40-Year Term Life Insurance: Costs & How It Works

Image of a long road in the desert for the Quotacy blog: How Long Your Term Life Insurance Can Last Just Got Longer.

How does 40-year term life insurance work?

When you buy a 40-year term life insurance policy, you lock in your rate for those 40 years. Even if you develop a medical issue, your rate won’t change the entire term.

For example, a 35-year-old healthy non-smoking male can buy a $250,000 40-year term life insurance policy for $38 per month. He will have this coverage for the next 40 years until he’s 65 years old.

If he dies prior to age 65, his beneficiaries receive a death benefit check of $250,000. If he is still alive at the end of the term, the coverage simply ends.

Can I get a 40-year term life insurance policy?

A 40-year term is not available for everyone.

If you are a non-smoker, the 40-year term option is available to people aged 45 and younger.
If you use tobacco, the 40-year term option is available to people aged 40 and younger.

In addition, currently only two insurance companies offer 40-year terms: Protective Life Insurance and Legal & General (a.k.a Banner Life). So, if you’re working with a captive agent, like State Farm, Allstate, and Farmers, you won’t have a 40-year term option. Work with an independent life insurance broker so you get the most options and best price.

» Compare: Get your 40-year term quote

Can I get 40-year term life insurance without a medical exam?

It’s possible to get a no-exam 40-year term life insurance policy. Many life insurance companies offer accelerated underwriting programs for eligible applicants.

Accelerated underwriting means that the process goes faster than traditional underwriting and you aren’t required to get a medical exam.

Not everyone will qualify for the accelerated underwriting path. There are health qualifications, such as having blood pressure readings of 140/90 or less and cholesterol levels of 120-300.

After you apply, your agent will let you know if you qualify for the no-exam accelerated underwriting process.

Should I get 40-year term life insurance?

Americans are living longer and working longer in order to meet financial needs. In today’s economy, many Americans carry debt into their retirement years.

Permanent life insurance can provide coverage for your entire life, but it’s very expensive. A 40-year term life insurance policy is a great compromise. It’s much more affordable than permanent insurance and because it lasts quite a while, you can provide financial protection for your loved ones well into your 60s and 70s.

Until now, if you had long-term life insurance needs you had essentially two options:

Buy a permanent life insurance policy to make sure you have coverage your entire life.
Buy a 10-30 year term policy and then later on buy another term policy, if you’re still insurable, or convert your term policy.

Each option has its pros and cons.

With option 1, you have coverage your entire life, access to cash values, and possibly dividends, but you’re paying substantially high premiums each month.

With option 2, you have affordable coverage but if you need to buy another policy later on, the term life insurance may not be so affordable any more if you’re facing new health issues—not to mention you have aged. And converting a policy will increase your premiums exponentially.

Enter the 40-year term life insurance policy.

A 40-year term option may not be permanent, but for the budget-conscious buyer, it can make a huge difference to both you and your family.

» Calculate: Life insurance needs calculator

How much does a 40-year term life insurance policy cost?

The longer your term length, the higher your premiums—but these monthly costs are much more affordable than permanent life insurance. And peace of mind to you and your loved ones is priceless.

The table below illustrates some examples of how much a 40-year term life insurance policy may cost you.


40-Year Term Life Insurance Rates for $250,000 of Coverage
Monthly Cost by Age for Healthy, Non-Smokers