What is life insurance for over 40s?

Securing life insurance in your 40s is about making sure that your family are taken care of financially should you no longer be around to provide

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

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

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

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Should I get life insurance in my 40s?

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

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.

Proceeds from a pay out could help towards:

  • Childcare costs
  • Children’s education fees / expenses
  • Mortgage payments / rental costs
  • Family living costs & household 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 level term life insurance can be for those aged 40 - 49.

Quotes are based on a non-smoker 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


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 aged over 40, will depend on your individual circumstances.

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

There are three main life insurance policy options for applicants in their 40s:

  • Level term cover - Provides a fixed cover amount (sum assured) for a set time period (the term). A popular policy choice for those wanting to protect an interest-only mortgage and/or cover future family living cost. As with all term-based cover once the term has elapsed the policy expires and no pay out can be issued. Available from just 20p-a-day through Reassured †
  • Decreasing term cover - Provides a cover amount which decreases over the lifetime of the policy, making it ideal to protect a repayment mortgage. As the financial risk to the insurer reduces over time this tends to be the cheapest option. Available from just 20p-a-day through Reassured ¥
  • Whole of life insurance - A less common and more expensive policy option which unlike the term-based cover guarantees a pay out when and not if you pass away. As whole of life cover provides lifelong cover the cost is significantly and therefore will not be suitable for everyone. Available from just 27p-a-day through Reassured's advised team ±

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

Top Tips for cheaper life insurance over 40

  • Take out cover sooner rather than later, as premiums increase as you get older
  • Use a life insurance calculator to add up all your financial commitments and find out how much cover you need
  • Look after yourself and stay healthy - by exercising, eating well and cutting down on bad habits
  • Only get enough protection that’s adequate for your needs, or you could pay more each month than what’s necessary
  • Make sure to compare quotes and policies from a variety of insurers to help find your best deal
  • Factor in any death in service benefits you receive to minimise your personal cover amount

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 brokerage 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/

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