30 Year Term Life Insurance: If you’re considering buying term life insurance from the best life insurance companies, you may asking yourself how long should I have life insurance – is 30-year term the right choice?
Most term policies are 10, 15, 20 or 30 years. If you’re needing a cheap term life insurance policy for an extended period of time – a 30 year term policy is often a good option. This post will go over who may need 30 year term and how to find the best life insurance rates.
30 Year Term Life Insurance Rates
Finding cheap term life insurance is important to many shoppers, but how much will 30-year term cost? A 30-year term life policy will not cost as much as you’d think. Many shoppers assume that since 30 year term is so long, that the premiums are unaffordable. Wrong! It provides t
Sample 30 Year Term Life Insurance Quotes
What are rates like for 30-year policies? It will be more expensive than a 10 or 20-year policies, they may not be as high as you think. We’ve run the quotes for you so you can get an idea of what you might pay for a 30 year term life policy. Rates are based on healthy non smoking individuals at the best health class rating.
30-year Term Quotes for Men
30 Year Term Life Insurance Rates for Males Ages 20-29
30-year Term Quotes for Women
30 Year Term Life Insurance Rates for Females Ages 20-29
Best life insurance company for 30 year term?
There are many companies that offer great rates for 30-year term life insurance. Banner Life, Protective and SBLI are two companies that are typically in the Top 3 for a wide range of benefit amounts and age ranges. The best company will depend on your age, benefit amount, health and other underwriting factors.
Top 3 Companies
Below are some sample 30 year term rates from Banner Life with a $250,000 benefit.
Here are a few different examples of 30 year term life insurance. 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. Just know that George’s rate will always be slightly higher compared to a 30-year old woman. Rates for men are always a little more compared to women. 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.
30 Year Term Pros
There are several benefits and advantages of a 30 year term life insurance policy. Let’s look into what they are.
- 30 year term life insurance will be less expensive when compared to other long term types of life insurance. Permanent products such as Whole Life, Universal Life, Index Universal Life and Guaranteed Universal Life will all have higher premiums.
- You may have a conversion opportunity if you outlive your 30 term policy. Many companies offer a conversion option that you can secure without going through underwriting. Make sure the term company you’re applying with has a conversion option if you’re interested in future coverage.
- You will pay a premium that is fixed and won’t change. You won’t have to worry about your premium increasing regardless if you get a future illness or not.
- You can get it fast! Read about the companies that can approve you quickly by reading our fast life insurance reviews article.
30 Year Term Cons
Like anything you purchase, there are some drawbacks to 30 year term life insurance.
- More expensive than 10, 15, 20 and 25 term life insurance policies. If you were to outlive your policy and want to buy a new policy, your rates are going to be much more expensive compared to the rate you received 30 years ago.
- Life insurance conversion confusion. Make sure you understand the timeline and rules for conversion with the company you buy a policy from. Conversion rules are not the same with every company. Some companies may limit the products that they offer at the times of conversion. Understand your options now and plan accordingly.
Why buy 30-year term life?
A 30 Years Term life insurance policy makes sense for several situations:
- You have recently gotten married.
- You are having a baby or recently had a baby.
- You have a young family.
- You recently purchased a home with a mortgage.
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. It’s a no brainer.
However, 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 probably 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 60 different life insurance providers (including Transamerica), so we do have different options you can look at.
Life Insurance Blog
You’re going to want to compare life insurance quotes at the beginning when shopping for the best 30 year term life insurance rate.
Since we have access to dozens of top life insurance companies, we aren’t tied down to any particular carrier and can give you unbiased suggestions. We can show you strategies like using “save age” or “life insurance laddering” to save you even more money.
We shop your case and find the ones that will offer you the best rates for 30 year term life insurance. At Life Insurance Blog, we shop impartially in order to find you the lowest rates.
Make sure you always work with an independent life insurance agent who is an expert in researching your options. Every life insurance company will look at you differently depending on your health, lifestyle and other underwriting criteria.
Once we provide you all your options, your personal Life Insurance Blog agent will be with you at every step of the life insurance process. From quotes, to application, to policy approval – we’re here for you.
Thank you for reading our post, 30 Year Term Life Insurance Rates. 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.