Insure your family
"It's important for people in their 40s to do an insurance-needs analysis," Corey says. "Often, people in this age group need a lot of life insurance because they have young kids and day care costs that could be higher if one spouse passed away. It's hard for a lot of people to have saved enough to take care of their family without life insurance if someone passes away."
Corey says term life insurance, especially for a healthy person in his or her 40s, is relatively inexpensive.
"Most people think they are appropriately covered with their insurance policies, but they find out after a disaster that they're not," von Tobel says. "You should check your health insurance, your home insurance, your auto insurance and your life insurance policies to make sure you have the right coverage. An umbrella insurance policy that adds a layer of protection over your auto and home insurance is also a good idea, particularly if you have assets over $1 million."
Laux says 40-somethings also should check on their disability insurance to be sure they have coverage and to estimate whether they need additional insurance. Most companies provide only up to 60 percent of your income if you are disabled, he says.