USAA, Banner Life, Nationwide and Guardian Life are the best life insurance companies for 40-year-old applicants. We analyzed the top providers across different categories to help you find the right coverage for your needs.
Best Life Insurance for 40-Year Olds in 2026
The top life insurance plans for 40-year-olds are from USAA, Banner Life, Nationwide and Guardian Life, each with unique benefits for this age group.
Find out if you're overpaying for life insurance below.
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Updated: April 21, 2026
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Key Takeaways
USAA is the best whole and universal life insurance provider for 40-year-olds, with a MoneyGeek score of 4.7 out of 5. Banner Life ranks best for term coverage, with a MoneyGeek score of 4.5.
Nationwide earns the highest MoneyGeek score of 4.5 for no-medical-exam life insurance for 40-year-olds.
Guardian Life is the best life insurance company for 40-year-old smokers, with a MoneyGeek score of 4.5 out of 5.
Top Rated Life Insurance Companies for 40-Year-Olds
Whole and Universal | USAA | 4.7 | Whole: $504 (F); $521 (M) Universal: $300 (F); $310 (M) |
Term | Banner Life | 4.5 | $37 (F); $46 (M) |
No-Exam Term | Nationwide | 4.5 | $45 (F); $56 (M) |
Smokers | Guardian Life | 4.5 | $145 (F); $170 (M) |
Rates above are based on average quotes for $500,000 coverage for 40-year-olds. For term life insurance, we used a 20-year term length. Actual rates vary depending on your coverage needs, age, gender, health and lifestyle.
Best Whole and Universal Life Insurance: USAA
USAA
MoneyGeek Rating
4.7/ 5
5/5Affordability
3.9/5Customer Experience
4.9/5Coverage Points
Avg. Monthly Rate (Whole)
$504 (F); $521 (M)Based on a $500,000 policy for 40-year-old nonsmokers.Avg. Monthly Rate (Universal)
$300 (F); $310 (M)Based on a $500,000 policy for 40-year-old nonsmokers.Policy Types
Term, Whole, Universal, IUL
Best Term Life Insurance: Banner Life
Banner Life
MoneyGeek Rating
4.5/ 5
5/5Affordability
3.7/5Customer Experience
4.5/5Coverage Points
Average Monthly Cost
$37 (F); $46 (M)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers.Policy Types
Term, Universal
Best No-Exam Term Life Insurance: Nationwide
Nationwide
MoneyGeek Rating
4.5/ 5
4.5/5Affordability
4.8/5Customer Experience
4.2/5Coverage Points
Average Monthly Cost
$45 (F); $56 (M)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old nonsmokers with.Policy Types
Term, Whole, Universal, IUL
Best for 40-Year-Old Smokers: Guardian Life
Guardian Life
MoneyGeek Rating
4.5/ 5
4.8/5Affordability
4.2/5Customer Experience
4.2/5Coverage Points
Average Monthly Cost
$145 (F); $170 (M)Based on a 20-year term policy with $500,000 coverage amount for 40-year-old smokers.Policy Types
Term, Whole, VUL
Best Life Insurance for a 40-Year-Old: Buying Guide
Buying life insurance in your 40s can save you money compared with getting a policy later in life. You can use our buying guide to help get insurance.
How Much Is Life Insurance for a 40-Year-Old?
Life insurance costs vary depending on the coverage level and insurer you choose. Gender is one of the most important factors influencing life insurance quotes. Women usually receive lower rates than men due to differences in life expectancy and risk factors.
The table shows average life insurance premiums for 40-year-old men and women for different policy types and coverage levels.
$100,000 | $16 (F); $19 (M) | $16 (F); $20 (M) | $127 (F); $130 (M) | $75 (F); $85 (M) |
$250,000 | $28 (F); $35 (M) | $30 (F); $37 (M) | $274 (F); $294 (M) | $160 (F); $187 (M) |
$500,000 | $47 (F); $59 (M) | $50 (F); $63 (M) | $540 (F); $574 (M) | $310 (F); $362 (M) |
$750,000 | $67 (F); $85 (M) | $71 (F); $91 (M) | $803 (F); $846 (M) | $454 (F); $529 (M) |
$1,000,000 | $86 (F); $109 (M) | $91 (F); $116 (M) | $1,065 (F) $1,115 (M) | $594 (F); $692 (M) |
The rates above are average quotes for 40-year-old nonsmokers with average weight and health ratings. Actual premiums will vary based on your health, lifestyle and other personal factors. These averages are for comparison purposes only.
Compare Life Insurance Quotes for 40-Year-Olds
Life insurance companies weigh cost factors differently when calculating premiums. You can get accurate estimates by comparing personalized quotes from multiple insurers. The life insurance rate calculator provides quotes from multiple providers without requiring personal information:
Life Insurance Calculator
We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.
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Rates updated:
Apr 24, 2026
Best Life Insurance Policies for 40-Year-Olds
There are three main types of life insurance, each with different pricing and coverage. If you are buying coverage at 40, consider how long you want protection and what fits your budget. Consider which options are best at various ages.
Term Life
Term life insurance is the best choice for people in their 40s. This type of policy covers you for a specified period ranging from 10 to 30 years, depending on the insurer. A term life policy remains in effect for the specified duration but expires after the stipulated time. Your beneficiaries receive a death benefit only if you pass away within the policy term. If it expires before you pass away, no death benefits are paid. Term life insurance is usually less expensive than permanent life insurance.
Whole Life
Whole life insurance is permanent and remains in effect for your entire life. The death benefit is paid to your beneficiaries when you pass away. Whole life insurance accumulates cash value over time and may earn dividends depending on the insurer. Whole life policies make sure that your beneficiaries receive a guaranteed death benefit when you pass away. Whole life insurance usually costs more than term life insurance, but it works for people in their 40s who want to build cash value over time.
Universal Life
Universal life insurance differs from whole life in that you can increase or decrease your premiums. Universal life insurance is available as indexed universal life insurance, guaranteed universal life and variable universal life. The difference between these universal policies is the interest rate on the policy's cash value. Indexed universal life policies have a set minimum and maximum interest rate, guaranteed universal life policies have a fixed interest rate, and variable universal life policies have a variable interest rate.
GUARANTEED LIFE INSURANCE AT AGE 40
Guaranteed acceptance life insurance skips medical exams, which opens the door for people who may not qualify elsewhere due to health history. These policies offer smaller death benefits than standard life insurance, so they are often used to cover final expenses rather than long-term income needs.
For people in their 40s, this option works when coverage is needed quickly, and health conditions limit other choices. Monthly costs are higher than policies that require medical approval, reflecting the broader eligibility.
Should I Get Life Insurance in My 40s?
Buying life insurance in your 40s is a smart money decision. At this age, you'll likely enjoy lower premiums than in later years, and policies may offer more favorable terms due to the lower risk profile of a younger age.
Life insurance costs increase as your life expectancy decreases. The table shows how costs change as you age:
Data filtered by:
Female
| 20 | $30 | $357 |
| 30 | $31 | $368 |
| 40 | $47 | $559 |
| 50 | $102 | $1,229 |
| 60 | $286 | $3,437 |
| 70 | $844 | $10,127 |
The rates above are average 20-year term life insurance quotes for nonsmokers with average weight and health ratings. Coverage amount is $500,000. Actual premiums will vary based on your health, lifestyle and other personal factors. These averages are for comparison purposes only.
ADD-ON COVERAGE
Life insurance riders are optional add-ons that let you customize a policy to fit specific needs and get extra coverage. For example, a critical illness rider provides a lump sum if you're diagnosed with a serious illness, while a waiver of premium rider ensures your life insurance premiums are covered if you become disabled.Â
Riders can be an affordable way to broaden your policy's benefits, offering more comprehensive protection beyond standard coverage. Adding riders increases overall life insurance policy costs. The additional cost depends on the type and number of riders added.
Best Life Insurance in Your 40s: Bottom Line
Buying life insurance at 40 is important for protecting your family's financial future. With various options available, choose the right provider carefully. We highlighted the top-rated companies to help you find the right fit.
USAA ranks first among insurance companies offering whole and universal life insurance for 40-year-olds, with a MoneyGeek score of 4.7. Banner Life ranks highest for term coverage. Nationwide is the top choice for no-medical-exam policies. For 40-year-olds who smoke, Guardian Life is the best life insurance provider.  Compare policy offers and rates from multiple insurers to ensure you get the right coverage and the best price.
Life Insurance in Your 40s: FAQ
How old do you have to be to get life insurance?
The minimum age requirement for life insurance varies by provider and policy type. Most providers require applicants to be at least 18 years old for term life insurance. Permanent life insurance, such as whole life and universal life insurance, also generally requires a minimum age of 18 for standard policies. Some companies may offer child or juvenile life insurance policies, which parents can purchase for children as young as a few days old.
What is the best age to get life insurance?
The best time to get life insurance depends on personal needs and financial goals. Many people choose to buy coverage earlier because life insurance costs rise with age. Starting a policy sooner keeps premiums lower over the long term.
Do term life insurance premiums increase with age?
Yes, term life insurance premiums often rise as you age. Policyholders will also see an increase when renewing after the initial term. Many people choose a longer term to lock in rates. Comparing prices using a term life insurance rates chart can show how premiums change with age.
Do whole life insurance premiums increase with age?
Whole life insurance premiums stay level throughout the policyholder's life. Unlike term life insurance, which may adjust based on age, whole life premiums remain constant after purchase. Premiums for older individuals buying a new whole life insurance policy are higher than for younger buyers. Checking a whole life insurance rates by age chart can give you an idea of how much a policy costs depending on when you start coverage.
Why would term life insurance costs be different for two people who are the same age?
Term life insurance costs can vary even among people of the same age due to health, lifestyle and coverage amount differences. These factors impact the rate differently for each person.
How can you save money on life insurance in your 40s?
If you want to get affordable life insurance as a 40-year-old, maintain a healthy lifestyle. The lower your risk of health problems, the less life insurance companies charge you for coverage. Maintaining a healthy lifestyle and avoiding smoking can decrease your life insurance premiums.
Getting sample premiums from several providers and comparing each one can also help. It's the best way to find the most affordable rate for your unique insurance profile.
Our Ratings Methodology
To find the best-rated life insurance companies for 40-year-olds, we analyzed 248,399 life insurance quotes from major national carriers alongside customer satisfaction data and product diversity. Â
MoneyGeek developed a scoring system to evaluate life insurance companies across three categories, ranking each based on its overall performance. We focused on insurers with nationwide availability and the option to get quotes online.
MoneyGeek’s Scoring System
In our scoring model, each company can earn up to five points in three separate categories. These scores are combined and calculated based on assigned weightings to produce an overall MoneyGeek score. We used the following weightings:
- Affordability: 50%
- Customer Experience: 30%
- Coverage Options: 20%
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, J.D. Power customer satisfaction ratings and other online customer reviews
- 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
- Nonsmoker
- 5 feet 9 inches tall and 160 pounds for men
- 5 feet 4 inches tall and 120 pounds for women
- Average health rating
Premiums are based on the standard customer profile unless stated otherwise.
We adjusted this profile by factors such as age, gender, height, weight, tobacco use and health classification to gather a range of quotes and identify the best life insurance companies for different customer types. Quotes were collected for different term lengths (term and permanent coverage) and coverage amounts.
We then analyzed the data to identify patterns and used those insights to project results beyond the original dataset.
Coverage costs and company information for life insurance providers were updated in 2026.
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About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty (P&C) Insurance Producer in Connecticut, is MoneyGeek's resident insurance expert. He has analyzed the insurance market for almost a decade, first with LendingTree and now with MoneyGeek, conducting original research on hundreds of insurance companies and millions of insurance rates for insurance shoppers.Â
He writes about economics and insurance on MoneyGeek, breaking down complex topics so people can have confidence in their purchase. Like all MoneyGeek analysts, Mark collects and analyzes independent cost and consumer experience data on insurance companies to provide objective recommendations in our content that are independent of any of MoneyGeek's insurance company partnerships.Â
His insights — on products ranging from car, home and renters insurance to health and life insurance — have been featured in The Washington Post, The New York Times and NPR among others.Â
Mark holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He started his career working in financial risk management at State Street before transitioning to analysis of the personal insurance market. He's also a five-time Jeopardy champion!