Life Insurance for Over 40’s

What is Life Insurance for Over 40’s?

Life insurance for individuals over 40 is a crucial step towards ensuring the financial security of your loved ones in the event of your passing. By securing life insurance during this stage of your life, characterised by stable income, homeownership, and familial responsibilities, you are proactively planning for the unforeseen future challenges.

Consider the peace of mind that comes with knowing your family will be taken care of financially if you were no longer there to provide for them. Securing a life insurance policy in your 40s allows you to lock in reasonable monthly premiums while guaranteeing a lump sum pay-out to your beneficiaries upon your death.

It is advisable to explore different insurance providers and compare quotes to find the most suitable coverage that meets your needs. Take this opportunity to safeguard your family’s financial well-being by investing in life insurance tailored for individuals aged 40 and above.

Should I get life insurance in my 40’s

Considering life insurance in your 40s can be a wise decision to protect your family’s financial future. Generally, the cost of life insurance is lower when you are younger due to a decreased likelihood of health issues, making your 40s an advantageous time to secure coverage.

In your 40s, you are still relatively young, allowing you to benefit from affordable premiums for term-based coverage. Additionally, whole life insurance may be a viable and cost-effective option at this age.

Life insurance provides your loved ones with a lump sum payment in the event of your passing, which can help them manage financial obligations and maintain their quality of life. Your insurer will calculate the cost of your premium by using factors such as…

  • Age
  • BMI
  • Medical history (personal & family)
  • Occupation & hobbies
  • Policy length
  • Policy term
  • Smoking status
  • Sum assured

Life Insurance for Parents over 40

Life insurance is a crucial consideration for parents over 40, especially with the trend of having children later in life becoming more common. In fact, in 2021, the average age of mothers giving birth in England and Wales rose to 30 years old. Becoming a first-time parent in your 40s is no longer unusual, with 1 in 25 births in the UK being to women in their 40s.

The responsibility of parenthood often underscores the importance of safeguarding your family’s financial future in case of unforeseen circumstances. Many parents opt for life insurance policies that extend until their children reach adulthood or achieve financial independence, ensuring their ongoing security during their dependent years.

For parents juggling full-time careers, these figures highlight the significance of securing adequate life insurance coverage to protect their family’s financial well-being.

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Joint Life Insurance for Over 40’s

Joint life insurance for over 40s could save you up to 25% on your premiums when compared with that of two single policies. Joint cover provides protection for two people simultaneously, however, is only available with regards to term-based life insurance. A pay-out is made upon the first death, at which point the cover expires and the surviving partner is left unprotected and requiring new cover at an older age. This could result in a significant premium increase if the original cover wasn’t arranged until in your 40s.

As a result, to ensure adequate cover, if your budget allows it’s usually more beneficial to arrange two single policies.

Top Tips for Cheaper Life Insurance Over 40

  • Secure coverage sooner rather than later, as premiums tend to increase with age.
  • Utilise a life insurance calculator to assess your financial obligations and determine the appropriate coverage amount.
  • Prioritise your well-being by engaging in regular exercise, maintaining a healthy diet, and reducing unhealthy habits.
  • Obtain coverage that aligns with your needs to avoid overpaying each month for unnecessary protection.
  • Compare quotes and policies from various insurers to secure the most favourable deal.
  • Consider any death in service benefits you may receive to reduce your personal coverage amount.

Additional Insurance Options for Individuals Over 40

There are numerous viable insurance options tailored for individuals in their 40s that can complement your existing policy or serve as an added layer of protection.

Income protection insurance is a valuable policy that provides financial support in case you are unable to work due to injury or illness. This type of policy typically pays out a percentage of your regular income, often up to 70%, to help compensate for lost earnings.

You will receive monthly instalments, which are usually tax-free, to assist with covering your ongoing expenses such as bills, groceries, and rent while you are unable to work.

Securing an income protection policy through a reputable broker, can help you find the best deal tailored to your needs. Their professional expertise can guide you in selecting the most suitable coverage for your circumstances.

Enhancing your term life insurance with critical illness cover is a prudent choice. Although it may result in higher premiums, it offers the valuable benefit of being able to claim a playout in the event of a serious illness diagnosis such as cancer, stroke, or MS.

This playout can be utilised for essential purposes like home modifications, hiring a caregiver, or replacing lost income if you are unable to work. It’s important to note that opting for critical illness cover means that if a claim is made, the life insurance portion of your policy will no longer be active.

Because we play by the book we want to tell you that…

For insurance business we offer products from a choice of insurers.rnYour home may be repossessed if you do not keep up repayments on your mortgage.rnThere may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.rnThe fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

Frequently asked questions

What’s the difference between the whole of life insurance and term-based life insurance?

What are the pros and cons of whole of life insurance?

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