14 Oct 2024

Life insurance for over 40s

They say life begins at 40, and for many newlyweds, homeowners and proud parents, it’s also a time to start thinking about life insurance. But if you don’t have life insurance by the age of 40, is that a problem? Our guide to over 40s life insurance will explain all.

Man and woman in their 40s sitting together on a sofa

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What is over 40s life insurance?

Life insurance policies are designed to pay a cash sum if you die within the policy term (following a valid claim). Reaching a milestone birthday doesn't automatically mean you need life insurance. Its for customers of all ages who want to financially protect loved ones. So, there isn't a specific ‘over 40s life insurance’ policy. However, many individuals and couples want family or mortgage protection around this time.

Everyone’s journey is different, but millions of people in the UK have significant financial responsibilities by the age of 40. This can include:

  • Owning or renting a property
  • Marriage (or a civil partnership)
  • Raising children
  • Other financial dependants, such as parents or siblings.

So if this applies to you, getting life insurance in your 40s could give you some reassurance that your loved ones would be looked after if you were no longer alive.

If you’re aged 40-plus and other people depend on you financially – such as a partner or children – life insurance could provide your family with much-needed funds should the worst happen.

As morbid as it might sound, ask yourself what the implications would be if you were to die.

  • Could your partner (or other family members) pay the mortgage or rent?
  • Would your family have enough money for everyday spending?
  • Could your children continue with their education, hobbies or activities?
  • Would there be enough money in your estate to cover other expenses, like debts?

For many people in their 40s, life insurance is about providing a financial safety net – and peace of mind – whatever the future may bring.

Is 40 too late to get life insurance?

No, not at all. We want to make our policies available to as many customers as possible. While it’s true that life insurance is generally cheaper when you’re younger, you can still apply over the age of 40. And if your application is successful, it could prove to be a smart decision.

Is it worth getting life insurance at 45?

People want life insurance to protect loved ones regardless of their age. Many people take out life insurance policies in their mid-40s. Over the years, the average age of starting a family or buying a property has risen. With people delaying these life events, it make sense that some choose to get life insurance after age 45.

What is the oldest age you can get life insurance?

You can take out Legal & General Life Insurance up to the age of 77, or for Decreasing Life Insurance, up to 74. In fact, you can even be covered by Legal & General life insurance up until the age of 90.

How much does life insurance cost over the age of 40?

The cost of life insurance is personalised for each customer. We'll give you an indicative price based on someone who is the same age as you in typical health. You need to tell us how much cover you want, the length of time you want protection to last and whether you smoke. For an indication of costs, you can get a free quote in a matter of minutes.

If you want to go ahead after you've got a quote, we'll ask some health and lifestyle questions. This includes things like medical history and whether your occupation or hobbies are ‘high risk’. Once we've considered this information, we'll let you know if we can cover you and confirm the cost.

What type of life insurance is best for a 40 year-old?

Some people over the age of 40 take out a ‘level term’ life insurance policy, such as Legal & General’s Life Insurance. This is where the amount of cover stays the same during the policy term. The payout, following a valid claim, can be put towards a range of expenses, such as childcare, household bills or the mortgage or rent.

Alternatively, our Decreasing Life Insurance is another option if you’re looking for life insurance in your 40s. This type of policy is designed to protect a repayment mortgage if you die, as the amount of cover also decreases approximately in line with the way your repayment mortgage decreases.

If you’re a little older, and if you don’t want to answer health and lifestyle questions, you could consider ‘over 50s life insurance’, which requires no medical.

Legal & General’s Over 50s Fixed Life Insurance provides guaranteed acceptance for people aged 50 to 80. When you pass away, the payout could be put towards expenses like a small gift for your loved ones or a contribution towards funeral costs.

You may have as many plans as you like so long as the total cash sum value across all Legal & General Over 50s Life Insurance plans doesn't exceed £10,000.

Remember whatever type of cover you choose, life insurance is not a savings or investment product and has no cash value unless a valid claim is made.

 

Whether you’re in your 40s or any other age, Legal & General provides comprehensive life insurance to protect your loved ones. Read more about the types of life insurance you could consider.

Want to learn more about Life Insurance?

Lisa Redman

Lisa Redman

Senior Propositions Manager, Retail Protection

Lisa works in UK Retail Protection Proposition Development team and is responsible for identifying and assessing new product and proposition enhancements to meet customer needs, with a strong emphasis on regulatory compliance ensuring all required governance is completed.

More about Lisa

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