially for the future when you are no longer around.

When looking to get the best life insurance protection, it’s always important to compare multiple quotes to get the right level of protection at the best premium price. At Life Insurance Cover we do all the hard work for you, by searching all of the Life Insurance companies.

At Life Insurance Cover we compare all Life Insurance over 40 policies to find the best protection for you.

Simply start a free Life Insurance quote to find cover and protect your family today.

Guide For over 40’s Protection

How Much Will Life Insurance Cost In My 40’s?

Should I Get Life Insurance in my 40s?

Top Tips For Cheaper Premiums

Whats The Best life Insurance For Over 40’s?

Term Based Policies

Whole Of Life Insurance Over 40’s

Is Life Insurance For Over 40’s Guaranteed?

No Medical Life Cover

Over 40’s Life Insurance For Parents

Critical Illness Cover

Terminal Illness Protection

Being Financially Responsible In Your 40’s

Compare Over 40’s Life Insurance Quotes

life insurance over 40 compare

How Much Will Life Insurance Cost In My 40’s?

At Life Insurance Cover, we can arrange protection for all age groups including the over 40’s, many policies can start from £5 a month. Buying a Life Insurance policy in your 40s has only a minimal difference to obtaining Life Cover in your 20’s or 30’s. All Life Insurance policies are calculated on the person’s individual circumstances.

The monthly premium cost is based on the level of protection you need and the risk you may pose to the insurer. They will also look at your overall health, lifestyle choices including smoking and if you have any medical problems. One of the reasons you may have to pay a slightly higher premium than a 20 year old, is due to your life experience. As detailed within many of the guides on the website. The younger and healthier you are and the cheaper your premium will be.

Should I Get Life Insurance in my 40s?

Should I Get Life Insurance in my 40s?

Deciding to either get Life Insurance in your 40s or maybe a little later on will depend on your individual needs and circumstances. One of the benefits of getting Over 40’s Life Insurance is that you are still quite likely to get cheap monthly premiums. The choices that are still available as an over 40’s person are still quite high. Which means term based protection costs are still quite low. Another cost effective protection that is also available is a Whole Of Life policy. It depends on what you are looking to protect and which type of cover best suits your circumstances.  

One of the items you may be looking to protect is an outstanding mortgage, provide your family with an inheritance for the future or simply cover potential funeral costs. By protecting your family for the future, it will offer them long term security and peace of mind that they will be protected.

Top Tips For Cheaper Premiums

At Life Insurance Cover we have highlighted a few ways to help save money on monthly premiums. Whilst still giving you the protection you need. There are a number of tips you can use take to make sure you pay what you need to and not a penny more for your life cover over 40:

Make sure to compare quotes to get the best monthly premium

Pick the right type of cover for you and your family’s circumstances

Do not overprotect as the cover will cost more per month

Try and get Life Insurance whilst you are younger to get cheaper premiums

Make healthy lifestyle choices to lower the risk you pose to the insurer

Whats The Best Life Insurance For Over 40’s?

The best type of life insurance if you’re over 40, will depend on what your individual circumstances might be and what you need to protect. You should consider what parts of your life you’re looking to protect for the future. Different types of Life Insurance are better suited to protect certain elements in your life.

Term Based Policies

All Term-based Life Insurance policies will provide a cash payment to your family. If you pass away within the agreed length of your Life Insurance Policy (term). A fixed term Life Insurance policy is a cheaper way to get Life Insurance, but a claim payment is not guaranteed. If you outlive your length of your fixed term policy, the protection expires and no claim payment will be made.

life insurance over 40 term based policies

Different Types of Term-based Policies

Level Term Life Insurance: This policy type will provide a fixed amount of money (sum assured) if you pass away during the length of the policy. The amount your family and loved ones will not increase or decrease over time. A Level Term Life Insurance policy for Over 40’s is the ideal policy type for either interest only mortgage or to create a legacy for the long term stability for your family.

Decreasing Term Life Insurance: One of the benefits of this policy type is cost. The level of risk reduces for the insurer, it is a cheaper policy to purchase. An Over 40’s Decreasing Term policy is usually used to run in parallel with a long term cost like a repayment mortgage. It is worth noting that although the amount your family will receive reduces, the monthly premium remains the same.

Depending on what you may choose for your circumstances and budget. It is important to note that a Term Based policy will offer protection for a fixed time period. It will protect you and your family for the future by paying off a mortgage or until your children are financially independent.

Whole Of Life Insurance

If the idea of outliving a Fixed Term Life Insurance Policy raises concerns. Or if your circumstances and budget allow, another option is a Whole Of Life Policy. The biggest key point about this policy type is that your family will receive a guaranteed claim payment. By purchasing a Whole Of Life insurance policy. It will provide protection for as long as you live and could be a good choice in your 40s. The amount your family would receive remains fixed. Which means if you were to pass away 3 or 25 years into the policy length, the amount your loved ones would receive remains the same.

This type of Life Insurance cover will be slightly more expensive than a Fixed Term policy, as the insurer is will have to make a claim payment in the future. There are a couple of points to remember with this policy type which relate to monthly premiums. By choosing a Whole Of Life Insurance policy, you will have to pay a monthly premium until you pass away.

Also whilst in your 40’s the premium cost will be cheaper, you will also be paying into the policy for a longer time period. Which could mean that you potentially pay more into your protection policy than the sum assured. The likelihood of this happening in your 40’s is quite low which makes it a much more appropriate time to look at Whole Of Life Insurance cover.

At Life Insurance Cover we can help you determine if Whole Of Life protection is right for you. Simply complete a quote and our team will do the hard work for you.

life insurance for over 40s

Is Life Insurance For over 40’s Guaranteed?

Sadly not, any Over 40’s Life Insurance policy will still need medical information to complete a purchase of cover. Acceptance by any Life Insurer can’t be guaranteed as the decision will be based on your current health status. If you have ongoing medical conditions your application may be declined.

However, if you do have a medical condition or a less than perfect medical history. We can still help you find the Life Insurance you need. Our team of experienced specialists have helped to find Life Insurance Protection for many people who may have previously been declined for Life Insurance elsewhere.

At Life Insurance Cover, we search the entire Insurance Market for you. Including all specialist insurers who offer protection to people with ongoing medical issues. Simply complete a quote or use the contact us page today and discover the options available to you.

No Medical Life Cover

Throughout the Life Insurance market, there is currently is no policy type for Life Insurance Over 40’s without the need for medical information. This information may need to be added to our previous post 10 Life Insurance Myths Debunked. The only policy type available in the UK without a medical is an Over 50’s No Medical policy. An over 50’s plan is the only life insurance which provides guaranteed acceptance without the need to provide any health information. So if you are in your 40’s, this policy type is not available to you as the age criteria for cover is 50-85 years old.

You may be tempted to wait until you get to this age bracket. But there are a few things you need to know about over 50s plans which may change your mind.

Although acceptance is guaranteed for Over 50’s cover. Monthly premiums will be higher because the Insurer will be taking on the unknown risk.

Even if you have ongoing medical conditions or your health is less than ideal, it may benefit you to disclose your conditions to get a cheaper premium at a younger age.

More importantly, the potential claim payment (sum assured) will be significantly lower than that available on a standard Term-Based or Whole Of Life cover. On both policy types the potential sum assured is up to £1,000,000, the maximum available through Over 50’s Life cover is limited to £25,000.

It is very important to consider the level of protection you need for your family and loved ones for the future, an Over 50’s policy may leave your family exposed to financial insecurity.

life insurance for Over 40 Parents

Over 40’s Life insurance For Parents

Many couples choose to start their families a little later on in life because they may have focused on becoming financially stable prior to having children. It is very likely that adults in their 40’s have very young children or young adults who rely on them financially. Looking to the future without adequate planning, if you were to pass away. How would your family survive financially?

By taking a few moments to prepare for the future and arrange a life insurance safety net, will make sure that if you were to pass away. Your family would be looked after and continue their lives with as little financial disruption as possible.

A Protection Policy could:

Pay off a mortgage

Sustain additional childcare needs

Pay for daily living costs

Provide a legacy or inheritance for your loved ones

Replace your lost income

Joint Protection Policies

Joint Life Insurance for over 40’s is potentially one of the cheapest and most cost effective policy choices available. You could save you up to 25% on your monthly premium costs, if you were to compare it directly with the cost of two individual policies. Joint Life Insurance cover provides protection for two people simultaneously. This policy type is only available as a term-based life insurance policy. Usually a claim payment is made when the first person passes away, after the payment the cover. Which could potentially leave the surviving partner unprotected and require a new Life Insurance policy at an older age.

Therefore it might be more beneficial to purchase two individual policies to protect both individuals for the longer term. Rather than potentially trying to find Life Insurance after a person has passed away and the policy lapsing. Although buying two individual polices might be slightly more expensive, it will offer peace of mind for the future.

Critical Illness Cover

When comparing and arranging protection with Life Insurance Cover, it is possible to include Critical Illness Cover as well. It will slightly increase the monthly premium cost, but it does mean that if you are diagnosed with a serious illness you could make a claim.

A claim payment could be used to make any necessary adaptations to your home, pay for a carer or simply replace your income if you are unable to work. A key point to remember when adding critical illness cover to your life insurance is that you can only claim once on a combined policy. When a claim has been made for either Critical Illness or the life part of the policy it will lapse.

By comparing policies with Life Insurance Cover it is possible to purchase a standalone Critical Illness policy. But this will depend on your monthly budget as it will require you to pay two monthly premiums.

Terminal Illness Protection

All over 40’s policies provided through Life Insurance Cover come with terminal illness cover as standard. This means that if you are diagnosed with a terminal illness and have a limited time to live. You can make an early claim. The payment you receive from your Life Insurance policy can be used to fund whatever you wish it too. You may choose it pay for private medical treatment, make financial plans for the future or simply enjoy time with your family and loved ones.

Being Financially Responsible In Your 40’s

As detailed above it is becoming more common to experience some of life’s major events as we get older. Because many people have focused on establishing their careers before starting a family and buying a family home. It is not unusual to have significant financial commitments in your 40s. Without adequate future planning or Life Insurance protection in place, if the worst were to happen to you could your family:

Pay the mortgage

Replace your lost income

Pay for childcare

Maintain their existing lifestyle

Although being over 40 is now classified as middle-aged, the benefit of getting affordable Life Insurance may actually be more accessible than if you were in your 30’s. As an adult in your 40s, it is more likely that you still benefit from good health. But with enough life experience, that arranging lifelong insurance protection may also be beneficial.

This means that not only are you still young enough to get cost effective priced premiums for term-based cover. But you also may benefit from a whole of life policy which may be a cost-effective solution.

compare life insurance for over 40s

Compare Over 40’s Life Insurance Quotes

The monthly premium cost and cover levels for Over 40’s Life Insurance can vary dramatically between insurers. To make sure you get the best protection at the right cost, it is very important to compare quotes for your circumstances.

At Life Insurance Cover we can do all the hard work for you, which saves time and costs on your monthly premiums. If you have just turned 40 or in your late 40’s we can find the best policy for you and your family. We provide free Life Insurance quotes and there is no obligation to purchase a policy.