Life after 40...if you consider leveling weapons after you are 100% done with quests life then yes.
But it also depends on what you do in the game, if your a guildmaster, PvP maniac, leaderboard pirate, ETC, then after you master all, do what you like to do. I myself made another pirate and will work on him for a good amount of time while taking good time to guildmaster. Since I will have to redo the quests at some point with my new pirate, starting another might be kinda boring.... I can't say the same about guildmastering though, I like to GM.
Disney REALLY needs to have something for us lvl 40s to do while waiting for the next chapter.