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How to Choose Term Insurance in your 40s?

As you enter middle age, you feel you need to find the fine balance between responsibilities and enjoyment. Even as you savour your milestones, it is a good idea to make provision for a secure financial future for your loved ones, just in case you meet an untimely death. A term insurance plan is just what you need at this juncture.

To delay is to regret

You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.

Term Insurance


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Term Insurance

All you need to know about buying a term insurance plan in your 40s

Term Insurance Plan in 40s
March 06, 2024


They say age is a number, but most people don’t feel that way. When they hit their 40s, they feel that their life doesn’t have much purpose because they are turning old. They don’t realise that this is the best time of their lives when they can focus on themselves. In fact, most people in their 40s have decent earnings and can afford a good lifestyle and their children are about to finish school.

All in all, it’s a good time to pursue what you like in your 40s. But remember your family continues to be your responsibility and their health and well-being is your priority. Since life is unpredictable, it is a wise decision to offer them a layer of financial protection while you are here, so that they don’t have to compromise on their lifestyle in your absence.

That’s why getting a term insurance plan is critical in your 40s. By paying regular premiums, policyholders can ensure their family members receive a death benefit, in case the breadwinner loses his/her life. While buying term insurance is a better idea in your 20s or 30s, the 40s are an equally good time to make your family’s future secure.

Reasons to buy term insurance in your 40s

There are several reasons why buying term insurance in your 40s is a good plan:

  • Helps fulfil your family’s dreams: As the breadwinner of the family, you are also in charge of planning and preparing for their goals. It could be anything from their education to their marriage, and everything in between. In case of an untimely death, their dreams may get shattered and that’s the last thing you want. In this case, having a term insurance plan helps in a big way.
  • Protection from debts: You may have taken certain loans or may have credit card bills to pay to build the life of your dreams. In your absence, it can be hard for your family to fulfil these financial commitments. With a term policy, they receive a death benefit that can help to pay off these debts.
  • Easy to buy: You no longer have to go through a tedious process to buy term insurance. Make sure to compare the features and premiums of various insurance plans, before you arrive at a final decision.
  • Income tax benefit: Apart from financial protection, buying a term insurance plan can help you save tax under Section 80C of the Income Tax Act*.
  • Provision of riders: Insurance providers also offer an option to add riders for an added layer of security, including disability, critical illness, or accident cover.

Why is term insurance necessary in your 40s

Financial planning is an important skill and it is incomplete without incorporating insurance into the mix. A term insurance plan in your 40s is not an option but a necessity, since it offers a layer of financial protection to your family members for a long period, offering you peace of mind.

At the same time, you can also save tax by claiming the premium amount as deductions under 80C of the Income Tax Act*.

Things to consider before buying term insurance in your 40s

  • It’s never too late to buy a term insurance plan, so don’t hold yourself back
  • If you are in good health, you can get a higher coverage at affordable premiums, even in your 40s
  • Calculate your debts and ensure that these liabilities will be covered, in case you die
  • Choose your riders wisely based on what you may actually need
  • Check the claim settlement ratio of your insurance provider
  • You can use term insurance as a retirement plan


1. Should I get term insurance in my 40s?

The earlier you sign up for a term insurance plan, the greater the financial protection for your family members.

2. Does buying a term insurance plan help save tax?

You can save tax by claiming the premium amount as deduction under Section 80C of the Income Tax Act*.

3. Can you buy riders with a term insurance plan in your 40s?

Yes. You can opt for a critical illness rider, accident cover, or riders that offer a waiver of premium for disability. 

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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