Purchasing life insurance in your early 40s can make sense for numerous reasons. Some people start a family in their 40’s and others realize it is time to buy additional coverage. Whatever the reason may be, the rates are not much higher than purchasing life insurance in your 30s.
In this article, we look specifically at guaranteed universal life for 40 year olds – both male and female.
We encourage people to use our quote engine to see the rates for both term insurance and guaranteed universal life insurance (GUL). When using our quote engine, we promise you that we don’t sell your information or pester you with unwanted calls. We want to provide you with the quotes you need.
Keep in mind, our quote engine (like all of them) does not show every carrier. Our quote engine is one of the best and most comprehensive available, but not every company is listed. However, we represent all the best insurance companies. So, let us know and we will provide you with comparison quotes for term life or guaranteed universal life insurance (or both). Just let us know.
Understanding some of the Basics of Guaranteed Universal Life Insurance
For an overview that explains the basics of guaranteed universal life insurance, please read our article here. You will see how GUL is different than Whole Life or other types of Universal Life insurance. For an article covering the pros and cons of GUL, click here.
GUL is often referred to as term for life or term that doesn’t expire. Another commonly used name for GUL is term to 100. This type of coverage is designed to last for your entire life, although the guarantee age can be selected. The guarantee age typically ranges from age 90 to 121. So, for those who want to ensure the coverage lasts their entire life, a guarantee age of 100 to 121 is a more conservative approach.
Low Cost (Cheap) Guaranteed Universal Life Insurance Rates for 40 year olds
Male
- Preferred Non-tobacco (2nd best rate class) AND Standard Non-tobacco (average health).
- Guaranteed to Age 100 (AKA: Term for Life).
- No Riders Added
- Monthly rates are rounded to the nearest dollar.
| Male Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| Rates for 40 year old – Preferred Rate Class | $36 | $56 | $132 | $258 |
| Rates for 40 year old – Standard Rate Class | $45 | $63 | $149 | $293 |
Female
- Preferred Non-tobacco (2nd best rate class) AND Standard Non-tobacco (average health).
- Guaranteed to Age 100 (AKA: Term for Life).
- No Riders Added
- Monthly rates are rounded to the nearest dollar.
| Female Face Amount | $50,000 | $100,000 | $250,000 | $500,000 |
| Rates for 40 year old – Preferred Rate Class | $34 | $47 | $113 | $214 |
| Rates for 40 year old – Standard Rate Class | $41 | $55 | $142 | $252 |
When considering term versus permanent insurance, it is not necessarily easier/or; sometimes in can be both. We discuss the concept of laddering life insurance using term and guaranteed universal life insurance in an article here.
Every situation is different.
Everyone has a unique situation and different needs for life insurance. It’s not always a matter of crunching the numbers to determine the proper amount of coverage. In business uses of life insurance, the numbers are of primary importance. However, in the personal use of life insurance (the vast majority of cases), numbers are important, but not the only factor.
Looking at the numbers – determining the need.
How much coverage and how long is it needed? Those are two questions that will vary depending on a several factors. Deciding on the face amount doesn’t involve a simple formula. Sometimes 10 times your annual income is sufficient. Sometimes that’s too much or too little coverage. Determining the term length can vary.
If the goal is to pay off a mortgage or other debts, it’s fairly simple to decide on the term length. If you want to ensure a certain amount of coverage is in-force until your children are through college, then that’s another way to select a term length.
Oftentimes, needs change and call us in their 50s or 60s asking about the cost of insurance. Of course, it’s much more expensive at those ages. That’s why some people like the idea of a term policy that doesn’t expire…or term insurance for life. Even if this is a small percentage of their total coverage.
It’s important to know that your loved ones are protected. Some people want to leave a legacy; others want to make sure their dependents are simply cared for well — without overpaying. That’s understandable. Again, each situation is different. We will be glad to discuss how guaranteed universal life insurance and/or term life insurance can help you find the protection you want.
