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Best Life Insurance For A 40-Year-Old Woman

By James Tobin, CFP®

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 Show ME  BOTH EXAM AND NO EXAM RATES  FOR TERM LIFE INSURANCE. I HAVE A  GOOD IDEA ABOUT MY HEALTH RATING. 

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Best Life Insurance For A 40-Year-Old Woman
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Expert Review Of  Life Insurance For A 40-Year-Old Woman

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Reviewed by

Jim Tobin, CFP®

Why you can Have confidence in this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

There will be many big decisions in your life – buying a home, having children, your career, etc. One such big decision you’ll need to make is buying life insurance. When you’re a 40-year-old woman, buying life insurance may seem like a daunting task, but it doesn’t have to be. 

Keep in mind what life insurance is; it is protection for your family in the event of your death. At 40, buying life insurance for the first time may be confusing, but there are a plethora of companies that offer affordable plans that can meet your needs. Regardless of your current state of health, you can find a term life, whole life or burial policy that will cover your loved ones when you die.  

Why Should A 40-Year-Old Woman Attain Life Insurance 

As a 40-year-old woman, chances are you have financial obligations that warrant taking out a life insurance policy. How big of a policy you need depends on the reason you want from the plan. What are some reasons a female 40 years old would get a policy?

You have Children to protect – Most people, by the time they get to 40, have children. Children depend on their parents’ income to feed, clothe and shelter them. With a life insurance policy, you can rest assured that your children will be taken care of when you die unexpectedly. 

Income needs to be protected – If you are a primary earner in the household, you should consider getting a life insurance policy that will pay off debt (such as mortgages, car payments, student loans, etc.) when you die. This will help ensure your family doesn’t need to move because they are unable to pay the bills. 

You have a home with a mortgage – When you’re buying a home, it’s also a good idea to buy a life insurance policy to correspond with the length of your mortgage terms. In the event of your death, your loved ones can use the plan to pay off the debt that they may not be able to afford without your income. 

What Kinds Of Life Insurance Policies Should A 40-Year-Old Woman Consider 

There are three primary kinds of life insurance policies a woman aged 40 can choose from:

Term Life Insurance

This kind of policy is set for a set number of years (10, 20 or 30, typically). They are great for people who have financial needs, such as kids, mortgages, car payments, etc. When you are 40 years old, the best policy is a 30-year term one. Buying a 10 or 20-year term policy is fine as well. However, keep in mind that the majority of term policies are given the option to roll over into a permanent (whole life/universal life) policy. 

Permanent Insurance ( Whole Life, Universal Life)

These kind of insurance policies have the benefit of term insurance with added benefit that it will not expire. Additionally, these policies have the ability - depending on the structure- to accumulate cash savings. This savings can be used to supplement income for a spouse who no longer works or disabled child who is dependent on you for their long-term needs.

Burial Insurance

This is typically a small whole life policy structured not to accumulate cash, but rater to pay final expenses such as funeral and burial costs

What does life insurance cost for a forty year old woman and what factors could affect those rates?

Typically, the inputs for pricing life insurance are the type of policy, length of term, and amount along with your corresponding gender, age and health rating.

Being that we are discussing life insurance for a 40 year old woman we need not think about gender or age although it is worth noting that policies for women are less expensive than for men.

Let's take a look at the common factors that affect pricing;

Coverage Type and Amount – The best price for a 40-year-old female is based on her health and the kind of coverage she wants. Do you want a whole life policy, term life policy, or just looking for burial insurance? What coverage amount are you looking at? Bear in mind that whole life insurance policies will cost more than term life policies because they do not expire.

Using TobaccoSmoking plays a considerable role in how much it costs you each month for a life insurance policy. A 40-year-old woman who smokes  will pay more than a non-smoker. If you can stop smoking, you will be able to reapply for a policy to get a lower rate. 

Weight/BMI - Most all carriers have build charts that dictate the top health category that an applicant is eligible to receive.

As you see, there are so many factors that go into a life insurance rate decision, and the best policy and rate for you depends on what plan will best meet your needs.

Sample Rates for a 40-Year old Woman

Using the quotimg tool, you can find more information regarding the bestavailable insurance rates for 6 different health categories, ranging from a standard to preferred plus and 2 categories for tobacco use. Below we have also provided sample rates for the most common situations facing 40 yaer old women.

Not, that the stanadard- preferred rage is usually the health class rage for the following situations:

  • Life Insurance For 40 Year Old woman With Controlled High Blood Pressure

  • Life Insurance For 40 Year Old woman With Controlled High Cholesterol

  • Life Insurance For 40 Year Old woman 20 Lbs Overweight

  • Life Insurance For 40 Year Old Woman with a history of anxiety/depression 

  • Life Insurance For 40 Year Old Woman with a thyroid condion

Preferred Term Rates For 40 Year Old Woman

Term

50K

100K

250K

500K

1MM

10 Years

$8.44/mo.

9.25

13.30

20.71

32.09

15 Years 

9.51

9.93

15.70

24.93

42.13

20 Years

9.82

11.00

18.43

30.41

53.26

30 Years

12.70

16.47

27.48

48.01

89.91

Standard Term Rates For 40 Year Old Woman

Term

50K

100K

250K

500K

1MM

10 Years

$9.90/mo.

12.13

18.85

31.00

53.50

15 Years 

11.20

14.02

23.28

40.20

72.94

20 Years

11.57

16.06

25.92

44.93

82.39

30 Years

16.10

23.10

41.15

75.05

142.45

Standard Smoker Rates For 40 Year Old Woman

Term

50K

100K

250K

500K

1MM

10 Years

$15.53/mo.

24.97

44.81

80.48

152.25

15 Years 

18.75

31.41

57.64

102.66

195.75

20 Years

22.45

37.07

70.87

123.40

231.33

30 Years

29.41

51.43

104.90

190.53

368.88

Remember that different carriers have different risk appetites for specific conditions. This just means that the lowest rate on a quote tool may not be the best deal if that carrier is less interested in your specific condition. 

Life Insurance Health Classifications

Companies determine what applicants rates are based on the above factors, noting them to be one of our classes:

Preferred Plus – A person said to be excellent health, have a healthy weight/height ratio and have a healthy family background is placed in this classification. If you’re one of the lucky few, you will pay a much lower premium rate. 

Preferred – People classed here tend to have some health problems such as high blood pressure or high cholesterol. They may not get the same kind of deals that Premium Plus people have, but the rates are still relatively affordable. 

Standard Plus – This is when a person is in relatively good health but with some identifying markers that bear watching. Plus, their weight and height are not often in sync with each other. The family history is relatively good, with no big surprises. 

Standard – Your weight/height ratio is not as good, and your life expectancy is about average. You underwent a medical exam, which highlighted some things. Your family history will have a role in the kind of rate you get, especially if you had family members with health problems before turning 60. You could expect to pay more for the life insurance policy.

Substandard Ratings – People of these categories do not have a great health history, suffering from such diseases like diabetes, heart attack, etc. 

Smokers are  classedas preferred smokers or standard smokers. It’s not uncommon for life insurance companies to classify someone as sub standard if they have a significant health condition (or two). For every substandard "table", you pay 25% more than the standard rate. 

For example, a 40-year-old woman with a $40 stadard rate- who was designated table 2/B would be faced with a $60 /mo. rate.  

When you start to compare companies, this is something to be mindful of. Thus, it may be best to change your lifestyle to get the best premium rates possible. If you’re in excellent health already, it may be in your best interest to secure a long term policy (3o years or a  permanent policy) now. This ensures your premiums never change even if your health declines. 

What Is The Best Possible Life Insurance Company For A Woman Aged 40?

There are all kinds of life insurance companies willing to underwrite a policy for a 40-year-old female applicant. When looking at the different companies, you want one based on your budget, financial needs and current state of health. 

Be sure you look into whether or not the company is legit and financially stable. You want to know that this company will be there years from now and can pay your beneficiaries the death benefit you’ve paid into. 

Some of the best life insurance companies for a 40-year-old woman include:

Life Insurance Company

A.M. Best

Fitch

S&P

Comdex

A+

A+

AA-

94

A+

AA-

A+

90

A+

n/a

AA-

92

A+

A+ 

AA-

94

A+

AA-

AA-

94

A+

A+

AA-

92

As you will see, many of these companies offer similar policies, but each one has a niche they focus on. For example, some companies are dedicated to providing people with diabetes a great rate, while others won’t charge an excessive premium rate for smokers.  

How Can A 40-Year-Old Woman Get A Great Life Insurance Policy?

If you’re a 40-year-old woman in need of a life insurance policy, do your research and look at the different companies. Look at the coverages offered and what features the company has to provide. 

While it may be cheaper for Company A, they may not have any riders where for $6 more a month, Company B offers three riders with great benefits. 

You can also work with an independent agent like Life Insurance Help Desk to help you find the best possible life insurance company and deal. The only way to know for sure if you’re getting a good deal is to look at more than one or two companies. Life Insurance Help Desk offers an online quoting tool that lets you see what kinds of rates are being provided for a 40-year-old female. 

If you need help in this process, reach out to the Life Insurance Help Desk to clarify what policy term and coverage amounts would be best for your situation. 

Bonus: The most common mistakes people make buying life insurance and how to avoid them

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