A bigger home and older children
By your 40s you may have moved to a larger house, taken on a bigger mortgage and settled the children into school. The household probably costs more to run than it did ten years ago, and your income has likely grown to match.
Policies bought earlier tend to lag behind. A decreasing policy from a first flat may now be worth far less than the debt on the family home. Take out your old policy documents and compare.
Some people in their 40s are also starting again after a separation, buying a new home on one income. That brings a fresh mortgage and often a fresh look at who needs protecting.
When your health starts to show up on forms
In England, the NHS starts inviting people for a Health Check from 40, and many people see their GP more often in this decade. That means more readings on your record, such as blood pressure and cholesterol.
Most of these do not stop you getting cover. A raised reading that you are treating may lead to standard terms or a small increase. Insurers may also ask for a nurse screening or blood test for larger sums. Answer fully and keep copies of recent results.
Smokers and people who have put on weight since their 30s may also see a bigger change in price. Small, sustained changes before you apply can help, though you should not delay cover you need for long.
Why critical illness cover deserves a look
Serious illnesses such as cancer, heart attack and stroke become more common from middle age. If you were diagnosed, you might need months off work while the mortgage and school costs carry on.
Critical illness cover pays a lump sum on diagnosis of a listed condition. It costs more than life cover, so you may decide to cover part of the mortgage rather than all of it. Even a smaller sum can buy time.
If you already have a policy that includes critical illness cover, check its definitions. Older policies may cover fewer conditions or use narrower wording than newer ones. Keeping the old one and adding a new policy can sometimes give you the best of both.
Planning around university and beyond
Children who are at school now may want help with university or a first home later. You do not have to insure every future gift, but cover that runs until your youngest is in their early twenties protects the years they still depend on you.
Income protection is worth a check as well. Your employer's sick pay may run out long before you could return to work after a serious illness.
Pensions start to matter more in this decade too. Check who your pension would pay if you died before retirement, and update the nomination form if your family has changed.
How Hi Tomorrow helps people in their 40s
We review your existing policies first. If any are still good value, we keep them and fill the gaps. Where a health change has appeared, we know which insurers on our panel are likely to take a fair view.
We will help you prepare for any medical questions so the application goes smoothly.