What does 40 Year Term Life Insurance Mean?


Generally speaking, one of the biggest complaints about Term Life Insurance has been the maximum policy term of 30 years.

Knowing how inexpensive term life can be, you would think that all major insurance companies would come up with a longer-term right?

Well, a couple of them have, and we are going to drill down into these new term policies to see who will benefit the most and if they are priced right like most other term products.

When you think about it, having a 40-year Term Life insurance policy could be a game-changer for individuals who love the low price and guaranteed benefits.

The life insurance industry is ultra-conservative, and it’s unusual for the major players to offer new products. However, Banner Life and Protective Life have recently decided that the marketplace is ready for 40-Year Term Life Insurance.


Who should get a 40 Year Term Life Insurance Policy?


40-year term life insurance is not for everybody, and not everybody can qualify to purchase it. But for those who can, having inexpensive life insurance that is guaranteed for 40 years will likely be a game-changer, especially for individuals purchasing life insurance to replace their income.

Instead of having to renew or convert your policy at a much higher rate, 40-year term policyholders will have an additional ten years (above a 30-year policy) to enjoy very low insurance rates.

In the past, if you purchased a 10 or 20-year policy, most policyholders were caught off guard by the renewal offer if they hadn’t already converted their policy.

This sticker shock results from renewing your policy 10 or 20 years after initially purchasing it at a substantially younger age.

Also, it’s important to remember that when you renew a term policy, you are renewing it on an annual basis, which means the rate will climb higher year after year.


 Who should not get 40-year Term Life Insurance?


As we mentioned earlier, 40-year term life insurance is not a great fit for everyone, especially applicants with medical issues and those who prefer no medical exam life insurance.

Even if an applicant qualifies for accelerated underwriting, the process can be a little intense compared to a 10, 20, or 30-year policy.

Moreover, if the financial risk you are planning to mitigate will last 30 years or less, it doesn’t make a lot of sense to pay higher rates for a 40-year term policy when a 10, 20, or 30-year policy serves the same purpose.

Since the two companies that offer 40-year term insurance will only issue policies for applicants who are 45-years old and younger, applicants who are 46 and older can still purchase a 30-year term life insurance policy from a host of national carriers.


How does a 40-Year Term Life Insurance Policy Work?


Term life insurance is a straightforward life insurance product with few moving parts. Since the policy does not have a cash component or earn interest from the insurer, the only concern to deal with is the cost of insurance and the policy fee.

Since one of the primary factors used to calculate the insurance premium is the length of the policy term, 40-year term life insurance will cost more than a 10, 20, 25, or 30-year policy.

40-year term life insurance offers a guaranteed death benefit and a level premium that can never change for the life of the policy as long as the periodic premiums are paid.

There are several differences in the 40-year term policy offered by Banner Life and Protective Life:

 Banner LifeProtective Life
Eligible Issue Ages25 - 45 Non-Tobacco
20 - 40 Tobacco
18 - 45 Non-Tobacco
18 - 40 Tobacco
Minimum Face Amount$100,000$100,000
Available Riders*Accelerated Death Benefit
Child Rider
Waiver of Premium
Term Rider
Accelerated Death Benefit
Child Rider
Waiver of Premium
Income Provider Option
Health ClassesPreferred Plus
Standard Plus
Preferred Tobacco
Standard Tobacco
Select Preferred
*Riders Vary by State

Pros and Cons of 40-Year Term Life Insurance


As with any life insurance product, there will be pros and cons that will typically depend on your purpose for purchasing life insurance in the first place.

What may be a disadvantage for Applicant A might be advantageous for Applicant B. The pros and cons are typically a result of why you need life insurance rather than a flaw in the product.



  • Young adults can now have level coverage into their 60s and beyond without having to worry about term life renewal sticker shock.
  • Since the company will issue a policy for applicants up to 45-years old, a 40-year term policy could prove to be lifetime coverage for older applicants.
  • The 40-year term product can also be purchased with many of the same optional riders that are offered with a 10, 20, or 30-year policy.
  • The conversion privilege is available, which means when your 40-year policy is getting ready to expire, the policy can be converted to a permanent policy without the requirement for medical underwriting at the time of conversion. Policyholders can easily transition from an income replacement policy to a final expense policy.



  • Since the length of the policy term has a significant impact on term life insurance pricing, a 40-year policy will cost significantly more than a 10 or 20-year policy.
  • Since there are only two life insurance companies offering a 40-year term, the competition is not as fierce as 10, 20, or 30-year policies.
  • The conversion rider is more expensive than other term policies because of the extended policy term.
  • Applicants with health issues will likely find a 40-year term policy unaffordable.
  • Since you could outlive your coverage, 40-year term life insurance is still temporary coverage.


40-Year Term versus 35-Year Term Policies


Although all term life insurance works the same way, the primary difference between a 40-year term policy and a 35-year term policy is the length of the term and the rates.

The underwriting process for both policies is basically the same, and the number of optional riders available has been reduced.


How much does 40-Year Term Life Insurance Cost?


Although you can easily determine the cost of a 40-year term life insurance policy using our instant quote form on the right side of the page, we have listed the rates for a $500,000 policy for several age groups using the best underwriting class. Monthly rates are rounded to the nearest dollar.

male icon

Age of ApplicantBanner LifeProtective Life
Male age 30$52$53
Male age 35$64$70
Male age 40$114$113
Male age 45$189$187

woman icon

Age of ApplicantBanner LifeProtective Life
Female age 30$39$39
Female age 35$53$52
Female age 40$91$90
Female age 45$145$145


How to Get a Free 40 Year Term Life Insurance Quote


Insurance shoppers in the 21st Century can shop for and then purchase life insurance quicker than ever before.

Independent life insurance professionals like LifeInsure.com represent most of the highly-rated insurance companies and offer instant quoting right on our website.

We encourage you to take advantage of our instant life insurance quoter, and we will follow up to answer any questions and help you apply for a low-cost Term Life Insurance policy today!


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For more information, call an insurance professional at LifeInsure.com (866) 868-0099 during normal business hours or contact us through our website.

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To get more information about purchasing life insurance with severe medical conditions, contact an insurance professional at LifeInsure.Com today at (866) 868-0099 during normal business hours, or you can contact us through our website 24/7.

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Richard Reich CEO and Licensed agent

In my 20+ years as an independent life and disability insurance broker, I have personally assisted thousands of clients with their life and disability insurance needs.  Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client. I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so.  I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure. Please feel free to contact me at your convenience.


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