What Is 40-Year Term Life Insurance & Should You Get It?

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. Before committing to four decades of coverage, consider the key trade-offs.

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 because insurers need comprehensive health data before committing to four decades of coverage and potential claims exposure. The exam process goes beyond basic term insurance requirements, often including additional tests and more detailed health history reviews. Here's what to expect and how to prepare for the best results.

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 including protein levels, kidney function, and substance use detection. Some applicants face additional requirements like EKGs for heart function assessment, stress tests for older applicants, or cognitive assessments depending on age and coverage amounts requested.

Preparing for Optimal Results

Schedule your exam between 9-11 AM when your body functions are most stable and you're well-rested from adequate sleep the night before. Fast for 10-12 hours prior to blood work while staying adequately hydrated with water to ensure accurate test results. Avoid alcohol for 48 hours, caffeine for 8 hours, and strenuous exercise for 24 hours before your appointment to prevent artificially elevated readings that could affect your rate classification.

Timeline and Follow-Up Process

Most medical exams take 45-60 minutes and occur at your home or workplace for convenience, with results typically available within 2-3 weeks of completion. The insurance company reviews all medical information along with your application and assigns a final rate class based on their underwriting guidelines. Additional medical records from your physician may be requested if the exam reveals abnormalities or if you have a history of significant health conditions requiring further evaluation.

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 dramatically. 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, resulting in substantially higher premiums than your original policy. A healthy 70-year-old might pay $200-400 monthly for coverage that cost $40 monthly when they were 30 years old. Many applicants face medical conditions that make new coverage expensive or completely unavailable, highlighting the value of the extended 40-year protection during your most vulnerable health transition years.

Annual Renewable Term Options

Most 40-year policies include renewable term provisions allowing continued coverage without medical exams, but premiums increase dramatically each year based on your attained age and current mortality tables. These renewal rates often become prohibitively expensive within five to 10 years, making this option suitable only for temporary coverage extensions while you arrange alternative financial protection or determine that life insurance is no longer necessary for your family's security.

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. Permanent insurance costs five to 10 times more than term coverage but provides lifetime protection and cash value accumulation that can supplement retirement income. This option works best for high-net-worth individuals who need ongoing estate planning benefits or want to leave guaranteed inheritances to beneficiaries.

Term length significantly affects life insurance costs. Longer policy terms mean higher premiums because insurers face 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, allowing families to secure substantial death benefits without straining their monthly budgets. 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. The significant premium difference allows term insurance buyers to invest the savings in retirement accounts or other investments that often produce superior long-term returns.

Investment and Cash Value Considerations

Permanent life insurance builds cash value that grows tax-deferred and can be accessed through policy loans, providing a forced savings component alongside death benefit protection. However, the internal rates of return on permanent policies typically lag behind well-diversified investment portfolios in tax-advantaged retirement accounts. The "buy term and invest the difference" strategy often produces superior wealth accumulation while providing adequate life insurance protection during your peak earning years when coverage needs are highest.

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. Permanent policies can provide estate liquidity, equalize inheritances among beneficiaries, or fund charitable giving strategies while minimizing tax consequences. These advanced planning benefits justify permanent insurance's higher costs for wealthy families but provide little value for middle-income households focused on income replacement and debt 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.

Why Trust MoneyGeek?

We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies for various needs.

Recency

Coverage costs and company information for life insurance providers were updated in 2025

Methodology

MoneyGeek created a scoring system to compare life insurance companies across five categories and ranked them based on their scores. We chose to review these companies based on their broad national coverage and ability to provide an online quote.

MoneyGeek’s Scoring System

In our unique scoring system, companies can earn up to five points in each of five categories. We then use these category scores to calculate an overall MoneyGeek score out of 100. We applied the following weightings to score insurers:

• Affordability: 30%
• Financial Stability: 25%
• Buying Process: 20%
• Customer Satisfaction: 15%
• Product Diversity: 10%

Each company’s score incorporates: 

• Cost data obtained through online quotes
• Financial strength ratings from AM Best and number of years in business
• Customer satisfaction data from the National Association of Insurance Commissioners (NAIC) customer complaint index (we reviewed annual complaint data from 2020 to 2022, the most recent year available)
• Availability of tools to aid in the buying process, such as online product materials and multiple payment options
• Diversity of life insurance products offered

Sample Customer Profile

MoneyGeek used a standard profile to obtain life insurance quotes: 

• 40-year-old male
• Nonsmoker
• 5 feet 11 inches tall and 175 pounds
• Excellent health rating

Premiums are based on the standard profile unless otherwise noted.

We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect various quotes and determine the best life insurance company for several types of customers. We also collected quotes for term life insurance with varying term lengths and coverage amounts. 

We identified trends in the data set and used those patterns to calculate projections and extend the data beyond what was initially collected.