Life insurance gives you and your family peace of mind. The exact monthly cost of premiums is difficult to predict because life insurance needs vary from person to person and will also depend on the term and coverage. However, you can have an average idea of what you can expect to pay considering various factors such as age, sex, and smoking status.
Why is life insurance important at 40?
At 40, you are still relatively young, and it is considered early middle age. This is a good time to consider life insurance because you can still secure good rates as your risks for health issues are still low.
Pricing can be affected by various issues at this age. One consideration may be any changes at your work. If you are being promoted or changing jobs, you may be seeking gap coverage or you could find yourself with no coverage at all. Not to mention that life insurance coverage your workplace may or may not provide is usually about one year of your salary. Is this enough to cover your family for all the liabilities such as your mortgage? surely it is not.
You could have also purchased life insurance at a younger age, and it does not cover your current needs. By the time you reach the age of 40, a lot of your needs may have changed from when you were younger. You and your partner probably have more children and a bigger mortgage, requiring a reassessment.
Main reasons for life insurance at 40
- You need to offer your partner added security from any debts if anything should happen to you
- You want to ensure that the education and day-to-day costs of your kids are taken care of
- You have parents who are reliant on you, and you want to be sure that they are secure if you are not there
- You still owe money on your mortgage and want to ensure that it is paid off if something should happen to you
- You have your own business, and you want to ensure that any debt is taken care of
- Planning for your retirement can be ensured through a permanent or universal life policy. These accumulate a cash value over the years, but their premiums start to escalate after you turn 50. Your insurance advisor is most likely to suggest a combination of term life insurance and permanent if you require some permanent coverage.
How much life insurance do you need at 40?
This will depend entirely on your personal needs. At 40, you need an amount that will cover your mortgage repayments, your children’s educational and child-care needs. You may have other concerns that could include ensuring that other day-to-day expenses are covered, making sure your partner can cope once you are gone. A 40-year old on average needs at least $500,000 coverage, but a broker can help you calculate your needs.
Cost of life insurance at 40
Insurance premiums are calculated by considering various factors. These include age, gender, lifestyle and smoking status, and overall health. The average monthly premium of 20-year term life insurance, with a coverage of $500,000 starts at just under $50 for a 40-year old. In your early 40s, this figure can be almost double if you are a smoker, and will triple if you are a smoker in your late forties. For females, the initial rates are lower than for males, but female smokers also pay high rates.
For $500,000 coverage, a non-smoking male will have a monthly premium of:
- $48 at age 40
- $69 at age 45
- $112 at age 49
For $500,000 coverage, a male smoker will have a premium of:
- $127 at age 40
- $206 at age 45
- $301 at age 49
For $500,000 coverage a female non-smoker will have a premium of:
- $36 at age 40
- $54 at age 45
- $70 at age 49
For $500,000 coverage a female smoker will have a premium of:
- $52 at age 40
- $77 at age 45
- $197 at age 49
** All numbers are average and are just meant for illustration purposes. To obtain an exact quote, click here and find the price of your life insurance in under 30 seconds.
If you need a shorter-term or more coverage these figures do change, but at age 40 you can still get very affordable coverage no matter your needs.
Finding the right Life insurance policy with the proper coverage amount at the right price is complicated and overwhelming. Our expert advisers are fully qualified to help you work out the coverage that will meet the needs of your family. By taking your age, and health, liabilities, and goals into consideration. At Apluswealth, you can get a quote, compare quotes, and find the life insurance quote you feel comfortable with.
Contact our expert advisers today and find out which is the best life insurance for you. Our life insurance advisors will provide you with quotations and the most suitable policy types.
The process of purchasing life insurance from Apluswealth is designed to be super easy, online, and fast. If you know what type and amount of coverage you are looking to get, simply get your quote using our software and then click apply online. However, if you require assistance from our expert advisors, we will set up an online or in-person meeting with you to go over your needs analysis and assist you with you making your decision.
Depending on the amount of coverage and the life insurance provider you have chosen, you may or may not be required to complete a medical examination. Once the medical examination and the underwriting process are completed, you will be offered your insurance coverage and the process is completed. Start covering your family from today.
Email: Contact@apluswealth.com
Tel: 1-888-461-6120