How long should I have life insurance – Will 20 years be enough? Most shoppers looking to buy a 20 year term life insurance policy are trying to provide income replacement to their beneficiary in the event they would die within the next 20 years.
Young people often put off buying life insurance because they either think it’s too expensive or they don’t need it. However, we all know that tragedy and misfortune can happen at anytime unfortunately. Without the protection of life insurance, your loved ones can be put in financial hardship overnight. 20-year term life insurance can help protect your family from this hardship.
20-year term can be quite affordable and an easy purchase. The key is using an experienced life insurance agent who can find you a policy from the best life insurance companies. Get started with a free quote using our 20 year term life insurance calculator.
20 Year Term Life Insurance
The most common term life insurance purchase that is request at Life Insurance Blog is for 20 year term. Here are two of the most common reasons for buying 20-year term life are:
- Family: Life insurance for family protection is the most common reason for life insurance. If you have children, a spouse or elderly parents who may need your help- then securing coverage with a 20-year term life insurance policy is a great choice.
- Business: Business life insurance is another common reason of coverage. You many need to fund a buy sell agreement or buy coverage for Key Person life insurance.
Sample 20 Year Term Life Insurance Rates
How much does 20-year term life insurance cost? We’ve put together a list of the average 20 year term life insurance rates for ages 20-70 below.
Sample 20 Year Term Life Insurance Rates
How much does 20-year term life insurance cost? We’ve put together a list of the average 20 year term life insurance rates for ages 20-70 below.
20 year term life insurance rate chart
All rates are based on 20 year term for a healthy non smoking man at Preferred rates. Sample quotes are for comparison purposes only and are subject to change.
There are a few factors that will determine how much your 20 year term policy will cost. Your health, age, and lifestyle are just a few that affects your premium.
Here are some 20 year level term life insurance rates that we’ve broken down for you.
20 Year Term Life Insurance Rates For Ages 20-29
Sample 20-year term life quotes
| AGE | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 20 | $9.10 | $8.37 | $19.69 | $33.11 |
| 21 | $9.10 | $12.90 | $19.69 | $34.11 |
| 22 | $9.10 | $12.90 | $19.69 | $34.13 |
| 23 | $9.10 | $12.90 | $19.69 | $34.13 |
| 24 | $9.10 | $12.90 | $19.69 | $34.13 |
| 25 | $9.10 | $12.90 | $19.69 | $34.13 |
| 26 | $9.10 | $12.90 | $19.69 | $34.13 |
| 27 | $9.10 | $13.09 | $19.69 | $34.13 |
| 28 | $9.10 | $13.09 | $19.69 | $34.13 |
| 29 | $9.10 | $13.11 | $19.78 | $34.13 |
20 Year Term Life Insurance Rates For Ages 30-39
| AGE | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 30 | $9.10 | $13.11 | $27.09 | $34.13 |
| 31 | $9.10 | $13.33 | $20.12 | $34.13 |
| 32 | $9.03 | $13.33 | $20.55 | $34.13 |
| 33 | $9.12 | $13.46 | $20.67 | $34.13 |
| 34 | $9.12 | $13.54 | $21.11 | $34.13 |
| 35 | $9.12 | $13.67 | $21.07 | $35.00 |
| 36 | $9.46 | $14.40 | $22.36 | $39.27 |
| 37 | $9.80 | $15.50 | $24.41 | $41.27 |
| 38 | $10.15 | $16.19 | $25.37 | $44.29 |
| 39 | $10.58 | $16.77 | $27.09 | $48.59 |
20 Year Term Life Insurance Rates For Ages 40-49
Sample 20-year term life quotes
| AGE | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 40 | $10.92 | $17.85 | $28.38 | $10.92 |
| 41 | $11.78 | $19.35 | $31.82 | $58.05 |
| 42 | $12.73 | $21.66 | $35.69 | $65.79 |
| 43 | $13.74 | $23.43 | $39.99 | $73.53 |
| 44 | $14.44 | $25.58 | $44.29 | $82.13 |
| 45 | $15.58 | $27.95 | $49.29 | $92.28 |
| 46 | $17.11 | $30.31 | $53.56 | $100.02 |
| 47 | $18.23 | $32.68 | $58.25 | $108.62 |
| 48 | $19.44 | $34.18 | $61.06 | $119.11 |
| 49 | $20.30 | $37.84 | $68.37 | $130.29 |
20 Year Term Life Insurance Rates For Ages 50-59
Sample 20-year term life quotes
| AGE | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 50 | $20.74 | $40.85 | $74.39 | $142.33 |
| 51 | $24.17 | $44.72 | $82.13 | $156.09 |
| 52 | $26.23 | $49.02 | $90.60 | $175.09 |
| 53 | $28.09 | $53.53 | $99.50 | $188.68 |
| 54 | $28.44 | $58.39 | $109.35 | $208.33 |
| 55 | $29.93 | $63.43 | $119.54 | $229.66 |
| 56 | $35.17 | $70.30 | $133.30 | $255.85 |
| 57 | $38.76 | $79.12 | $148.25 | $284.23 |
| 58 | $42.44 | $88.37 | $164.26 | $315.19 |
| 59 | $46.03 | $100.01 | $183.61 | $353.89 |
20 Year Term Life Insurance Rates For Ages 60-69
Sample 20-year term life quotes
| AGE | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 60 | $49.61 | $110.03 | $205.97 | $396.03 |
| 61 | $57.49 | $127.32 | $235.68 | $456.23 |
| 62 | $65.36 | $143.52 | $267.20 | $518.49 |
| 63 | $73.24 | $160.17 | $304.78 | $601.56 |
| 64 | $81.11 | $177.27 | $342.01 | $664.97 |
| 65 | $88.99 | $213.63 | $394.69 | $760.68 |
| 66 | $117.48 | $244.71 | $459.58 | $880.05 |
| 67 | $135.88 | $281.31 | $521.16 | $1,021.56 |
| 68 | $158.50 | $315.19 | $602.43 | $1,159.45 |
| 69 | $182.23 | $362.19 | $703.39 | $1,348.74 |
20 Year Term Life Insurance Rates For Ages 70-79
Sample 20-year term life quotes
| AGE | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 70 | $207.52 | $411.85 | $804.87 | $1,546.62 |
20 year term life insurance quotes
There is no perfect life insurance company that sells the best 20-year term life insurance policy. However, at Life Insurance Blog, we can help you find the right company for your unique situation. Life Insurance Blog finds the best life insurance companies you’ll qualify for and place you with the best one that meets your specific health, needs, and lifestyle.
Best 20 year term life insurance rates
Life insurance shoppers love to compare rates. Everyone wants to know the cost of 20 year term life insurance to get an idea if it’s affordable…
…but first, as a smart shopper you need to understand the following:
Online Quote Accuracy: When you use instant online life insurance quote calculators, you may not receive accurate quotes. This is because the instant quote calculators don’t know your health and risk status. They’re great for giving you rates that you MAY qualify for, however- qualifying is the key word. Your Life Insurance Blog agent will be happy to help you get the most accurate quote.
Shop around: Always compare multiple quotes from multiple companies. Make sure you get quotes from a few different health classes too so you get an idea of what your rate could be based on “Best case” vs “Possible” approvals.
What is 20 year term life insurance?
Now that you’ve seen average 20 year term life insurance rates, let’s answer a question that you may be asking: What is a 20 year term life insurance policy? Let’s review some key features, options and shopping tips for 20 year term life.
Term Length
When buying term life insurance, there are a couple of options that shoppers need to consider. The first is how much coverage and the second is the term length.
With term life insurance, you’re buying short term coverage vs permanent coverage like whole life or universal life insurance.
Term life policies will cover you for the term length you purchase. The most popular term lengths are 10, 20, and 30 year term. There are some companies that offer 1, 5, 15 and 25 year terms as well. The length of your term will have an effect on what your monthly or annual premium will cost. The longer the term- the more expensive the policy.
So a 30 year term $750,000 life insurance policy will be more expensive compared to a 20 year term. Is that the right amount and term length for you?
Additional term lengths
If you’re not sure if 20 year term is right for you, look into these other articles:
Who buys 20-year term?
There are many factors that determine how much coverage you need and how long your term coverage will last. Do you have a mortgage? How long until it is paid off? Do you have children? How young are they? Let’s look into the top reasons to buy 20 year term life insurance.
1. Mortgage
If you have at least 20 years remaining on your mortgage, a 20 year term policy is a no brainer. You’ll need to see how much remains on your mortgage as well as other financial situations that your life insurance policy needs to protect.
2. Budget
Most hard working people are on a budget these days and want a quick and easy cheap term life policy. For many shoppers, their paycheck is automatically going in a variety of places. Mortgage is one of the biggest, but there you have utilities, cell phone, car payments, credit cards and more. With 20 year term, you’re getting a good blend of coverage length and premium cost. It’s cheaper compared to 30 year term, but provides longer coverage compared to 10 year term life insurance.
3. Children
Do you have children? How old are they? Is college in their future? You will need to calculate how much coverage is needed to protect them now and through their college years.
4. Retirement
If you plan on retiring in the next 20 years, then a 20 year term could be a great choice. You may not need the protection like you did in your twenties or thirties. If you have kids, they are probably approaching the ages of becoming independent. A 20 year term is often a good choice to provide coverage for a wide variety of situations in your 40s and 50s.
5. Debt
Did you know that your spouse may have to pay off all your debts if you die? It will depend on the kind of debt and your resident state, but yes- that’s a possible scenario. You spouse could be on the hook for credit card debt, outstanding car payments and others. This could make an already stressful time more difficult.
What’s better- 20 year term or 30 year term life?
Choosing between 20 or 30 year term life insurance is important. Let’s look into some key reasons why one might be better than the other.
Customizing your policy is important not only for you budget, but for what’s most important- protecting your family. 20 year term life is a good coverage length to help protect your children until they’re grown. 20 year level term life insurance rates are less expensive compared to 30 year term and will provide you peace of mind during this next stage in your life.
20 year term life insurance no medical exam
Life insurance shoppers have so many choices today. Not only with term length and coverage amounts, but with life insurance types.
You have the option to skip a medical exam with no exam life insurance. With a 20 year term life insurance no medical exam policy, you can shave off weeks of underwriting and get a policy much faster. Life insurance typically takes 4-6 weeks when a medical exam is used to get a term policy. At Life Insurance Blog, we have access to carriers that can issue your policy the same day as the application.
Bottom line
Most people could benefit from some type of life insurance coverage. You have no idea what will happen tomorrow or next week. While permanent life insurance policies like guaranteed universal life insurance may be costly for most, a term life policy provides coverage at affordable prices.
At Life Insurance Blog, our quotes are free and so is our help.
We’ll provide you quotes as per your unique situation. We’ll help you get the kind of policy that you want since we have access to all these carriers, we aren’t tied down to any particular one. We can give you unbiased suggestions and even show you strategies like using “save age” or “life insurance laddering” to save you more money if it can!
Thank you for reading our post, 20 Year Term Life Insurance. To learn more about life insurance, make sure to visit our page Life Insurance 101 or visit Life Insurance Payout Amount if you’re looking to learn about other benefit amounts such as $750,000, $1 Million dollar life insurance or $5 million dollar term life insurance.
