What Is a 40-Year Term Life Insurance Policy? (2025 Guide)

Term life insurance is a type of life insurance policy providing coverage for a specific period or "term." Beneficiaries receive the death benefit if the policyholder passes away within this term. While most terms range from 10 to 30 years, 40-year term life insurance represents the longest available.

A 40-year term policy guarantees a death benefit if the insured passes away within 40 years, making it reliable for long-term financial planning. The extended coverage means higher premiums than shorter terms. However, locking in a rate for 40 years provides cost stability in a fluctuating market.

With only two insurers offering 40-year coverage, this option could disappear if either company changes their underwriting strategy or exits the market entirely. The limited competition means fewer choices and potentially higher rates if one provider discontinues their program. Locking in today's rates while you're healthy protects against future premium increases and medical disqualifications that commonly affect people in their 50s and 60s.

Forty-year term insurance isn't right for everyone, but it can be perfect for specific situations.

By following these steps, you can make an informed decision and choose among the best term life insurance policies that meet your needs for the next 40 years.

Comparing quotes from multiple insurers can help you accurately estimate your potential life insurance costs. You can use MoneyGeek's life insurance cost calculator below for a quick comparison without personal information.

Every 40-year term policy requires extensive medical underwriting.

Complete Medical Exam Components

The medical exam includes height, weight, and vital signs measurement along with blood draws testing cholesterol levels, diabetes markers, liver function, and drug screening panels. Urine samples test for additional health indicators. You may also need to have EKGs for heart function assessment, stress tests, or cognitive assessments depending on your age and coverage amounts requested.

Preparing for Optimal Results

Schedule your exam between 9 a.m. to 11 a.m. when your body functions are most stable and you're well-rested from adequate sleep the night before. Fast before blood work. Avoid alcohol for 48 hours, caffeine for 8 hours, and strenuous exercise for 24 hours before testing.

Timeline and Follow-Up Process

Most medical exams occur at your home or workplace for convenience, with results typically available within a few weeks. The insurance company reviews all medical information along with your application and assigns a final rate class based on their underwriting guidelines.

Your 40-year term policy expires when you reach the end of the coverage period, typically placing you in your 60s or 70s when life insurance needs often change . Here are your options for continued coverage or letting the policy lapse. Most policyholders find their insurance needs have decreased significantly by the time their 40-year term ends due to accumulated wealth and reduced financial obligations.

Purchasing New Coverage After Expiration

Buying new life insurance after your 40-year term expires requires complete medical underwriting at your current age.

Annual Renewable Term Options

Most 40-year policies include renewable term provisions allowing continued coverage without medical exams, but premiums increase each year based on your attained age and current mortality tables. 

Converting to Permanent Life Insurance

Conversion options let you switch your term coverage to whole or universal life insurance without medical underwriting. Depending on your policy terms, this coverage is typically available until age 65 to 70.

Term length significantly affects life insurance costs. Longer policy terms mean higher premiums because insurers have greater risk over extended periods. A 40-year term policy costs more than shorter 10-, 20- or 30-year terms.

Compare costs across different term lengths before choosing. The price difference between term lengths can be substantial, so match your coverage period to your actual needs.

Consider your future financial commitments when choosing term length, like your children's educational expenses. A 40-year term policy isn't for everyone. While 10- and 20-year terms are more popular, they won't provide adequate coverage if you have long-term financial obligations.

Choosing between 40-year term and permanent coverage depends on your budget, coverage timeline, investment preferences, and long-term financial planning objectives. Term insurance provides pure death benefit protection at the lowest cost, while permanent policies combine life insurance with cash value accumulation and lifetime coverage guarantees. 

Cost Analysis and Premium Differences

Forty-year term insurance costs approximately one-fifth to one-tenth the premium of comparable permanent coverage.  A healthy 35-year-old might pay $40 monthly for $500,000 in 40-year term coverage versus $200 to $400 monthly for permanent insurance with similar death benefits. 

Investment and Cash Value Considerations

Permanent life insurance builds cash value that grows tax-deferred and can be accessed through policy loans.

Estate Planning and Tax Advantages

High-net-worth individuals facing estate tax liability may benefit from permanent insurance's tax advantages and wealth transfer capabilities that extend beyond pure death benefit protection.

A 40-year term life insurance policy is the longest available term option. This extended coverage works for specific long-term financial planning needs but isn't suitable for everyone.

A 40-year policy works best for people with long-term financial commitments. Shorter terms work better if you have temporary financial goals or you're nearing retirement. Currently, only Protective Life Insurance and Banner Life (a subsidiary of Legal & General) offer 40-year policies.

A 40-year term life insurance policy is relatively new and unavailable through most insurance providers. Below are common questions about these policies.

40-year term life insurance provides coverage lasting until retirement age, making it ideal for younger families protecting decades of income, mortgages that won't be paid off until later in life, and parents ensuring their children's financial security through college and beyond. We designed this research to show you which insurers offer the best combination of affordable premiums, financial strength, and reliable service for this longest-available term length.

We analyzed 1,488 life insurance quotes alongside customer satisfaction data, financial stability reports, and product offerings to determine the best companies for various needs. All coverage costs and company information were updated in 2025 to ensure accuracy. We chose to review companies based on their broad national coverage and ability to provide online quotes.

We created a scoring system where companies can earn up to five points in each of five categories, then calculated overall scores out of 100 using these weightings: Affordability (30%) based on cost data from online quotes, Financial Stability (25%) using AM Best ratings and years in business, Buying Process (20%) evaluating online tools and payment options, Customer Satisfaction (15%) drawing from NAIC complaint index data from 2020-2022, and Product Diversity (10%) measuring range of life insurance products offered.

We used a standard profile to obtain quotes: a 40-year-old male nonsmoker, 5 feet 11 inches tall, 175 pounds, with an excellent health rating. Premiums reflect this standard profile unless otherwise noted. We modified the profile by age, gender, height, weight, tobacco use, health rating, and location to collect various quotes and determine the best companies for different customer types. We also collected quotes for term life insurance with varying term lengths and coverage amounts.

Why these weights for 40-year terms: Financial stability carries higher weight than typical because your beneficiaries need a company that will still exist and can pay claims four decades from now. A 40-year commitment requires exceptional insurer longevity. Affordability still matters significantly because premium differences compound dramatically over 40 years. The buying process carries substantial weight because 40-year term applications involve thorough medical underwriting, and companies with streamlined processes save you time and hassle. We identified trends in the data set and used those patterns to calculate projections and extend the data beyond what was initially collected, helping you understand how small health or age differences impact your rates for this longest-term coverage option.