What's a 40-Year Term Life Insurance Policy? (2026 Guide)

Term life insurance pays a death benefit to your beneficiaries, the people you name to receive it, if you die during the term you chose. A 40-year term is the longest version of that product. You apply, get approved and start paying level premiums, and your coverage stays active for the full 40 years you chose.

A 40-year term costs more than a shorter term because the insurer assumes risk for 40 years rather than 10 or 20. The rate stays fixed once you lock it in, which also protects against the cost of re-applying later. A second 20-year policy, at renewal, is priced based on your age and any health changes at that time. For someone who buys their first policy at 30, that means applying again at 50, when rates are higher and new conditions are more likely to affect your rating.

Consider 40-year coverage if you have young children who'll need support for 25+ years, or if you're carrying a long-term mortgage that extends past your original plan. It's also worth locking in early if you have a family member who'll need lifelong financial care or concerns about qualifying for new coverage later due to family health history.

Skip it if you're approaching 45 to 50, the age range at which most carriers stop issuing new 40-year policies. It's also not worth it if your financial obligations will drop within 20 to 30 years and you'd rather bank the small monthly savings, or if you already have enough assets that your family wouldn't depend on a payout.

Two carriers are known to offer 40-year term life insurance: Protective and Banner Life. Banner Life is underwritten by Legal & General America, which means Legal & General America is the company backing the policy and paying claims, even though "Banner Life" is the brand name on the paperwork. 

Online platforms, such as Ethos, sell these same policies but don't underwrite them. Ethos and similar brokers connect applicants to Protective, Banner Life and other carriers rather than carrying the insurance risk themselves.

Both carriers cap new 40-year term applications at around age 45 to 50, after which they stop issuing this term length. Banner Life allows up to $4 million in coverage without a medical exam, based on health questions and available records instead. Protective's no-exam limit is lower, at $250,000, so applicants who want more coverage than that from Protective usually complete a medical exam.

40-year term life insurance costs more each month than shorter terms because insurers price in an extra decade of risk. The monthly rates below are based on MoneyGeek's life insurance rates analysis and vary by age, coverage amount, health rating and tobacco use.

Age is the biggest driver of 40-year term life insurance cost: the younger you apply, the less you pay, because the insurer is locking in a rate for more years before you're statistically likely to need it. A 25-year-old woman pays almost half what a 45-year-old woman pays for the same $500,000 policy, so applying now instead of waiting five or ten years can save real money for the rest of the term.

Rates shown are estimates for nonsmokers with average weight and health ratings for a $500,000 policy. Actual rates vary based on health, lifestyle and insurer underwriting guidelines. Get personalized quotes for accurate pricing.

Coverage amount drives cost, but not in a straight line: more coverage costs less per dollar of protection as the amount goes up. A $250,000 policy costs $54 a month for a 40-year-old woman, but $500,000, twice the coverage, costs $89, not twice the price, so adding a bit more coverage than you think you need often costs less per dollar than you'd expect.

Rates shown are for 40-year-old nonsmokers in average health.

Poor health slightly increases the price of 40-year term life insurance. For a $500,000 policy, a 40-year-old woman in poor health pays $93 a month, just $4 more than the $89 average-health rate, and a man in poor health pays $122, $8 more than the $114 average-health rate. If you're not sure how an insurer will rate your health, get personalized quotes instead of assuming the cost will jump.

Rates shown are for 40-year-old nonsmokers in poor health.

Smoking raises 40-year term life insurance cost more than any other health factor. For a $500,000 policy, a 40-year-old woman who smokes pays $291 per month, more than three times the $89 average-health rate, and a man who smokes pays $385 per month, also more than three times the $114 average-health rate. Quitting before you apply can save more than $2,000 a year at this coverage level.

Rates shown are for 40-year-old smokers in otherwise average health.

Banner Life charges less than Protective for the same coverage, based on MoneyGeek's $500,000 rate comparison. Banner Life averages $85 a month for women and $106 for men, while Protective averages $93 and $122 for the same policy, a difference of $8 to $16 a month. Get 40-year term life insurance quotes from both companies to see which offers better rates based on your profile.

Rates are based on averages for a 40-year-old nonsmoker with average health. The coverage amount used to compare average costs is $500,000. Actual rates vary.

Most policyholders find their insurance needs have greatly decreased by the time their 40-year term ends due to accumulated wealth and reduced financial obligations.

A 40-year term life insurance policy covers you for a fixed 40 years. Permanent life insurance, like whole or universal life, covers you for as long as you live and pay premiums. The biggest practical difference for most first-time buyers is cash value: permanent policies build savings you can borrow against over time, and term policies don't.

Permanent coverage costs more from the start because the insurer guarantees a payout eventually, not just during a set window.

Choose a 40-year term if your need for coverage is temporary, even if it's a longer window than most people need, like a mortgage or supporting kids into their 20s. Choose permanent coverage if you want lifelong coverage or a policy that builds savings alongside it.

Most term life policies max out at 30 years. Buyers who want coverage that lasts through retirement have had few options until recently. Only two major carriers, Protective and Banner Life, are known to underwrite 40-year term life insurance, so MoneyGeek focused its comparison on rates, financial strength and coverage features from both.

MoneyGeek's analysis: We pulled 248,399 life insurance quotes and compared them with customer satisfaction data, financial stability reports and coverage features. We focused on insurers with national reach and online quoting.

Scoring system: Companies earn up to 5 points across three categories. Affordability carries the most weight at 55% of the score, since premium costs matter most when you're paying for 40 years. Customer experience makes up 30%, based on how well an insurer handles claims. The remaining 15% covers coverage options like conversion rights and riders.

Quote profile: MoneyGeek's baseline applicant is a 40-year-old male nonsmoker, 5 feet 9 inches tall and 160 pounds, in average health. All rates above use this profile unless noted otherwise. MoneyGeek also priced quotes across different ages, genders, health ratings, tobacco use and coverage amounts to find the best insurer for each buyer type.

Why this matters: A 40-year term bought at age 30 covers you to age 70. Buy at 25 and you're covered to 65. Locking in the longest available term protects your rate through your highest-earning years and your mortgage payoff, without the added cost of a permanent policy.