Rates for 30-Year Term Life Insurance
If you’re considering term life insurance, you may find yourself wondering what term length is best for you. After all, most terms are 10, 15, 20 or 30 years, with some being longer or shorter. For many people, however, a 30-year policy is a great choice.
You can start comparing rates today using our free online quote form, but in the meantime, keep reading to learn more about why you might want to consider a 30-year term life insurance policy.
A lot of mortgages are for 30 years. If something should happen to you, the life insurance policy will help cover your remaining mortgage payments and ease the financial burden left behind.
You Need Life Insurance When You Start a Family
You probably already know this one, but just as a reminder, if you have gotten married recently or are planning on becoming a parent in the next five years, you need to make sure your family members will be taken care of if something should happen to you. If you are planning on having kids in five years or so, a 20-year policy isn’t going to cut it. Besides, many young people these days in their early 20s are still dependent on their parents due to the economy, and you don’t know what things are going to be like in the future for your kids.
You Are Not Likely to Die in Less than 30 Years
To be perfectly blunt, some people will die within 20 or even 10 years, but if you’re like most people considering term life insurance at this time, you won’t. Many people who are, say, 50 years old decide to go with shorter policies for the sole reason that these policies are cheaper than 30-year ones. However, consider the fact that the average lifespan in the United States is late 70s to early 80s, with many people exceeding that. If you get a 30-year policy when you’re 50, that will insure you until at least age 80.
Now, it is true that not every life insurance company will insure people until their 80s, but there are some that do— like Transamerica. We work with over 30 different life insurance providers (including Transamerica), so we do have different options you can look at.
30 Year Term Life Insurance Rates
Okay, so what are rates like for 30-year policies? While they are more costly than 10 or 20-year policies, they may not be as high as you thought. Here are a few different examples, though keep in mind that your exact rates will likely be different because they depend on very specific factors:
Let’s say George is a 30-year-old man who applies for a $250,000 life insurance policy. Here are the best quotes he is likely to given:
- SBLI, 20-year term: $150 a year
- SBLI, 30-year term: $217.50 a year
Now let’s look at Gina, a 45-year-old woman also applying for a $250,000 policy. Here are her offers:
- SBLI, 20-year term: $270 a year
- SBLI, 30-year term: $412 a year
For good measure, let’s say Derek is a 55-year-old man also applying for $250,000 in coverage. His best offers are as follows:
- SBLI, 20-year term: $765 a year
- Banner Life, 30-year term: $1557 a year
So, for some people the extra money might be a major factor in their decision against a 30-year policy. However, it is our professional opinion that the higher rates are well worth it for an extra 10 years of coverage.
Keep in mind that you can always start comparing quotes today using our online quote tool, but you can also call us at 888-411-1329 to get a quote and learn more about your life insurance options.