Navigating the life insurance market as a 40-year-old can be pivotal because it's a time when many are looking to secure their family's financial future. With a variety of options available, choosing the right provider is important.
Nationwide ranks first among the top insurance companies for 40-year-olds, receiving a MoneyGeek score of 97. GEICO comes in second place and ranks the highest for customer satisfaction. For those prioritizing cost, Allstate is the best cheap life insurance provider. State Farm is the top choice for whole life and no medical exam policies.
BestLife Insurance40-Year-Olds
2024
Best Life Insurance for 40-Year-Olds
Best Overall for 40-Year-Olds
- Nationwide
Runner-Up and Best for Customer Satisfaction
- GEICO
Best Cheap for 40-year-Olds
- Allstate
Best Whole and No Medical Exam
- State Farm
How Much a Policy Costs
Costs for Smokers
Should You Buy Coverage?
How to Save on Coverage
Life Insurance FAQ
Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies for 40-year-olds.
Coverage costs and company information for life insurance providers were updated in 2024.
1,488Quotes Analyzed
14Companies Compared
50Zip Codes
Best Overall Life Insurance Company for 40-Year-Olds
Nationwide stands out as MoneyGeek's top choice for 40-year-olds seeking life insurance, earning a MoneyGeek score of 97. A 10-year term policy with a $250,000 coverage amount costs an average of $16 per month.
For individuals in their 40s seeking more substantial protection, Nationwide also emerges as a top contender. The insurer offers a 10-year term policy with $1 million in coverage at an average rate of $33 per month.
How was this MoneyGeek score calculated?
MoneyGeek analyzed leading life insurance companies for individuals in their 40s, focusing on the following criteria and weightings:
- Affordability: 30%
- Financial Stability: 25%
- Buying Process: 20%
- Customer Satisfaction: 15%
- Product Diversity: 10%
The premiums are for a 10-year term life insurance policy with $250,000 in coverage. MoneyGeek gathered these premium rates by utilizing a standardized profile as follows:
- 40-year-old male
- Non-smoker
- 5 feet 11 inches tall and 175 pounds
- Excellent health rating
Best Overall for 40-Year-Olds: Nationwide
pros
Wide array of life insurance products available
Seamless, user-friendly policy acquisition process
Robust online and agent support enhances customer experience
cons
Premium costs may not be affordable for all
Maximum term length capped at 30 years
COMPANY HIGHLIGHTS
Nationwide offers life insurance that aligns with the needs of individuals in their 40s, who may be managing substantial financial responsibilities. The company's long-standing presence (97 years) in the insurance market underscores its reliability. Its portfolio, encompassing term, whole and universal life policies, provides options to meet various financial objectives. Nationwide strikes a balance between value and service quality, underlined by its direct buying process and consistent customer support, affirming its role as a steadfast option in the life insurance market.
Runner-Up and Best for Customer Satisfaction for 40-Year-Olds
GEICO, with a MoneyGeek score of 96, is the second-best overall life insurance company for 40-year-olds. It's also the best option for customer satisfaction. The company offers a $250,000 coverage 10-year term life insurance policy at $20 per month on average.
Runner-Up and Best for Customer Satisfaction: GEICO
pros
Top-rated customer satisfaction
A++ financial stability rating ensures reliability
Access to high coverage amounts
cons
Limited product range
No direct issuance of life insurance policies
Multiple payment options not available
COMPANY HIGHLIGHTS
GEICO provides life insurance that meets the high standards of customer satisfaction, which may be an important aspect for 40-year-olds who value responsive and attentive service. With 87 years of experience and options for term coverage up to $8 million, GEICO caters to those seeking straightforward term life insurance. While the product diversity is narrow, focusing primarily on term life, the quality of service and financial stability make GEICO a strong contender for those who prioritize a seamless customer experience and solid financial backing.
GEICO doesn't issue its policies directly. You can get one through its partners, such as Ladder.
Best Cheap Life Insurance Company for 40-Year-Olds
Allstate is the best cheap life insurance company for 40-year-olds, with a MoneyGeek score of 97 for this category. It offers a 10-year term policy with $250,000 coverage at $12 per month on average. This positions Allstate as an attractive option for 40-year-olds seeking cost-effective life insurance solutions.
How was this MoneyGeek score calculated?
MoneyGeek identified the best cheap life insurance provider for 40-year-olds by applying these specific weightings:
- Affordability: 50%
- Financial Stability: 15%
- Buying Process: 20%
- Customer Satisfaction: 5%
- Product Diversity: 10%
Best Cheap for 40-year-Olds: Allstate
pros
Affordable monthly premiums
Wide range of policy terms available
Comprehensive selection of life insurance products
cons
Above-average customer complaint rate
Does not issue its own life insurance policies
COMPANY HIGHLIGHTS
Allstate shines as the best budget-friendly life insurance company for 40-year-olds, combining a strong financial stability rating with a broad spectrum of life insurance products. Despite not issuing its own policies, the company's 92-year tenure and policy options ranging from $100,000 to $50 million cater to a wide array of needs, from basic to extensive coverage. Allstate's straightforward buying process and multiple payment options, along with its digital tools like a mobile app, make it a practical choice for those seeking value without compromising on service or product availability.
Best for Whole and No Medical Exam Life Insurance for 40-Year-Olds
State Farm excels in providing whole life and no medical exam life insurance policies, earning a MoneyGeek score of 99 in both categories.
How was this MoneyGeek score calculated?
MoneyGeek evaluated life insurance carriers to determine the top providers of whole life insurance for 40-year-olds, using these weightings:
- Financial Stability: 35%
- Customer Satisfaction: 25%
- Buying Process: 20%
- Product Diversity: 20%
For no medical exam life insurance, we used the following weightings:
- Product Diversity: 35%
- Financial Stability: 25%
- Customer Satisfaction: 20%
- Buying Process: 20%
We did not consider affordability in our assessment, because quotes for whole life and no medical exam policies were not collected. The company that ranks highest among those that offer these insurance options is listed below.
Best Whole and No Medical Exam: State Farm
pros
A++ AM Best financial stability rating
Comprehensive policy options, including no exam life insurance
Over a century of industry experience
cons
No 24/7 online chat support
No direct online purchasing for all policy types
COMPANY HIGHLIGHTS
State Farm stands as the best provider for whole life and no medical exam life insurance policies, offering a blend of financial strength and customer satisfaction. With more than a century of experience, State Farm ensures a diverse range of products, including term, whole and universal life options, as well as specialized policies like guaranteed issue final expense insurance that can help with funeral and burial costs, medical bills and even debts. Qualified applicants may also access no medical exam life insurance policies. The company provides a straightforward buying process, backed by a strong financial foundation, making it a reliable choice for those seeking comprehensive and accessible life insurance coverage.
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
Life Insurance Quotes for 40-Year-Olds: How Much Does a Policy Cost?
Life insurance costs vary depending on the coverage level and insurer you choose.
Various factors influence life insurance quotes, with gender being a significant one. Typically, women receive lower rates than men due to differences in life expectancy and risk factors. The tables below present the average life insurance premiums from leading providers for both male and female 40-year-olds, showcasing how these rates compare.
Life Insurance Quotes for 40-Year-Old Men
| Allstate | $250,000$12 | $500,000$18 | $1 Million$29 |
| Transamerica | $250,000$12 | $500,000$17 | $1 Million$26 |
| GEICO | $250,000$13 | $500,000$19 | $1 Million$26 |
| Protective | $250,000$13 | $500,000$20 | $1 Million$31 |
| Nationwide | $250,000$16 | $500,000$22 | $1 Million$33 |
| Mutual of Omaha | $250,000$17 | $500,000$26 | $1 Million$46 |
| Prudential | $250,000$17 | $500,000$32 | $1 Million$63 |
| AAA | $250,000$17 | $500,000$25 | $1 Million$42 |
| Fidelity | $250,000$20 | $500,000$32 | $1 Million$93 |
| Haven | $250,000$22 | $500,000$38 | $1 Million$70 |
| State Farm | $250,000$22 | $500,000$31 | $1 Million$48 |
| Bestow | $250,000$27 | $500,000$48 | $1 Million$88 |
| Progressive | $250,000$31 | $500,000$52 | $1 Million$93 |
Life Insurance Quotes for 40-Year-Old Women
| Allstate | $250,000$11 | $500,000$17 | $1 MIllion$26 |
| Transamerica | $250,000$11 | $500,000$15 | $1 MIllion$24 |
| Protective | $250,000$12 | $500,000$17 | $1 MIllion$28 |
| GEICO | $250,000$13 | $500,000$19 | $1 MIllion$26 |
| Prudential | $250,000$13 | $500,000$24 | $1 MIllion$46 |
| AAA | $250,000$15 | $500,000$23 | $1 MIllion$39 |
| Mutual of Omaha | $250,000$15 | $500,000$22 | $1 MIllion$38 |
| Nationwide | $250,000$16 | $500,000$19 | $1 MIllion$30 |
| Haven | $250,000$17 | $500,000$29 | $1 MIllion$53 |
| Progressive | $250,000$19 | $500,000$29 | $1 MIllion$45 |
| Fidelity | $250,000$19 | $500,000$29 | $1 MIllion$76 |
| State Farm | $250,000$20 | $500,000$29 | $1 MIllion$42 |
| Bestow | $250,000$22 | $500,000$37 | $1 MIllion$66 |
Life Insurance Quotes in Your 40s if You Smoke
Smoking status is one of the most impactful factors in determining life insurance quotes due to the substantial health risks associated with tobacco use. Insurers consider smokers to be higher-risk clients, so they often face higher premiums.
Average Annual Cost for Nonsmokers and Smokers (Male)
| Average Cost per Year | Nonsmoker$ 350 | Smoker$ 815 |
Average Annual Cost for Nonsmokers and Smokers (Female)
| Average Cost per Year | Nonsmoker$ 285 | Smoker$ 631 |
Should You Buy a Policy in Your 40s?
Purchasing life insurance in your 40s can be a strategic financial move. At this age, you're likely to enjoy lower premiums than in later years, and policies may offer more favorable terms due to the lower risk profile associated with younger age. This is because the cost of life insurance increases as your life expectancy decreases.
The tables below show how life insurance costs may change as you age.
Average Cost of 10-Year Term Policies By Age and Coverage Amount
| 30-Year-Old | $250,000$14 | $500,000$20 | $1 Million$35 |
| 40-Year-Old | $250,000$18 | $500,000$29 | $1 Million$53 |
| 50-Year-Old | $250,000$37 | $500,000$65 | $1 Million$117 |
| 60-Year-Old | $250,000$76 | $500,000$141 | $1 Million$271 |
| 70-Year-Old | $250,000$204 | $500,000$410 | $1 Million$719 |
Average Cost of 20-Year Term Policies By Age and Coverage Amount
| 30-Year-Old | $250,000$17 | $500,000$28 | $1 Million$50 |
| 40-Year-Old | $250,000$26 | $500,000$44 | $1 Million$83 |
| 50-Year-Old | $250,000$58 | $500,000$106 | $1 Million$203 |
| 60-Year-Old | $250,000$150 | $500,000$286 | $1 Million$556 |
| 70-Year-Old | $250,000$752 | $500,000$1481 | $1 Million$2988 |
MONEYGEEK EXPERT TIP
When shopping for the best life insurance for a 40-year-old, compare coverage options and pick a term length that is most suitable for your health, finances and goals.
What Type of Policy Is Best for a 40-Year-Old?
Life insurance comes in three main types.
1
Term Life
The best life insurance for people in their 40s is term life insurance. This type of policy covers you for a specified period that can range from 10–30 years, depending on the insurer. A term life policy will remain in effect for the duration specified but will expire after the stipulated time. This means that your beneficiaries will only receive a death benefit if you pass away within the policy term. If it expires before you pass away, no death benefits are paid. Term life insurance is typically cheaper than permanent life insurance.
2
Whole Life
Whole life insurance is permanent and remains in effect for the duration of your life. The death benefit is paid to your beneficiaries when you pass away. Whole life insurance also accumulates cash value over time and may earn dividends depending on the insurer. Whole life policies ensure that your beneficiaries will get a guaranteed death benefit when you pass away. Whole life insurance typically costs more than term life insurance, but it is a good option if you are in your 40s and want to build cash value over time.
3
Universal Life Insurance
Universal life insurance differs from whole life in that you have the option to increase or decrease your premiums. Universal life insurance is available in the form of indexed universal life insurance, guaranteed universal life and variable universal life. The difference between these universal policies is the interest rate on the policy's cash value. Indexed universal life policies have a set minimum and maximum interest rate, guaranteed universal life policies have a fixed interest rate, and variable universal life policies have a variable interest rate.
How Can You Save Money on Life Insurance in Your 40s?
If you want to get the best cheap life insurance for 40-year-olds, the following tips can help you save on costs.
Maintain a healthy lifestyle.
The lower your risk of health problems, the less life insurance companies will charge you for coverage. Maintaining a healthy lifestyle and refraining from smoking are excellent ways to decrease your life insurance premiums.
Buy life insurance as young as possible.
The younger you are, the less expensive your life insurance coverage tends to be. While you can't turn back time and decide to buy life insurance earlier, you can purchase coverage today and secure lower rates at your current age.
Compare quotes.
Getting sample premiums from several providers and comparing each one is the best way to find the most affordable rate for your unique insurance profile. vsDocuments
Compare Life Insurance Rates
Ensure you’re getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
FAQ About Life Insurance Policies for 40-Year-Olds
You can learn more about buying life insurance in your 40s by researching the answers to frequently asked questions. MoneyGeek answered some of them so you can make an educated decision on your life insurance policy.
Can you buy life insurance in your 40s?
Yes, you can buy life insurance in your 40s. Buying life insurance in your 40s will be much cheaper than waiting till you are in your 50s. You also have the option to grow tax-free wealth with whole life insurance policies that build cash value over time.
Is 40 a good age to buy a life insurance policy?
Yes, 40 is a good age to purchase life insurance since you can still get affordable coverage and various options to suit your needs. However, it is recommended that you buy life insurance early in life to save on costs.
What is the best life insurance company for a 40-year-old?
The best life insurance company for a 40-year-old varies based on individual needs and circ*mstances.
MoneyGeek's analysis found that Nationwide is the best overall company for 40-year-olds. GEICO excels in customer satisfaction and is the second-best overall insurer, Allstate is the top choice for budget-conscious 40-year-olds and State Farm leads for whole life and no medical exam policies.
How much does a life insurance policy cost for a 40-year-old?
On average, life insurance costs $18 per month for a 40-year-old. This cost can vary widely depending on your health status and the type of coverage you choose. Smokers and people in poor health will typically pay much higher rates for life insurance. You will also pay more for whole life policies than term life insurance.
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About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
