20 Year Term Life Insurance

Is a 20 year term life insurance policy the right choice for you? Over the years, we have found that 20 year term life insurance is a popular choice for clients looking to obtain the largest amount of insurance for a reasonable cost.

A 20 year term life insurance policy can be perfect term insurance policy for people needing to protect a long term mortgage, and for those needing to protect their income to surviving family members or business partner(s).

Many life insurance carriers specialize in offering different types of life insurance policies. So, it can be difficult to know which life insurance company can offer you best twenty year term plan for your unique planning needs.

We hope to provide you with education information to help you determine if a 20 term life insurance policy is the best type of life insurance policy for your family.

In our 20 year term life insurance review, we will answer the following common questions:

  1. What is a 20 year term life insurance policy?
  2. Who should consider 20 year life insurance?
  3. How to compare 20 year term life insurance rates?
  4. How to apply or qualify for coverage?
  5. Who are the top 20 year term life insurance companies?

What is 20 Year Term Life Insurance?

A term life insurance policy offers guaranteed death benefits and level premiums for  between 10 and 30 years. Although more expensive then shorter duration term plans, a 20 year term life insurance policy offers a happy medium between shorter 10 year term plans and more expensive permanent coverage.

First, here is the 20 year term life insurance definition: A level 20 year term life insurance policy provides you with a guaranteed premium and death benefit should you pass away during the 20 years that your policy is in force.

If your policy is also a convertible term life insurance, you can extend coverage beyond the initial term period. This can be done by converting your term insurance policy into permanent coverage.

You can convert your coverage without answering any health questions or taking a new medical exam. So, if you have developed any health problems during the policy term your rate class will not change with your new permanent policy.

Why Buy 20 Year Term Life Insurance?

Reasons for considering a 20 year term life insurance policy include:

    • Family Income Protection – If you have a spouse and children that depend on your income, then a 20 year term policy will secure their financial future in the event that something happens to you.
    • Mortgage Life Insurance – If you are trying to find inexpensive mortgage life insurance insurance rates, a 20 year term life insurance can be perfect policy for people needing to protect a long term mortgage.
    • Buy-Sell Life Insurance –  If you are funding a Buy-Sell Agreement a term life insurance policy can help a business partner in the event of your death. A  term life policy can provide the remaining business partners with the funds necessary to buy back the deceased’s stock from his or her heirs
    • Key Employee Insurance – In the event of a key employee’s death, a  Key Person Policy can help offset the costs associated with that employee’s loss and replacement.

20 Year Life Insurance Rates

20 Year Life Insurance Rate Comparisons

How much does 20 year life insurance cost?

You can use our life insurance rate calculator, to compare twenty year life insurance quotes based on your current age, plan, and amount of insurance required.

To compare term life insurance rates, press “Get Quote” below:

20 year term life insurance quotesIf you’re looking for some quick sample comparisons, please take a quick look at the 20 year term life insurance rate chart below.

Take notice of how much more expensive your coverage gets as you get older in age.

For example. take a look at a $1,000,000 20 year term policy at age 45 that costs only $1,106 per year, compared to $4,730 for a 20 year term for a 60 year old male. Wow!

20 Year Term Life Insurance Rate Chart

20 Year
$250,000 $500,000 $1,000,000
 45 335 591 1,106
 50 490 900 1,697
 55 760 1441 2,744
 60 1,308 2,454 4,730
 65 2,373 4,649 8,925

* The annual cost samples on the 20 year term life insurance rate chart are for non-smoking males with a preferred plus rate class.

How do I Apply for Coverage?

Most life insurance policies are medically underwritten. Although more expensive in cost, getting term life insurance no medical exam required is still possible. So, it is important check into whether you can qualify for coverage before deciding which application process to pursue.

Please do not worry if you are trying to get life insurance with medical condition! Just because you having a medical condition does not mean that you will be turned down or need to pay astronomical rates.

In order to get an accurate life insurance comparison, you will eventually need to apply for coverage. Here is a summary of the typical application process for life insurance:

  • First, your general medical history is initially evaluated by our agents to determine which carrier may be best suited for your particular medical history.
  • Next, your life insurance needs are discussed to find an appropriate insurance plan for your needs and budget.
  • Then, we will determine if it is best to apply for life insurance no exam required (more expensive) “or” if it better for you to do a quick insurance examination.
  • Finally, your application, medical information, and exam (if required) are usually submitted to several highly rated companies.

This process allows us to provide you with very accurate rates based on how your medical history fits with each company’s underwriting guidelines.

Want to compare different Term Life Insurance Quotes?

Are you not sure if you need either a 10, 20, or even a 30 year insurance policy?

Affordable Life USA  makes finding the insurance companies that have the best rates for people easy. You can use our life insurance calculator to easily compare 10 year vs 20 year term life insurance and much more!

To compare different term life insurance plans press “Get Quote” below:

20 year term life insurance quotes

Top Life Insurance Companies

We have streamlined the process of shopping for life insurance and monitor a network of many life insurance companies.

We also monitor the financial strength and claims paying ability of life insurance companies by using a number of different rating agencies such as A.M Best, S&P, Fitch, and Moody’s.

Here are the highly rated life life insurance companies which offer the best combination of underwriting fairness and affordable rates.

AIG 10 Year Term Life Insurance Select-A-TermAIG (American General) Plan Summary:

  • 20 year policy name: Select-A-Term 20
  • Type of policy: Term Life Insurance
  • Issue age: 20-70
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Accidental Death Benefit, Child Rider, Terminal Illness Rider, Waiver of Premium Rider, Select Income Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A)

 

Banner 10 Year Term Life Insurance Quote Opterm 10

Banner Life 20 Year term Summary:

  • 20 year policy name: OPTerm 20
  • Type of policy: Term Life Insurance
  • Issue age: 20-70
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Waiver of Premium Rider, Term Rider, Children’s Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

 

Protective 10 Year Term Life Insurance Quote Custom Choice 10Protective Life 20 Year term Summary:

  • 20 year policy name: Custom Choice UL 20 Year Term
  • Type of policy: Hybrid Term/UL Life Insurance
  • Issue age: 18-65
  • Minimum coverage amount: $100,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Accidental Death Benefit Rider, Children’s Term Life Insurance Rider, Disability Benefit Rider, Extend Care Rider, Income Provider Option, Accelerated Death Benefit
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)Transamerica 10 Year Term Life Insurance Quote Trendsetter

Transamerica Life 20 Year term Summary:

  • 20 year policy name: Trend Setter Super 20 Year Term
  • Type of policy: Term Life Insurance
  • Issue age: 18-70
  • Minimum coverage amount: $25,000
  • Maximum coverage amount: $10,000,000+
  • Policy riders: Waiver of Premium, Children’s Insurance Rider, Accident Indemnity, Income Protection Rider
  • Guaranteed conversion option: Yes
  • Financial Stability Rating: A.M. Best (A+)

Honorable Mention Term Life Companies

The premiums for your life insurance are based on many personal factors like height, weight, medical background, and family history.

Affordable Life USA expedites the underwriting process by shopping your policy with other companies to find the lowest prices for you after the underwriting process takes place.

If you need help determining the best option for your family, please do not hesitate to call us at 1-877-249-1358.

Honorable Mention Life insurance Companies:

Amiritas Life Insurance
John Hancock
Lincoln National
Mass Mutual
Met Life
North American Life
Pacific Life 
Penn Mutual
Principal Life
Prudential
Sagicor Life
SBLI
United of Omaha

Introducing Eric Van Haaften:

Eric Van Haaften

Affordable Life USA is a nationally licensed and independently operated life insurance agency. The agency was started by Eric Van Haaften, over 25 years ago, from our home office located in Grand Rapids, Michigan. Please feel free to email him at: eric@affordablelifeusa.com, or call us at 1-877-249-1358.