It’s never too early to secure your future: Over 40s life insurance
When you hit your 40s, you start to have more financial commitments than ever before. Perhaps you have a mortgage, a long-term relationship, even a few children. But could they cope financially if something happened to you? That’s where over 40s life insurance can help.
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Over 40 and need life insurance?
Taking out a life insurance policy is the definition of making an adult decision!
As you start life over 40, you may start thinking about your future. You may also begin looking at how you can protect your family if something happens to you.
Taking out life insurance over 40 shouldn’t be different from taking out life insurance under 40. But it is important that you seek the right help to make sure you aren’t taking out cover you don’t need.
Life insurance comparison sites may be suitable for comparing prices. But they won’t check what protection you may already have, such as death in service benefits. This is why getting a tailored over 40 life insurance quote is important.
Here at The Insurance Surgery, we only offer quotes over the phone or via live chat to make sure we help you find the right over 40 life insurance cover for your needs.
That’s the minimum you deserve.
No one should ever have to pay more for insurance than necessary. And we don’t want to duplicate any protections you might already have. Our approach to over 40 life insurance is about focusing on you. As an insurance broker, we can offer you policies unavailable to the public.
Don’t worry if you have been turned down for life insurance over 40. We help 70% of people who have been declined elsewhere get cover.
What age should you take out life insurance?
Most insurers offer life insurance policies from the age of 18. Many provide some form of cover up to 90 years of age.
The earlier you take out life insurance, the better, as your monthly premiums will be more affordable.
If you are approaching or are already in your 40s, now may be a good time to look at life insurance.
At The Insurance Surgery, we can help match you to the best life insurance plans for over 40 in the UK.
We work with hundreds of insurance providers and can help you find the right life insurance for over 40 policies.
How does age affect life insurance?
As a rule of thumb, the younger you are, the more cost-effective your life insurance policy will be.
This is because you are considered less risky to an insurance provider. The older you get, the more likely you will pass away during your policy term, so your premiums will be higher.
Aside from age, other factors that can affect the cost of your life insurance include your smoking status and your health.
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.
Why should over-40s take out life insurance?
As your 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 the financial future of your family. 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 worse happen.
Taking out over 40s life insurance could be of great benefit to you and your family.
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.
Taking out life insurance under 40 can be a good way to:
- 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
Why might you not need life insurance?
If you are over 40, there may be some instances where you might not need life insurance. Reasons could include employment benefits such as death in service or significant savings.
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 we think your family would benefit from. It’s this honest approach, which is why so many people continue to recommend us as the nation’s favourite life insurance broker.
You might be looking at over 40s life insurance, but we can talk through your options and figure out if you might also need to add in other insurances, such as critical illness cover or income protection. Sometimes, you could significantly improve your financial security for just a few extra pounds.
The most important thing about over 40s life insurance is making sure your family are protected should you no longer be here. We can advise if you need to take out over 40s life insurance for your mortgage.
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
How does an over-40 life insurance policy work?
The best life insurance plan for over 40s will depend on your circumstances.
There are many different types of over-40s life insurance. Each is designed to protect some aspects of your life.
If you are over 40, you may also want to consider other insurance products to strengthen your protection. These may include critical illness and income protection cover. We can arrange single or combined policies, all at a low affordable monthly price.
At The Insurance Surgery, we’d be happy to chat to you about your needs so we can match you with the best life insurance for over 40s policy.
Term life insurance for over 40s
Term-based life insurance for over 40s would provide a cash payout to loved ones if you were to pass away within the set time period.
This type of over-40 life insurance tends to be a cost-effective option, as it is not guaranteed. If you live beyond the time period set out in your policy, the cover will end, and you will not receive a payout. Most term insurance policies tend to be between 30 and 40 years, giving you cover until you reach your seventies or eighties.
There are two different forms of term-based life insurance for over 40s.
- Level-term life insurance: This insurance provides a fixed sum payout so your loved ones receive the same amount no matter when you pass away during the policy term. This type of life insurance for over 40s is good for leaving an inheritance or helping with living or education costs.
- Decreasing term life insurance: This insurance provides a sum payout that reduces over the policy term. For example, if you pass away in the last few years of your policy term, your family would receive a smaller payout than if you passed away in the first few years. If you have a repayment mortgage in place (capital repayments, not interest only), your over-40’s life insurance could effectively help cover your mortgage costs which will also decrease over time.
Whole life insurance for those over 40s
Whole of life insurance is a 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.
As a guaranteed life insurance for over 40s, this level of cover tends to be more expensive as the insurer will have to pay out.
But don’t worry. We can help you get the best over 40s whole life insurance quote.
Critical illness for over 40s
When looking at life insurance over 40, you may also want to look at critical illness.
Adding critical illness to an over-40s life insurance policy will increase your cover costs. But it does give you extra protection and peace of mind.
If you are diagnosed with a serious illness, you could claim to help cover the costs of lost income or help with household bills.
However, if you add critical illness to your over-40s life insurance and make a claim, your policy will end.
Some insurers offer critical illness as a standalone product, so it doesn’t impact your over-40s life insurance. Doing it this way would mean you would have to pay two premiums.
At The Insurance Surgery, we can help you find the best solution for your needs. Plus, our price match promise means we will always match the lowest possible like-for-like quote.
We’ll take you through it step-by-step so you are confident that you know what you are buying and how your family is protected.
Income protection for over 40s
Income protection is a type of insurance plan that protects your income should you not be able to work because of illness or injury. You can take out this plan with over 40s life insurance.
As you start life over 40, you will have more financial commitments than you did in your twenties and thirties. Protecting your income will ensure you can still provide for your family if you cannot work due to illness or injury.
Many of us may rely on statutory sick pay entitlement or turn to our savings to see us through in the short term, but what would you do if you were on indefinite or long-term sick leave?
We don’t want you to have to use your savings.
That should be used for the fun stuff, like the luxury holiday you’ve always dreamt about!
How does income protection for over 40s work?
Over 40’s income protection plans will cover you for a wide range of mental and physical illnesses. So if you get hurt and can’t work because of it, you have the time to recuperate.
- An income protection policy usually covers 50–70% of your monthly income. This will give you a financial cushion and much-needed breathing room to pay your bills and other living costs.
- If your health keeps you from working, your policy will pay out until you return to work.
- If you are signed off permanently, your salary protection insurance could keep paying you each month until you’re old enough to retire.
As a private insurance plan, your income protection policy can pay out alongside any statutory sick pay or enhanced occupational sick pay policies you can receive through your work.
When you buy an income insurance policy from us, one of our helpful advisors will review all the policy details with you to ensure you have the right amount of protection. In addition, we’ll talk about your current expenses and how much money you need to cope with your living costs. If you have statutory sick pay entitlement or enhanced policies, we’ll find out what options are available to check that you are not duplicating your protection.
For example, if you work for the NHS, you might expect six months of full pay followed by six months of half pay. With our help, we can set our income protection up so that it only kicks in when your salary is about to drop.
We don’t want you to need to use your insurance to protect your income.
But we do want you to have peace of mind that you can always pay the bills. Salary protection will help you do that.
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.
Our customers love us.
Would recommend using this service
Tom has been incredibly helpful throughout the whole process of getting my life insurance set up. Very knowledgeable and absolutely ‘on it’ to get me the best product out there.
Mat Wise
First Class Experience
Service was first class, Simon kept me informed at every step in the process.I would have no hesitation in dealing with him again.
Duncan Fordyce
Great, Quick Service
Dealt with Karl who could not have been more helpful. Made the whole process of getting life insurance far easier than other providers I had approached.
Shelley Jenkins
Fantastic!
Approved immediately. Process was so fast and a lot cheaper than I thought. Highly recommended.