Shopping for term life insurance at age 40? Term life is a good choice because it is an affordable way to get a large amount of coverage. At age 40, you may have children and you probably own a home or a business. Many people look into getting a policy at this age because they realize the financial disaster they could leave on their family if something happened to them.
What Affects Your Rate At Age 40?
- Your Gender. Males pay more coverage because statistics show that women live longer.
- Length of the Term. The longer the term you choose, the higher the premium.
- Your Health History. The better your health, the lower your rate. Most carriers have a rating system to determine your rate. These ratings are typically as follows: Super Preferred (perfect health), Preferred (above average health), Standard (some minor health issues), and Below Standard (more serious health issues).
- Your Smoking Status. If you are a smoker, then be prepared to pay about 3 to 4 times more than a non-smoker. If you quit smoking, then you need to be smoke-free for 12 months to get non-smoker rates.
- Your Occupation. A risky job may mean higher rates. Police officers and fireman are often considered risky occupations.
- Hobbies and Recreation. If you participate in dangerous or risky activities such as sky diving, mountain climbing, etc. then some carrier may consider you to have a higher risk and raise your premium.
Some Example Rates At Age 40 for $500,000 / 20 Year Term:
40 Year Old Male / Non-Smoker: $40.04 per month
40 Year Old Male / Smoker: $120.56 per month (notice it cost three times more if you smoke)
40 Year Old Female / Non-Smoker: $35.20 per month
40 Year Old Female / Smoker: $89.88 per month
These are just some sample quotes to give you an idea of how much life insurance at age 40 might cost you. Rates differ from one company to another so it is best to compare multiple rates to find the absolute best one for you. Get free life insurance quotes today to compare rates from the top carriers.
{ 0 comments… add one now }