40-Year Term Life Insurance
The new 40-year term life insurance policy provides coverage well into retirement years at an affordable, fixed rate. It's important to buy 40-year term life insurance earlier for the best rates.
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Purchasing 40-year term life insurance earlier will result in cheaper rates
- 40-year term life insurance rates are as low as $15.52 a month or $186.24 a year
- The cons of purchasing a 40-year term life insurance are minor when compared to the benefits
No matter how much we worry about our life expectancy, thinking about life insurance isn’t exactly all that fun.
It is often difficult to figure out which policy type is right for our situation, whether whole, term, or universal life insurance, and for how long. In addition, deciding which sort of riders you should add to your policy takes some knowledge. And not everyone has the time to spend with an experienced life insurance agent.
These are all considerations that come up when choosing a life insurance policy. Plus, we all realize that we’re living longer thanks to medical advancements that are increasing our life expectancy. You very well may live longer than your parents or grandparents did. Luckily, more and more insurers are providing types of life insurance that match the way we live in the 21st century. These improvements have made the process a little bit easier for you.
Banner Life Insurance has recently released a new 40-year term life insurance. This 40-year term life policy now provides life insurance coverage well into retirement years while at an affordable, fixed rate.
Are you ready to compare life insurance rates, such as 40-year term life insurance quotes? We can help. Enter your ZIP code to get free, instant term life insurance quotes from multiple insurers in your area.
Table of Contents
What is a 40-year term life insurance policy?
The new 40-year term life insurance policy from Banner Life Insurance is an exciting product in the life insurance industry. A 40-year fixed premium contract is significantly out of the norm for term life insurance.
You will find that most companies who offer term life insurance have a maximum of 30-year term life insurance policy, with a 20-year term life insurance policy being the most common.
Up until Banner announced their 40-year contract, American International Group, another great (A) rated company, offered the longest option of 35 years.
The significance of a 40-year term insurance policy is that you don’t have to purchase a permanent life insurance policy if you want coverage to last over 30 years.
The problem with permanent insurance is that it frequently costs more than double the average cost of term life insurance. Because of the big cost jump, a permanent life insurance policy is not always a budget-friendly option for all families.
However, Banner solved that problem with the introduction of its 40-year life insurance policy. It included in the company’s popular term life insurance line, called OPTerm.
With the 40-year term life insurance policy you’re locked into the premium rate you start with no matter what health complications you may face later in life.
As Banner is the only 40-year term life insurance company out there, you’re guaranteed to have a death benefit that will payout to your beneficiaries if you pass away within 40 years of having the life insurance policy.
Another great feature included with the coverage at no extra costs is that it has a guaranteed conversion option.
The conversion option allows for the coverage to be converted into permanent life insurance without having to prove insurability, as long as it is done prior to age 70.
Conversion is a great benefit to have especially if life insurance needs change to where they become more permanent.
It is especially beneficial if you get an illness that prevents you from purchasing new life insurance coverage.
While premiums are more expensive for a longer-term duration than a 10-year term, can you really put a price on peace of mind?
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What are 40-year term life insurance sample rates?
For full disclosure, the below 40-year term life insurance sample rates for both males and females are being shown at the best health classification of Preferred Plus Non-Smoker.
This is the best health class you can qualify for. Reports show that roughly 20 percent of applicants will qualify for Preferred Plus rates. For an accurate quote based on your health and lifestyle, please contact us so we can run them accordingly.
40-Year Term Life Insurance Quotes for Males
| Age | $100,000 | $250,000 | $500,000 | $750,000 | $1,000,000 |
|---|---|---|---|---|---|
| 20 | $17.01 | $25.23 | $42.80 | $61.62 | $71.97 |
| 25 | $17.01 | $25.23 | $42.80 | $61.62 | $71.97 |
| 30 | $19.24 | $28.67 | $52.18 | $75.69 | $102.57 |
| 35 | $20.21 | $34.83 | $64.49 | $94.16 | $135.94 |
| 40 | $27.73 | $61.58 | $114.14 | $168.63 | $222.63 |
| 45 | $41.93 | $97.08 | $188.99 | $280.91 | $370.06 |
40-Year Term Life Insurance Quotes for Females
| Age | $100,000 | $250,000 | $500,000 | $750,000 | $1,000,000 |
|---|---|---|---|---|---|
| 20 | $15.52 | $20.58 | $33.98 | $48.39 | $57.12 |
| 25 | $15.52 | $20.25 | $33.98 | $48.39 | $57.12 |
| 30 | $15.82 | $22.61 | $38.48 | $55.13 | $72.63 |
| 35 | $17.58 | $28.95 | $52.74 | $76.53 | $93.12 |
| 40 | $23.27 | $48.96 | $91.26 | $134.31 | $176.84 |
| 45 | $34.18 | $77.71 | $145.15 | $215.14 | $288.87 |
Who should get 40-year term life insurance?
Keep in mind that the age cutoff for the affordable 40-year life insurance option is 45, which makes this coverage truly ideal for younger families with small children and a high need for life insurance coverage.
What are some benefits to a 40-year term life insurance policy?
Most importantly, the 40-year term insurance is very budget-friendly compared to a permanent policy.
Another great benefit of the 40-year term life insurance policy is that your rates are locked in for the next 40 years. The best move is to buy a life insurance policy while you’re young, as life insurance rates only increase as you get older.
Along with locking in rates, you can rest assured knowing that if you have a change of health later in life, you have the option to convert to permanent coverage.
A few other great reasons to consider the 40-year term option:
- A great option to have especially with a mortgage
- Can provide coverage well into retirement and senior years
- A very affordable alternative to permanent life insurance
It is likely that a Banner life insurance policy is the last one you ever have to buy. It’s a one-stop-shop to ensure that you don’t have to think about your life insurance again for a very long time, if not ever.
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What are some potential cons of 40-year term life insurance?
While the 40-year term life insurance policy seems like a great idea, it is worth noting some small, potential cons of the policy.
Price
As affordable as the 40-year term life insurance is with its longer duration, premiums are going to be much higher than other, shorter policies.
There’s No Competition
Another drawback to the policy is that there is currently no other life insurance provider that offers a 40-year term life insurance option other than Banner.
So, you don’t know if you’re truly getting the best price for the coverage. Sure, it’s the best price on the market, but it’s the only one. This is not necessarily a bad thing, however, there is no other company to compare the rates to.
There Are Age Restrictions
There are age restrictions. You can only purchase the Banner 40-year term life insurance policy if you’re between the ages of 20 and 45. So, if you’re above the age of 45 you will not qualify and you’ll have to consider a shorter policy duration.
Again, this not a bad thing as there are other companies that offer longer-term duration to older applicants. For example, Transamerica, which is another (A) rated company offers a 30-year term option to applicants up to age 58.
Limited Policy Riders
Banner offers a few of the more common policy riders that can be added to the life insurance coverage. The rider that allows you to ladder coverage called the “Term Riders” is one of the more unique offerings from Banner, but that is really all there is.
If you’re looking for something such as a term life insurance policy with living benefits that can payout out a benefit due to a chronic or critical illness, you need to consider another company.
At this time Banner only offers the terminal illness option, which is available with most companies at no extra charge.
Conversion Can Be Expensive
If you decide later on that you want to convert your 40-year term life insurance policy into a permanent insurance policy, then it is expensive. Banner’s permanent insurance option is a bit more expensive when compared to other similar products on the market.
While you could always try to go with another company at that point, it is not so good when you consider the health risks and complications that could arise over the course of 40 years.
It’s Not Permanent Coverage
According to WebMD, people are living longer these days, which means there is a very good chance that you will outlive your term life insurance contract.
Even if you purchase a 40-year term life insurance policy at age 45, that policy provides coverage for you up to age 85.
Most people do not need a significant amount of life insurance at that age, so again this is not a bad thing.
Just consider stacking your term life insurance coverage with a smaller final expense or burial insurance policy, which can be done later down the road.
Just remember that the younger you are when you purchase the policy, the cheaper it will be.
As you can see, the cons of purchasing a 40-year term life insurance are very minor when compared to the benefits.
Is 40-year term life insurance available in a no medical exam option?
For applicants who are truly looking for a no medical exam life insurance option, we will admit that Banner is not our first choice.
The company does offer an accelerated underwriting option that will allow for some applicants to bypass the entire medical exam process if they meet specific underwriting requirements.
At Top Quote Life Insurance we can generally get a feel as to whether or not an applicant is eligible for the accelerated underwriting process based on some simple questions.
The process for accelerated underwriting does require a telephone interview that is generally 45 minutes long. The program is limited to applicants between the ages of 20-40 for up to $1,000,000 and ages 20-50 up to $500,000.
The benefits of qualifying often result in getting fast approval coverage.
We recommend that applicants be open to a medical exam if considering Banner Life Insurance, as you may be asked to take one if you do not meet the accelerated underwriting guidelines.
If you are not eligible for the program you will be notified during the interview and have the option to schedule an exam at that time.
What is banner life insurance?
Banner Life Insurance Company does business under its parent company Legal & General America when it comes to life insurance policies.
Banner Life Insurance Company also works with William Penn Life Insurance Company of New York to underwrite and issue life insurance policies under the Legal & General America brand for policies issued in the state of New York.
Banner Life Insurance Company Ratings
Banner Life Insurance Company is highly rated and receives the following scores:
- A.M. Best: A+ (Superior)
- S&P: AA- (Very Strong)
- Fitch: AA- (Very Strong)
From these ratings, we know that Banner Life Insurance company and its subsidiaries do good business and are financially stable enough that they are expected to be around long enough to actually pay out your policy.
This is especially important with a 40-year term life insurance policy because it’s a long time to wait for a payout.
You want to make sure that your beneficiaries receive your benefit when you pick a company to purchase life insurance from.
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What is Banner OPTerm life insurance?
Overall Issue Ages: 20-75
- OPTerm 10 Year: 20-75
- OPTerm 15 Year: 20-75
- OPTerm 20 Year: 20-70
- OPTerm 30 Year: 20-55
- OPTerm 35 Year: 20-50
- OPTerm 40 Year: 20-45
Minimum Coverage: $100,000
Maximum Coverage: $10,000,000+
Conversion Options: Yes. Coverage can be converted into permanent insurance up to age 70.
Optional Policy Riders:
- Accelerated Death Benefit: If diagnosed with a qualifying terminal illness, this rider can payout the lesser of $500,000 or 75% of the death benefit in advance. (No Extra Cost)
- Children’s Term Rider: Provides level death benefit on all children of the insured up to age 25. The minimum death benefit is $5,000 up to a maximum of $20,000 if both parents have or are applying for coverage. Coverage expires at the child’s 25th birthday but can be converted into permanent insurance as long as it is done within 31 days following the expiration of the rider. (Extra Cost) (Not available in MD & NY)
- Term Riders: In addition to the base coverage, this rider provides additional term insurance coverage for a specified amount of years such as 10, 15, or 20 years. Basically, it allows you to ladder your life insurance needs by purchasing a longer term length such as a 30, 35, or 40-year plan as your base policy and then adding shorter term lengths to cover short term needs. The riders will automatically fall off when they have reached the end of their term durations. (Extra Cost)
- Waiver of Premium: This rider waives all premiums up to age 65 due to the total disability that occurred while the coverage was active and that existed for at least 6 months. (Extra Cost)
It’s important to note that OPTerm 35 and 40 are not available in the state of New York. OPTerm 10-30 are available coverage options for residents of New York and are underwritten by William Penn Life Insurance Company of New York.
What is life insurance?
Before we get into Banner’s brand new 40-year term life insurance, let’s quickly cover the basics of what exactly life insurance is.
Put as simply as possible, life insurance is insurance that pays out a sum of money either when the death of the insured occurs, or in some cases, after a set period of time.
However, that’s not all there is to know about life insurance. It’s a little more complicated than that.
Life insurance isn’t just about assigning your life a monetary value. It’s also about making sure that your family and loved ones can deal with the financial obligations that come with the loss of life.
A life insurance policy helps cover things like average funeral costs, outstanding debt, lost income, and more.
So, if you have anyone who relies on you financially (a spouse, kids, etc.), then you need life insurance to help protect them.
What is the difference between term life and permanent life insurance?
There are two types of life insurance that you should know about when purchasing a life insurance policy.
The first is permanent life insurance, which is exactly what it sounds like. As long as you make your premium payments, it is a policy that remains in effect until you die.
Most permanent life insurance also has a cash value option. The cash value option basically means that you get a savings account that grows over time and is based on an interest rate attached to the policy.
This is a nice feature because you have cash available when you need it.
With permanent life insurance, you take it out and as long as you pay your premiums you don’t have to think about it again.
The second kind of life insurance is term life insurance. It’s the simplest, least expensive, and most widely applicable.
Basically, the policy premium is based on the probability that the insured passes away within a stated term (10 years, 20 years, 30 years, and now 40 years).
The premium is guaranteed to stay the same for the entire duration of the policy. When it runs out, you have the choice to renew it or let the policy lapse if your life insurance needs have been fulfilled.
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40-Year Term Life Insurance: The Bottom Line
All in all, Banner is a highly rated and highly trusted company, which makes it a great option for purchasing your life insurance policy. And, its 40-year term life insurance policy is a great option to consider when looking at term life insurance policies.
Still not ready to buy 40-year term life insurance, and want to compare other term life insurance rates? We can help.
Just enter your ZIP code into our free tool below to get instant term life insurance quotes from multiple insurers in your area.
Your one-stop online guide for life insurance quotes. Get free quotes now!
Secured with SHA-256 Encryption
Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.