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Term life insurance is affordable life insurance coverage designed to provide financial protection for temporary needs. Term life insurance only lasts a set period of years. The longest term length on the market is 40 years.

A 40-year term life insurance policy is a great opportunity for individuals who would like affordable financial protection for their families well into their retirement years.

Things to Know About the 40-Year Term Life Insurance Policy

  • If you are a non-smoker, the 40-year term option is available to people age 45 and younger.
  • If you use tobacco, the 40-year term option is available to people age 40 and younger.

» Compare: Get your 40-year term quote

The Benefits of a 40-Year Term Life Insurance Policy

Americans are living longer and working longer in order to meet financial needs. In today’s economy, many Americans carry debt even into their retirement years. A 40-year term policy allows you to protect your loved ones longer.

Overall, Millennials, born roughly between 1981 and 1996, have been hesitant about buying life insurance. They would prefer a sure thing, which term life insurance is not since it’s temporary. But many also cannot afford permanent life insurance.

A 40-year term life insurance policy is a great compromise. It’s much more affordable than permanent insurance and because it lasts quite a while, Millennials can provide financial protection for their loved ones well into their 60s and 70s.

Until now, if you had long-term life insurance needs you had essentially two options before you:

  1. Buy a permanent life insurance policy to make sure you have coverage your entire life.
  2. Buy a 10-30 year term policy and then later on buy another term policy if your protection needs continue (if you’re still insurable, that is).

Each option has its pros and cons.

With option A, you have coverage your entire life, access to cash values, and possibly dividends, but you’re paying substantially high premiums each month. With option B, you have affordable coverage but if you need to buy another policy later on, the term life insurance may not be so affordable any more if you’re facing new health issues—not to mention you have aged.

Enter the 40-year term life insurance policy. A 40-year term option may not be permanent, but for the budget-conscious buyer, it can make a huge difference to both you and your family.

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How Much Does a 40-Year Term Life Insurance Policy Cost?

The longer your term length, the higher your premiums—but these monthly costs are much more affordable than whole life insurance. And peace of mind to you and your loved ones is priceless. The table below illustrates some examples of how much a 40-year term life insurance policy may cost you.

Estimated Monthly Premiums for a $500,000
40-Year Term Policy for a Healthy Non-Smoker
Age Male Female
25 $52.49 $41.01
30 $62.98 $45.95
35 $83.30 $61.63
40 $142.28 $107.57
45 $241.79 $165.53

According to the CDC, the average life expectancy in the United States is just over 78 years. A 40-year term policy evens the odds a bit.

Term life insurance is designed to protect against the what-ifs in life. Having term coverage protects your family from financial devastation if you were to die unexpectedly during your prime earning years. However, a 40-year term policy can even protect your loved ones into your retirement years.

» Calculate: Life insurance needs calculator

If you’re age 45 and younger, easily find out how much a 40-year term policy may cost you. Simply run a quote and slide the arrow up to 40 years.

Image of a term life insurance quote for $500,000 in coverage, 40 year term, and $38 per month.
If you’re older than 45, there are 35-year term policies available until age 50. And, don’t worry, the 10-30 year terms haven’t gone anywhere. Many life insurance companies offer policies ranging from 10-30 years and your Quotacy agent can help you find a policy that works with your budget.

As an independent broker, Quotacy has access to products from multiple top-rated life insurance companies. Because we work for you and not any particular insurance company, we are dedicated to helping you find the best policy for your family’s needs.

Note: Life insurance quotes used in this article accurate as of January 12, 2022. These are only estimates and your life insurance costs may be higher or lower.

Watch the What Is the Longest Term I Can Buy? Video

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius, CLU

Senior Editor and Life Insurance Expert

Natasha Cornelius, CLU, is a writer, editor, and life insurance researcher for Quotacy.com where her goal is to make life insurance more transparent and easier to understand. She has been in the life insurance industry since 2010 and has been writing about life insurance since 2014. Natasha earned her Chartered Life Underwriter designation in 2022. She is also co-host of Quotacy’s YouTube series. Connect with her on LinkedIn.