Unlike other stages and ages in life, 40 is often the age when you're looking for the best options for creating financial security, especially since you're preparing for retirement. This list of the top cheap life insurance providers for 40-year-olds is made for this moment. Being forty years old is the best time to start planning how you'll spend your out-of-work days, including going for vacations and embarking on your hobbies such as publishing books, focusing on your farm, and other dream-focused things you've always wanted to do. 

Besides helping your family and relatives, especially in the event of your unexpected and unpredicted demise, life insurance at forty is vital for other reasons. This includes paying off your mortgage or paying off myriad debts such as student loans, credit cards, and car loans. A good life insurance policy can also help pay off your kid's college and university costs, contribute to your philanthropic endeavors like paying for older people care services, and also replace your lost income from your working days. 

However, regardless of the type of life insurance you deem fitting for your desires at age forty, the cost of such coverage increases as you age.  Therefore, expect more fees when you purchase a life insurance policy at the age of 40 than those buying in their thirties and twenties.  Again, purchasing life insurance coverage at an adult or near-adult age depends on your financial obligations. In short, if you're free from financial burdens or have fewer dependents, purchasing coverage isn't necessarily a priority for you. However, if you've got a family and lots of dependents, buying life coverage at 40 years old is a perfect way of creating financial security.

Why Getting Life Insurance at 40 Years Is Essential

Although there is no standard age limit on when you should consider buying a life insurance policy, taking care of your family is a good reason for considering it.  While age 40 is the time others want to settle down and enjoy, it can be the moment in life where your income cannot cater to all your needs.  Additionally, an illness, especially a terminal disease, can be the reason your income and ability to work stops or is deterred.  Accumulating debts can also be another reason why taking life insurance coverage is vital at this time.  If you can relate to such unpredictable life events, you'll probably agree that purchasing life insurance at this time is incredibly important.

How to Choose From the Best Cheap Life Insurance Providers for 40-Year-Olds

The presence of several life insurance products out in the market for males and females at the age of 40 years can make it overwhelming or challenging to get the best fit for your needs. Also, some options and products can be foreign to you, making it overwhelming. It can be even more challenging if it's your first time buying an insurance policy. Therefore, some of the best strategies to choose the right option from cheap life insurance providers for 40-year-olds include:

Comparing Prices Among Policy Providers

Different insurance policy providers offer different rates based on their working rules and regulations. Comparing prices helps you settle for the best and the most affordable option. Research at least three insurance policy providers and ask for their price ranges. Determine their terms and compare the ease with which your beneficiaries will obtain benefits.  Comparing prices is also the best consideration to embrace, especially since it helps you determine the experience of different providers based on their customer services and the procedures of applying for coverage.

Considering the State of Your Health

In addition to considering gender and comparing princes among insurance providers, the state of your health also impacts the cost of your life insurance. Most insurance providers require either a physical exam or for you to answer a few medical questions in determining your general state of health. In a nutshell, the healthier you're, the less expensive the cost of your life insurance policy. On top of that, risky lifestyles, including the consumption of nicotine, automatically increase the cost of your cover. Therefore, if you're a smoker or consume nicotine products, insurance providers determine this to be damaging to your health; they'll charge you more than if you don't consume such things.  

Determining Your Budget 

Budget affects the cost of your insurance policy based on the type of coverage you take.   For instance, term life insurance is less expensive than permanent life insurance. A term life policy offers you a chance to select a term between 10, 20, and even 40 years while life covers you until your demise. Therefore, consider taking a permanent cover, considering charges don't change once you buy the policy. 

The Top 6 Cheap Life Insurance Providers for 40-Year-Olds

Prudential Financial  

Prudential

Prudential Financial boasts over 140 years of experience in offering affordable and reliable life insurance services.  Over the years, the company has worked with many established insurance policy providers in regions including the United States, Europe, Asia, and Latin America. At the same time, Prudential Financial offers a different list of products and services, including life insurance and additional annuities, investment management, and other retirement-related financial products. Rates also differ per gender as follows:

40-Year-Old Females of Excellent Health Pay:

  • $12.00 per month for coverage estimated at $100,000 for a ten-year term
  • $60 .00 per month for coverage estimated at $750,000 for a 15-year term
  • $290.00 per month for coverage estimated at $3 million for a 40-year term

40-Year-Old Males of Excellent Health Pay:

  • $14.70 per month for coverage estimated at $100,000 for a ten-year term
  • $79.60 per month for coverage estimated at $750,000 over a 15-year term
  • $390.00 per month for coverage estimated at $3 million for a 40-year term

Sproutt

Sproutt

Sproutt is an online and highly reliable life insurance marketplace company that lets you obtain affordable and exciting insurance quotes from various providers. The company works like an online traveling organization where you can easily compare prices and settle for what's the best fit for your needs. Sproutt can effortlessly compare life insurance quotes tailored to your needs based on your income, health status, and demography.  Even better, once you've selected your quote, Sproutt further personalizes your selection by asking relevant questions about your lifestyle, traveling history, driving records, and others essential in making your purchase for insurance hassle-free. 

Backed by the insurance industry’s leading companies and partners such as Moneta VC, FinTLV, and Guardian Life, Sproutt has spent over $130 billion in insurance policies. This means once you apply and buy from them, your coverage is a sure bet that your family and other beneficiaries will easily find financial security in after the event of your unpredictable demise.

SelectQuote

SelectQuote

Unlike many other life insurance companies, SelectQuote is an excellent option considering it's a shopping website that allows you to select and compare quotes from leading insurers. Unlike Sproutt, SelectQuote doesn't deal with universal and guaranteed life plans. But it offers you a chance to purchase coverage of up to $5 million. You can also find higher amounts in coverage, as well as convertible and easily renewable term plans.

Banner Life Insurance

Banner Life Insurance is the third-best insurance provider for 40-year-old males and females.  The company offers life policies in many states in the United States, as well as the District of Columbia. It specializes in term life and universal life plans. Shoppers can take term life coverage with terms of 10, 15, 20, 25, or 40 years without hassle. An advantage of purchasing your life insurance with Banner Life is the opportunity to complete your application within a single day, especially if you're an extremely busy person. 

40-Year-Old Females of Excellent Health May Expect to Pay:

  • $21.04 per month of policy estimated at $250,000 for a 10-year coverage term
  • $237.5 per month for coverage estimated at $2 million for a 25-year policy
  • $700 per month for coverage estimated at $3 million for a 35-year policy

40-Year-Old Males of Excellent Health May Expect to Pay:

  • $24.00 per month for coverage estimated at $250 000 for a 10-year policy
  • $323.00 per month for coverage estimated at $2 million for a 25-year policy
  • $958.44 per month for coverage estimated at $3 million for a 35-year policy

American General Insurance

American General Insurance

Unlike other companies, American General has been offering life insurance policies for over 160 years with competitive rates since the company's inception.  The company provides coverage based on health, age, and lifestyle habits. The company also provides online quotes so you can effortlessly compare rates before deciding on the product that fits your needs based on your gender and health status. Usually, rates comparisons for American General life insurance include the following:

40-Year-Old Males of Good Health and Users of Tobacco Pay:

  • $ 20.00 per month for a 20-year term for a preferred plus insurance cover
  • $ 33.00 per month for coverage lasting 20 years or $55.00 per month for 40 years
  • $107.00 per month for male users of tobacco for a 20-year term and $168.00 per month for a 40-year term

40-Year-Old Females of Good Health and Consumers of Tobacco Pay:

  • $18.00 per month for 20 years and $29 per month for 40 years for preferred plus coverage
  • $27.00 per month for 20 years and $40.00 per month for 40 years for regular plus coverage
  • $77.00 per month for 20 years and $126.00 per month for 40 years for tobacco users

The Ladder Insurance

Ladder

As a leading life insurance provider, Ladder came to life in 2015 under the management of Fidelity Security Financial Security Company. The company offers term life coverage through its website. This allows shoppers to apply and effortlessly buy their coverage online without medical examinations and records. The company provides life insurance with term lengths ranging from 10 years to 40 years. With the company, different genders pay:

40-Year-Old Females of Excellent Health Pay:

  • $12.30 per month for coverage estimated at $100,000 for a ten-year term
  • $60.00 per month for coverage estimated at $750,000 for a 15-year term
  • $291.00 per month for coverage estimated at $3 million for a 20-year term

40-Year-Old Males of Excellent Health Pay:

  • $14.70 per month for coverage estimated at $100,000 for a ten-year term
  • $79. 50 per month for coverage estimated at $750,000 for a 15-year term
  • $391. 00 per month for coverage estimated at $3 million for a 20-year term

Haven Life 

Haven Life

Haven Life is a tech-centric insurance agency established in 2014 and wholly owned by MassMutual – a renowned insurance company with over 150 years in the industry. Through Haven Life, you can easily apply for and manage your insurance plans online, thus alleviating the hassle of shopping for life coverage. You can buy term life plans for varying periods, including 10, 15, 20, 25, and 30 years. Catering to persons aged 18-64 years old, Haven Life offers a minimum and maximum coverage of $100,000 and $3 million, respectively. Some advantages of buying Haven Life policies are the simplicity of applying online, commission-free options, and no medical test requirement. 

Average Insurance Premiums by State for 40 Years Old Males and Females

The following are the average monthly life insurance rates by state for healthy and non-smoking 40-year-old males and females:

  • California: $36 for females and $43 for males 
  • Texas: $34 for females and $38 for males
  • New York: $37 for females and $44 for males
  • Virginia: $32 for females and $39 for males
  • Illinois: $34 for females and $38 for males
  • Washington: $33 for females and $38 for males
  • Oregon: $38 for females and $45 for males

Final Thoughts on the Best Cheap Life Insurance Providers for 40-Year-Olds

Like many other financial considerations, buying life insurance coverage is essential at 40 years, especially if you have dependents such as kids, spouses, and other family members. It helps you live a happy life knowing that those you leave behind will have reliable financial security in the event of unpredictable and unexpected circumstances.

40-Year-Old Females of Excellent Health May Expect to Pay:

  • $21.62 per month for coverage of $500,000 over a 10-year term
  • $46.41 per month for coverage of $750,000 over a 20-year term
  • $143 per month for coverage of $1.5 million over a 30-year term

40-Year-Old Males of Excellent Health May Expect to Pay:

  • $24.63 per month for coverage of $500,000 over a 10-year term
  • $56.62 per month for coverage of $750,000 over a 20-year term
  • $193.67 per month for coverage of $1.5 million over a 30-year term

Cheap Life Insurance Quotes by Age

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