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.

A 40-year life insurance policy works best when the extended coverage matches your financial goals and life stage. This long-term coverage protects your beneficiaries for decades. Consider a 40-year policy if:

• You want a higher amount available to cover final expenses.
• You’re in your 20s and planning to start a family.
• You have a special needs child.
• You don’t want to worry about policy renewals.

Understanding the advantages and disadvantages of 40-year term life insurance is important for making an informed decision, helping you weigh whether this policy fits your needs.

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.

Getting a 40-year term life insurance policy without a medical exam is difficult. The long coverage period means insurers need to assess your health risk before covering you for four decades.

Some companies offer simplified underwriting for younger applicants or those with minimal health issues. Compare multiple providers to find flexible options.

Skipping a life insurance medical exam means higher premiums because insurers face increased risk.

Protective Life and Banner Life (a subsidiary of Legal and General) are the only companies offering 40-year term insurance policies. Both companies recently introduced this extended coverage option. Most insurers cap term policies at 30 years, making 40-year terms the longest available.

When your 40-year term life insurance policy ends, you have several options:

• Purchase a New Policy: Buy new coverage if you still need life insurance. Premiums will be higher due to your increased age.
• Renew Your Plan: Some policies let you renew without a medical exam, but premiums increase substantially based on your current age.
• Convert to Permanent Coverage: Convert your term policy to permanent coverage like whole or universal life. This option doesn't require medical exams but costs more. A term conversion rider lets you switch coverage types within a specified period without proving insurability.

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.

Different financial needs are served by 40-year term and permanent life insurance. A 40-year term policy provides coverage for a specific period and ends when the term expires unless renewed or converted. This works well for extensive but finite financial commitments.

Permanent life insurance (universal and whole life) provides lifetime coverage plus a savings component that builds cash value. It costs more than term insurance because of the lifelong coverage and investment features.

Your choice depends on your budget, coverage timeline and investment preferences. Term insurance offers affordable, straightforward protection for specific periods. Permanent insurance provides lifelong coverage with cash value accumulation.

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 is relatively new and not available 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 a variety of 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
• Non-smoker
• 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 a variety of quotes and determine the best life insurance company for several types of customers. We collected quotes for term life insurance with varying term lengths and coverage amounts as well. 

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