40 Year Term Life Insurance: What You Need to Know

Shawn Plummer

CEO, The Annuity Expert

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. This guide will discuss 40-year term life insurance 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 your policy at a much higher rate, 40-year term policyholders will have an additional ten years (above a 30-year policy) to enjoy meager insurance rates.

Most policyholders are surprised when they get a renewal offer. First, 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 bought it when they were much younger.

40 Year Term Life Insurance Rates

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 who prefer no medical exam life insurance. In addition, 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 46 years old or older can still get a 30-year term policy from many companies.

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. Not many things can go wrong with it, so the only thing you need to worry about is the cost of the policy and 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.

Banner 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 any other type of insurance. However, 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 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.
Longest Term Life Insurance

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.

Find The Best Term Insurance Coverage At The Cheapest Cost!

Compare term life insurance quotes from 25 companies in seconds. Then, apply for coverage in less than 10 minutes.

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40-Year Term Life Insurance Companies (We Recommend)

  • Banner Life offers a 40-year term policy for individuals looking for long-term security.
  • This is the only company currently offering such a long-term policy, making it an attractive option for those needing life insurance.
  • The age range for non-tobacco users is 20-45 years old, and 20-40 years old for tobacco users.
  • With over 70 years in business and an A+ rating from A.M. Best, Banner Life (a subsidiary of Legal & General) is a reliable and reputable company.

Disclaimer: We are licensed life insurance agents for Banner Life. If you need a quote or want to apply, contact us below. There is no charge for the service. We strongly discourage applying without the assistance of an agent because if you apply on your own and get declined coverage, for whatever reason, no other life insurance company will consider you for coverage for approximately two years.

Need Help Getting Life Insurance Coverage?

Feel free to contact us if you need help purchasing a life insurance policy. The service is free of charge.

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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