Why is life insurance important in your 40s?

Your 40s are often when financial responsibilities peak — mortgages, school fees, and dependents rely on your income. Life insurance provides protection for your family if the unexpected happens.

How much life insurance do I need in my 40s?

There is no set figure, but many people in their 40s consider enough cover to clear debts, provide 3–5 years of living expenses, and cover education costs. The right amount depends on your family and financial situation.

Is life insurance more expensive in your 40s?

Premiums generally rise with age, so life insurance in your 40s is more costly than in your 30s. However, it is still much cheaper than taking out cover later in life.

Can I still get cover with a health condition?

Yes. Many people in their 40s obtain cover even with pre-existing health conditions, though premiums may be higher or exclusions may apply. Full disclosure is important when applying.

Life Insurance in Your 40s | Covermate Life Insurance Broker

Life Insurance in Your 40’s | Covermate Life Insurance Broker

Protecting Your Family & Finances in Your 40’s

Your 40s are a time of peak responsibility—mortgages might still be hefty, children might be in full swing through school, your career ambitions may be evolving, and your financial legacy starts to matter more than ever. It’s a stage where life insurance isn’t just “nice to have”—it can be essential.

At Covermate Life, we’re specialist life insurance brokers helping Australians in their 40’s compare cover options that suit evolving family obligations, income levels, and life goals.

Important: The information on this page is of a general nature only and does not take into account your personal circumstances. You should always consider your own situation and seek appropriate advice before making financial decisions.

Why Consider Life Insurance in Your 40’s?

Life insurance tends to become more expensive as you age—but securing cover while you’re in your 40s often strikes a balance: premiums are still “reasonable,” but your life obligations are clearer and possibly greater.

Some of the reasons Australians in their 40s look at life insurance include:

Mortgage or remaining home loan obligations you want cleared.
Dependents—teenage children, school fees, or even children heading to university.
Single-income households or when one partner is mostly earning.
Planning for later-life obligations (like caring for elderly parents).
Desire to lock in coverage while health profile is more predictable.

Types of Cover You Might Consider in Your 40’s

At Covermate Life, we compare policies from Australia’s leading insurers. Popular cover types for people in their 40s include:

Life Cover (Death Cover): Lump sum benefit paid to beneficiaries.
Total & Permanent Disability (TPD) Insurance: Financial protection if you can’t work permanently.
Trauma / Critical Illness Cover: Covers serious illnesses — heart attack, major cancer, stroke, etc.
Income Protection Insurance: Replaces a portion of your income if illness or injury prevents you from working.

Why Use a Life Insurance Broker in Your 40’s?

Working through a broker like Covermate Life gives you advantages especially in your 40s:

Compare several insurers to find cover that matches your changing needs.
Get help structuring cover inside vs outside superannuation.
Advice about whether level or stepped premiums make more sense.
Insight into whether you need to increase cover as income rises or family grows.
Ongoing support at application and claim time.

How Much Life Insurance Do You Need in Your 40’s?

There’s no “correct” answer—it depends on your current and future financial situation. Things to assess include:

Any remaining mortgage, car loans, or liabilities.
Dependents (kids, spouse/partner) and how many years left until they’re independent.
Current living expenses and what would be needed to support your family in your absence.
Education, retirement planning, and legacy goals.
Inflation, upcoming health or lifestyle changes.

Get Started with Covermate Life

If you’re in your 40s, this may be an ideal time to secure cover that balances cost and protection, helping you safeguard both today and the future.

Get a quote today.

Contact Covermate Life today to explore your options.

Disclaimer

Covermate Life provides general advice only and does not take into account your objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) before deciding whether a product is right for you.

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