40-Year Term Life Insurance: Best No Exam Companies & Rates

40-year term life insurance is now available.

New to the market, and offered via Banner Life Insurance, it provides long-term financial protection.

Is a 40-year term policy right for you? Maybe.

You will want to understand the specific attributes of this type of coverage and compare them to your needs – before submitting an application.

You have found your complete guide to 40-year term life insurance, including product details, application steps, and sample rates.

Table Of Contents

  1. Overview
  2. Application
  3. No Exam Option
  5. How To Apply

40 Year Term Overview

Learn the essential facts about 40-year term life insurance before applying for coverage.

40 year term

There are five details you need to know about Banner’s 40-year term life insurance, called OPTerm.

Currently, Banner is the only carrier selling this particular term length.

Important – you must be between the ages of 20 – 45 (40 if you use tobacco) to qualify for this product.

1. Affordable

Term life insurance is highly affordable compared to whole life insurance.

If you are in need of long-term coverage, but not indefinite, the new option of a 40-year term might be an excellent choice.

To compare, consider the difference in premiums:

40 Year Term and Whole Life Cost Comparison

 $250,000 40-Year Term Policy$250,000 Whole Policy
20 Year Old Male$25.23$151.11
20 Year Old Female$20.58$132.08
30 Year Old Male$28.47$216.52
30 Year Old Female$22.61$188.96
40 Year Old Male$61.58$326.33
40 Year Old Female$48.96$277.99
Rates are based on healthy individuals.

Keep in mind, however, whole life insurance does offer features that term does not:

  • Lifelong protection
  • Policy loan feature
  • Cash value

2. Level Premiums

Almost all term life insurance policies’ premiums are level, and Banner’s are no exception.

What is a level premium? For the life of your initial term (such as 40 years), your premiums (the amount you pay for coverage) are guaranteed to be the same price.

Level premiums give policyholders peace of mind because they can always budget for the same premium amount.

Note – after the initial term, premiums will increase on an annual basis. And, your coverage must end at age 95.

3. Riders

In addition to the death benefit, riders provide further features to your policy.

Riders can make all the difference during a difficult time.

A 40-year term life insurance policy offers the following riders.

Waiver of Premium

If you experience total disability, your premium payments are waived and your policy remains in force.

Proof of total disability is required and must have continuously existed for at least six months.

Accelerated Death Benefit

If you are diagnosed with a terminal illness, the accelerated death benefit is available.

75% of your death benefit, up to $500,000, can be accessed.

Upon the death of the insured, the death benefit is reduced in proportion to the amount of money accessed via the accelerated death benefit rider, which is treated as a lien.

Term Rider

Additional term insurance offers further coverage for 10, 15, or 20 years. Your rates are the same per thousand of coverage as the policy (OPTerm) rates.

Not available in all states.

Children’s Rider

Death benefit protection for one or more children of the insured. One rider covers all eligible babies and children.

Children’s rider expires at the child’s 25th birthday, or the insured’s 65th birthday, whichever happens first.

Eligible babies and children may include an unmarried child, stepchild, and legally adopted child. Must be younger than 18 years old at the time of application.

Note – you can also purchase a separate policy for baby or child.

4. Convertible

You have the option to convert your term policy into a permanent product, without the need to demonstrate insurability.

Said differently, you will not need to participate in underwriting again.

The allowed conversion period is during your initial level-premium period, up to age 70.

5. Health Classes

Also referred to as rate class, a wide range of health classes are available.

  • Preferred Plus Non-Tobacco
  • Preferred Non-Tobacco
  • Standard Plus Non-Tobacco
  • Standard Non-Tobacco
  • Preferred Tobacco
  • Standard Tobacco
  • Substandard through Table 12

What this means – during the underwriting process, you will be assigned a specific health rating based on a number of factors.

Generally, the most common reasons someone would be placed in a more expensive health class includes:

Application Steps For 40 Year Term

Banner’s application steps for their 40-year term policy are straightforward.

40 year term

Step 1

With the help of an independent agent, your application will likely be submitted online or over the phone.

The initial application includes basic information, like your full name, address, date of birth and desired life insurance policy.

Step 2

A representative of the carrier will contact you for a phone interview.

Be ready to answer questions about:

  1. U.S. citizenship
  2. Occupation
  3. Height/Weight (to determine if you are under or overweight)
  4. Avocations (rock climbing, aviation, SCUBA diving)
  5. Health history, including but not limited to:
    1. Heart disease
    2. History of stroke
    3. Cancer
    4. Diabetes
    5. High cholesterol
    6. Mental health, including depression
    7. Liver, kidney or lung disease
    8. High blood pressure
    9. Surgical events
  6. Tobacco use
  7. History of alcoholism or drug abuse
  8. Medical history of close, blood-related family members
  9. Driving (DUI conviction or multiple citations)
  10. HIV status

Always be honest during the application process. Withholding information could cause your application to be declined.

Step 3

After the phone interview, your underwriter will schedule a paramedical exam for you, if it’s deemed necessary.

Typically, your age, face amount, and health history are the major factors in determining whether you need to participate in a medical exam.

Note – a number of no exam life insurance options exist.

Further information is collected from online databases:

  • Medical Information Bureau (MIB) – history of previous insurance applications
  • Motor Vehicle Report (MVR) – driving record
  • RX History Check – database of prescriptions
  • FCRA Consumer Database Check – credit history, criminal background, etc.

Step 4

Your underwriter reviews your application, interview, and database checks.

Turnaorund time can range from a few hours, up to a few weeks.

The wide range in time for the review process is usually dependent on whether or not a medical exam is required.

Step 5

Application decision.

Finally, you will receive one of three decisions on your 40-year term life insurance application:

  1. Approved – approved as applied. Best case scenario.
  2. More information needed – sometimes, additional information is. need before a decision can be made, like further medical records.
  3. Decline – not approved for the policy you applied for. Do not fret because plenty of life insurance options are available, including guaranteed issue.

40 Year Term No Exam Life Insurance

Is no exam life insurance available for a 40-year term policy? Yes.

Banner Life Insurance uses what is called, accelerated underwriting.

In other words, you must qualify to skip the medical exam via the health questionnaire and database checks. Typically, only healthy candidates qualify for the no exam option.

For example, if you have a history of cancer or you are a diabetic, skipping the medical exam is likely not an option for this particular policy.

If avoiding the physical exam is a must for you, assess the top-rated no physical life insurance companies.


Banner’s 40-year term policy is available for face amounts between $100,000 – $1 million.

To gain a general idea of cost, consider sample quotes. Keep in mind, however, sample quotes are just that – examples of cost.

For your personal rate, fill out your free quote.

40 Year Term Life Insurance Quotes Male

 $100,000$500,000$1 Million
20 year old$17.01$42.80$71.97
25 year old$17.01$42.80$71.97
30 year old$19.24$52.18$102.57
35 year old$20.21$64.49$135.94
40 year old$27.73$114.14$222.63
45 year old$41.93$188.99$370.06
Subject to change.

40 Year Term Life Insurance Quotes Female

 $100,000$500,000$1 Million
20 year old$15.52$33.98$57.12
25 year old$15.52$33.98$57.12
30 year old$15.82$38.48$72.63
35 year old$17.58$52.74$93.12
40 year old$23.27$91.26$176.84
45 year old$34.18$145.15$288.87
Subject to change.

How To Apply

First and foremost, before applying, conduct a needs analysis to determine if a 40-year term policy is your best option.

  • What are the financial needs of your beneficiaries?
  • How long will your beneficiaries depend on you?
  • Do you have debts? (e.g. mortgage, credit card, car loan)
  • What is your annual income?
  • How many years until retirement?
  • Do you have charitable goals?

That is to say, determine how much coverage you need and for how long.

Next, it is in your best interest to work with an independent agent. Why? You will have access to multiple quotes from multiple carriers – to verify you are applying for the best policy at the best price.

Finally, organize your health, lifestyle, and financial information. Be ready to communicate to the underwriter any medical concerns, risky avocations, or blips on your credit history.

To get started, fill out your free quote.