At 40, you have more financial commitments than ever before. A mortgage? A long-term relationship? A few children? Find the life insurance policy for you and protect the financial security of your family.
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The Insurance Surgery
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- Access to high street and independent insurers
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What Is Over 40s Life Insurance?
As you reach life at 40, you may find that your outlook changes. As a milestone age, many people start thinking more seriously about their future as they begin life in their 40s. You may start thinking more about your family’s financial future or how you will protect them should something happen to you.
Over 40s life insurance is a great way to protect your family should the worst ever happen. Many people in their 40s begin to consider life insurance for the following reasons:
- Protect the remaining balance of your mortgage
- Leave an inheritance for your spouse and children
- Cover funeral costs
- Replace your lost income
- Fund children’s childcare fees or education
How Does Over 40s Life Insurance Work?
When taking out life insurance over 40, you would still be classed as a young adult so you may get relatively cheap premiums for term-based cover. You would also be deemed old enough to qualify for a cost-effective whole-of-life policy, making it the perfect age to begin your life insurance journey.
At The Insurance Surgery, all of our quotes are given over the phone or via live chat so we can gain a clear understanding of your needs. We will only recommend policies that you and/or your family would benefit from. It’s this honest approach that has caused so many people to recommend us as the nation’s favourite life insurance broker!
You might be looking specifically at over-40s life insurance, but we can discuss your options and determine whether you need to add other insurances, such as critical illness cover or income protection. Sometimes, you could significantly improve your family’s financial security for just a few extra pounds.
How Much Does Over 40 Life Insurance Cost?
Whilst every individual’s quotes can differ, your 40s are a great time to take out life insurance because you can still benefit from cheaper policies that promise to give your family long-lasting financial security. During your discussion with one of our dedicated advisors, they will ask you a selection of questions to estimate how much you can expect to pay before seeking out policies. These questions may revolve around:
- Your age
- Smoking status
- Occupation
- Hobbies
- Pre-existing health conditions
- Family medical history
What Types of Life Insurance for 40s and Over Are Available?
There are a whole variety of policies and plans that our advisors can advise on:
Whole Of Life Insurance.
Whole of life insurance is guaranteed life insurance. This type of over-40s life insurance provides a guaranteed payout and covers the rest of your life. The payout sum is fixed, so your family will get the same amount regardless of when you pass away.
Term Life Insurance.
Term life insurance would provide a cash payout to loved ones if you were to pass away within the set time period. If you live beyond the time period set out in your policy, the cover will end, and you will not receive a payout.
Critical Illness Cover.
Adding critical illness cover to an over-40s life insurance policy will increase your costs. But it does give you extra protection and peace of mind that if you are diagnosed with a serious illness, you can claim to help cover the costs of lost income and bills.
Income Protection Insurance.
Income protection insurance is a type of insurance plan that protects your income should you not be able to work because of illness or injury. This prevents you from having to dip into savings for day-to-day expenses whilst ill.
How much life insurance do you need at 40?
How much life insurance you need over 40 will depend on your financial commitments.
We recommend that you consider everything you may want your over 40 life insurance policy to cover to help you figure out how much cover you need.
At The Insurance Surgery, we can help you do the calculations to work this out. When you speak to us on the phone to get an over 40 life insurance quote, we will go through all the things you may want to cover. This may include:
- Covering mortgage debt or maintaining your living costs
- Replacing lost income and helping with household bills
- Providing finances for the cost of raising a child
- Childcare and higher education costs
- Outstanding debts such as credit cards
- Funeral costs
Do you need a medical for life insurance over 40?
Over 40 life insurance with no medical is an option.
But you will still have to answer some questions about your health.
Typically, you can expect that we will ask you about the following:
- Your age
- Smoking status
- Occupation
- Hobbies
- Pre-existing health conditions
- Family medical history
- BMI
If you are in good health, you may be accepted for over 40 life insurance without medical. However, suppose you are in poor health or have pre-existing conditions. In that case, you may be required to attend a medical, or an underwriter may request more information.
If you are asked to attend a medical, this does not mean you will be declined and isn’t anything to worry about. The insurer wants to know more information so they can offer you the right level of life insurance for those over 40.
Top Tips to lower your over 40 life insurance costs
No one wants to pay over the odds for life insurance – especially if you’re taking out a whole life policy which will mean monthly payments for the rest of your life.
You want a cheap life insurance policy.
We get it.
Life insurance should never be seen as a luxury. In fact, we work hard to make sure that people in their 40s view their life insurance plans as essential.
But although it’s tempting to focus only on price, it is important to not compromise on cover when taking out life insurance for over 40s.
Here are some of our top tips to help you lower the costs of your over-40 life insurance cover:
- Take out over 40s life insurance as early as possible. The older you are, the higher risk you are to insurers. Taking out over 40s life insurance when you are young and healthy will cost less.
- Try to stay healthy by living a healthy lifestyle. Eat a well-balanced diet, exercise and quitting smoking could help you stay healthier for longer.
- Combine your over-40s life insurance with critical illness cover. Taking to two insurances out together could work out cheaper. But it is important to mention that a critical illness claim would end your over-40s life insurance policy. – not necessarily as we can “protect” the Life Insurance?
- Get the right level of cover. Check which employment benefits you already receive. For example, you may not need income protection cover if you get full sick pay. We can help you find the right level of cover for your needs and circumstances.
- Regularly review your policy to make sure there are no changes to your circumstances. For example, if you were a smoker when you took out your over-40 life insurance but quit five years ago, you could be paying more than you need to.
As a specialist life insurance broker, we can help you protect what matters most to you when the unexpected happens.
Speak to us about your over 40 life insurance and see how we can help match you to the right insurer.
