40 Year Term Life Insurance: What You Need to Know

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If you are looking for life insurance, you may have come across the term “40-year term life insurance.” This type of policy is becoming increasingly popular, and there are good reasons why. This guide will discuss what 40-year term life insurance is and how it can benefit you.

What does 40 Year Term Life Insurance Mean?

40-year term life insurance offers a guaranteed death benefit and a level premium that can never change for forty years as long as the periodic premiums are paid.

Who should get a 40 Year Term Life Insurance Policy?

Not everyone needs a 40-year term life insurance policy. But for people who do, it can be an excellent idea. This is because it is guaranteed for 40 years, and it is also relatively inexpensive. Buying this type of life insurance policy can be a game-changer for people who need life insurance to replace their income but can’t afford permanent insurance.

Alternative to renewing your term policy

Instead of renewing or converting renewing your policy at a much higher rate, 40-year term policyholders will have an additional ten years (above a 30-year policy) to enjoy very low insurance rates.

Most policyholders are surprised when they get a renewal offer. This is because the offer is for a lot more money than expected. This is because people usually renew their policy 10 or 20 years after they first bought it when they were much younger.

Who should not get 40-year Term Life Insurance?

As we mentioned earlier, 40-year term life insurance may not be the best choice for everyone, especially those with medical issues and who prefer no medical exam life insurance. The process of getting an accelerated underwriting policy is more intense than getting a policy that lasts for 10, 20, or 30 years.

If the risk you are trying to protect yourself from lasts for 30 years or less, it doesn’t make sense to pay more money for a 40-year policy. A shorter policy will do the same job at a lower cost.

Two companies offer 40-year term life insurance policies. These policies are only for people who are 45 years old or younger. People who are 46 years old or older can still get a 30-year term policy from many different companies.

  • Banner Term Life Insurance
  • Protective Term Life Insurance

How does a 40-Year Term Life Insurance Policy Work?

Term life insurance is a type of life insurance that is simple and easy to understand. There are not many things that can go wrong with it, so the only thing you need to worry about is the cost of the policy and the fee.

The longer the policy term, the more the life insurance will cost. For example, a 40-year policy will be more expensive than a 10, 20, 25, or 30-year policy.

A 40-year term life insurance policy offers a guaranteed death benefit and a level premium that will never change as long as you keep paying the premiums.

The Banner Life and Protective Life offer different 40-year term life policies.

Pros and Cons of 40-Year Term Life Insurance

There will be advantages and drawbacks to any life insurance policy, just like there are with any other type of insurance. They’ll generally be determined by your aim for purchasing life insurance in the first place.

The pros and cons of life insurance are typically a result of why you need it.


  • Now young adults can have coverage until they are in their 60s and beyond without worrying about the cost.
  • A 40-year term policy will provide lifetime coverage for older applicants.
  • The 40-year term product can also be purchased with many of the same optional riders offered with a 10, 20, or 30-year policy. This means that you can choose to have extra coverage for things like disability or critical illness.
  • The conversion privilege is available, which means that when your 40-year policy is getting ready to expire, you can change the policy to a permanent policy without going through medical underwriting again. This makes it easy for policyholders to transition from an income replacement policy to a final expense policy.


  • The price of a term life insurance policy is based on how long the policy lasts. A 40-year policy will cost more than a ten or 20-year policy because it lasts longer.
  • There are only two life insurance companies that offer a 40-year term policy. The competition for those policies is limited.
  • The conversion rider costs more than other policies because it has a longer policy term.
  • People with health problems will find that a 40-year term policy is too expensive for them.
  • Term life insurance is temporary coverage that lasts for 40 years.

40-Year Term versus 35-Year Term Policies

The primary difference between a 40-year term policy and a 35-year term policy is the length of the term and the rates. The 40-year term policy lasts longer, but it also costs more.

How much does 40-Year Term Life Insurance Cost?

Although you can quickly determine the cost of a 40-year term life insurance policy using our instant quote below, a $500,000 policy costs between $52 and $189 a month for a male and between $39 and $245 a month for females depending on age and health status.

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