Why Update Life Insurance Beneficiaries After 40?

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 20th February 2025

how to update your life insurance beneficiaries after 40 years old

Depending on how your policy was set up, there are several ways to update your life insurance beneficiaries after forty.

Suppose your policy was put into a trust. In that case, you have three options: write a new expression of wishes, create a formal trust amendment, or be unable to adjust the beneficiaries.

If your policy is not part of a trust, you should contact your insurance agent for help. Insurance Hero would be more than happy to assist you in this matter.

Whether you have permanent or term life insurance over forty, it’s all the same–the death benefit goes to your beneficiaries.

Your age doesn’t matter as much when changing your policy’s beneficiaries because the process remains the same whether you’re forty or eighty.

Are You In Your 40s And Require Life Cover? Get A Free Quote Today

UK insurers that cover people in their 40s

Amount of cover?*Choose an amount that reflects your financial needs in the event of a claim. For instance you might want to pay off a mortgage or debts, or leave a lump sum to your family
First Name:*
Last Name:*
Date of Birth*Your age is one of the factors used to calculate your premium. You must be aged between 18 and 80.
Day
Month
Year
Email*
Phone Number*
Our price match promise means we will find you the right cover for your personal circumstances at the lowest price possible. Terms & Conditions and Privacy Policy

Changing Beneficiaries

Many times, people put their life insurance policy into a trust. This can be beneficial because trusts often come with tax benefits and can make the payout process much quicker. So, what is a trust?

A trust is a way to manage money that allows a trustee to hold assets on the beneficiary’s or beneficiaries’ behalf.

Trusts can be quite technical, but there are a few different types. The type of trust your policy is in will determine how you can change your beneficiaries.

Different Types of Trusts

There are three main types of trusts:

Absolute trusts

These trusts do not allow the policyholder to change who the beneficiaries are. They provide absolute certainty as to who will receive the death benefit.

This means the payout can occur faster and go to the intended people without ambiguity.

Flexible trusts

This type of trust lets you name ‘default’ beneficiaries who could receive a payout if one or more potential beneficiaries are not favoured during the trust period. The policyholder can change the beneficiaries at any time.

You would need to create a formal ‘trust amendment’ document specifying the desired changes to the beneficiaries, have it signed, and then notarize it to update the original trust document officially. This process typically requires a lawyer to ensure it is done correctly and within compliance with the law.

Discretionary trusts

With this type of trust, you have a wider pool of beneficiaries, and you can implement an ‘expression of wishes,’ which outlines your intentions and offers guidance to trustees.

However, the trustees decide who receives the money from your policy. If you want to change your beneficiary at any point, you must write another expression of wishes and lodge it with your trustees.

What if your policy isn’t in a trust at all? In this situation, you will need to contact your insurer for guidance because changing the beneficiaries will depend on the type of policy you have and how it’s set up.

over 40s life insurance beneficiary definition

When Do Beneficiaries Receive Payout?

Policies put into a trust tend to be paid out faster, typically within a few weeks or months, because the policy is separate from the deceased’s estate and isn’t subject to probate.

Click To Compare Life Insurance Quotes

If the policy was not placed in a trust, it may become part of the estate and need to go through the probate process before it can be paid out.

To maximise how much your beneficiaries receive, you should look into the conditions around borrowing against your life insurance policy after forty. In some cases, this can reduce the death benefit paid out.

Next Steps with Insurance Hero

At Insurance Hero, we make understanding the terms around your insurance easy to understand.

We can explain how diabetes affects life insurance after forty, how to change your beneficiaries and more. We offer fast, free, and tailored comparisons from leading UK providers.

Research Sources:

Steve Case

Steve Case is a seasoned professional in the UK financial services and insurance industry, with over twenty years of experience. At Insurance Hero, Steve is known for his ability to simplify complex insurance topics, making them accessible to a broad audience. His focus on clear, practical advice and customer service excellence has established him as a respected leader in the field.