Age 40 Non-Smokers Slash Life Insurance Rates
Types of Life Insurance to Consider
For those over 40, there are several types of life insurance policies that can be particularly beneficial:
- Term Life Insurance: This is often the most affordable option, providing coverage for a specific period, such as 10, 20, or 30 years. It's ideal for those looking to cover specific financial obligations like a mortgage or children's education.
- Whole Life Insurance: This policy offers lifetime coverage and builds cash value over time. It's more expensive than term life but can be a good investment for those looking to leave a financial legacy.
- Universal Life Insurance: Offering more flexibility, this policy allows you to adjust your premium payments and death benefits, making it suitable for those whose financial situations may change over time.
Real-World Pricing and Discounts
While specific pricing can vary based on individual health assessments and the amount of coverage desired, non-smokers can generally expect to see a reduction in premiums by up to 50% compared to smokers2. For example, a healthy 40-year-old non-smoker might pay around $30 per month for a $500,000 term life policy, while a smoker could pay twice that amount3.