Best Life Insurance Companies for 40-Year-Olds in 2024

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 various options available, choosing the right provider is important.

Nationwide ranks first among the top insurance companies for 40-year-olds, with a MoneyGeek score of 97. GEICO comes in second 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.

Nationwide is MoneyGeek's top choice for best life insurance for a 40-year-old, with 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 is also a top contender. The insurer offers a 10-year term policy with $1 million in coverage at an average rate of $33 per month.

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 an average of $20 per month.

Allstate is the best cheap life insurance company for 40-year-olds, with a MoneyGeek score of 97. Its term life insurance with a 10-year term and $250,000 coverage costs an average of $12 per month.

State Farm excels in providing whole life and no-medical-exam life insurance policies, with a MoneyGeek score of 99 in both categories.

Life insurance costs vary depending on the coverage level and insurer you choose.

Other various factors also 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 male and female 40-year-olds, showcasing how these rates compare.

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 higher-risk clients, so they often face higher premiums.

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.

Below are charts for 10-year term life insurance rates and 20-year term life insurance rates that show how life insurance costs may change as you age.

The best age to get life insurance depends on individual circumstances. Generally, life insurance premiums increase with age, so securing a policy when younger can save you money over time. However, you must consider other key factors when deciding the right time to purchase a policy.

Start by evaluating your current and anticipated financial responsibilities. If you’re planning a family, securing term life insurance early can help protect your dependents affordably. For longer-term goals, permanent life insurance provides coverage for life, though it typically costs more upfront. Consider using a life insurance rate chart to compare costs for different ages and policy types. This will help you see how life insurance costs may change over time, offering insights into whether it’s best to purchase now or wait.

Additionally, assess your health. Younger individuals generally qualify for better rates, as insurers factor in age and health risks. By understanding these variables, you can make an informed decision about the best time to get life insurance based on cost and coverage needs.

Each policy type offers benefits and has different costs. For individuals seeking life insurance at 40, considering long-term goals and budget is important. Comparing the average life insurance rates by age for each type can help you make an informed decision.

If you want to get the best cheap life insurance for 40-year-olds, the following tips can help you save on costs.

The right amount of life insurance coverage at age 40 depends on personal factors like financial obligations, income and dependents. Generally, those with significant responsibilities, such as a mortgage or young children, may need more coverage than others. Consider your current expenses, debts and future financial goals.

A good starting point is to calculate 10 times your annual income. Additionally, account for outstanding debts, children’s education and other long-term plans.

The best life insurance policy for a 40-year-old will provide sufficient coverage to meet these needs while fitting within your budget. Evaluating life insurance premiums by age for different coverage levels can help you identify a suitable option. Comparing various policies can also give a better perspective on costs relative to coverage. The goal is to secure a policy that balances necessary protection with affordable premiums.

MoneyGeek answered some frequently asked questions about buying life insurance in your 40s so you can make an educated decision on your life insurance policy.