Best 30 Year Term Life Insurance Rates In Your Forties (40s)
Posted in Term Life Insurance last updated on February 27, 2023
Once you reach your forties, you’ll likely need life insurance to protect your income for your family. The good news is that life insurance is still very affordable at this age.
Below I will show you the best life insurance rates for someone in their forties (40’s) looking for a 30 year term policy.
Table of contents
Why choose a 30 year term policy?
The 30 year term life insurance policy is one of the most common policies for someone in their forties since it locks in the rate for the next thirty years. This protects: the children until they are adults and out of school, covers the mortgage until it’s paid off and your income to retirement age.
Also, according to the Social Security Administration (SSA) and their actuarial life table, the life expectancy for males is 76 years old and 81 years old for females.
Example term life insurance rates in your forties (40-49)
Average cost per month
30 year term- Males
| Age | $250,000 | $500,000 | $1,000,000 | $2,000,000 |
|---|---|---|---|---|
| 40 Year Old Male | $28.22 | $49.57 | $93.81 | $182.11 |
| 41 Year Old Male | $31.30 | $55.21 | $102.36 | $199.19 |
| 42 Year Old Male | $33.71 | $60.13 | $112.04 | $218.56 |
| 43 Year Old Male | $36.12 | $65.82 | $123.98 | $243.15 |
| 44 Year Old Male | $39.17 | $71.97 | $136.51 | $267.50 |
| 45 Year Old Male | $42.86 | $79.12 | $150.34 | $295.14 |
| 46 Year Old Male | $46.49 | $86.43 | $164.93 | $324.70 |
| 47 Year Old Male | $50.71 | $94.78 | $180.99 | $356.46 |
| 48 Year Old Male | $56.64 | $105.03 | $201.17 | $397.24 |
| 49 Year Old Male | $61.30 | $115.73 | $221.94 | $438.79 |
Best monthly rates, D.O.B. 12/1. Rates current as of 12/18/2022. Rates for top health class.
30 year term- Females
| Age | $250,000 | $500,000 | $1,000,000 | $2,000,000 |
|---|---|---|---|---|
| 40 Year Old Female | $22.97 | $40.21 | $74.05 | $142.58 |
| 41 Year Old Female | $24.51 | $43.29 | $81.06 | $156.29 |
| 42 Year Old Female | $26.33 | $46.93 | $87.98 | $170.31 |
| 43 Year Old Female | $28.33 | $51.14 | $95.92 | $186.33 |
| 44 Year Old Female | $30.56 | $55.55 | $105.00 | $204.73 |
| 45 Year Old Female | $35.94 | $65.34 | $124.24 | $242.95 |
| 46 Year Old Female | $35.94 | $65.34 | $124.24 | $243.67 |
| 47 Year Old Female | $38.82 | $71.10 | $135.74 | $265.95 |
| 48 Year Old Female | $43.79 | $79.66 | $149.39 | $293.25 |
| 49 Year Old Female | $47.78 | $87.21 | $159.41 | $315.68 |
Best monthly rates, D.O.B. 12/1. Rates current as of 12/15/2022. Rates for top health class.
How much life insurance does someone in their 40s need?
The general rule of thumb many financial advisors follow is to carry at least 7x to 10x your annual income in life insurance. This is because it will replace your gross annual income for the next seven to ten years. Some financial advisors such as Suze Orman recommend 20x your annual income in life insurance coverage.
For a more detailed needs analysis, you can use our life insurance needs calculator.
Do I need a medical exam?
Applying for life insurance in your forties (40s) is optimal as you are still considered younger by the insurance companies. Therefore, many life insurance companies will offer a no medical exam or accelerated underwriting option.
Underwriting
The underwriting for a life insurance policy in your 40s is going to depend on the amount of coverage you are applying for as well as:
- Health
- Height and weight
- Tobacco use
- Family history
- Driving record
- Any dangerous hobbies
How to secure the best life insurance policy in your forties (40s)
The best way to secure the lowest rates on a 30 year term life insurance policy in your forties 40s is to compare rates from multiple life insurance companies. Each life insurance company has their own prices as well as unique underwriting guidelines.
Some life insurance companies have much more favorable underwriting guidelines for: height and weight, health history, family history, tobacco use, avocations, travel, etc. You can potentially save thousands of dollars or more by just comparing rates from at least half a dozen to a dozen of the top life insurance companies before you apply.
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