20 Year Term Life Insurance: Cost & Quotes From $5/mo



Not all of us give enough thought to life insurance. We don’t really like to think about death, even though it’s pretty much the only inevitable thing in life. Since we know it’s going to happen at some point, and we can never really know when, it makes sense to prepare for it. 

Life insurance is one of the best ways to prepare for when the time eventually comes, especially if you have dependents such as a partner, children, or even parents and siblings who you care for. 

If you are thinking about taking out life insurance, there are different types to consider. Term life insurance is one of the options you have, giving you the choice to take out insurance for varying periods, particularly 5 years up to 30 years

20 year term life insurance is one of the most popular options, providing coverage for 20 years. After this time, you can let your policy lapse or choose to renew it. You can also decide to replace it with a longer coverage in the form of 25 year term life insurance

There are many providers that can offer you a 20 year term life insurance policy, but getting the right terms, benefits, and cost is important. This guide will help you to make the best decision so that you can find the best provider and policy.

What Are the Benefits of Life Insurance? 

It’s easy to overlook the importance of life insurance and not really think about it. Some people might be offered life insurance as a benefit through their employer or could be required to take it out when applying for credit. However, many of us don’t think about it until it’s too late. 

Life insurance has a range of excellent benefits that we should all pay attention to. If you choose to purchase a life insurance policy you get the following: 

  • Knowing that your family will have financial protection after you die 

  • Help to make a difficult time easier for your loved ones 

  • Pay off unpaid debts that might remain after you pass away 

  • Get tax benefits from life insurance 

  • Could be used to save money for the future 


Taking out life insurance gives you peace of mind that your family won’t experience a financial burden when you die. You can reduce the impact that the loss of your income may have on them and help them to pay for expenses such as funeral costs and unpaid debts.

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Term Life Insurance vs. Whole Life Insurance 

The two main types of life insurance are term life insurance and whole life insurance. These work in different ways and have different advantages. 

Term life insurance is designed to last for a specific amount of time and then expire (or it can be renewed). This could be a ten or twenty year term life insurance and usually goes up to thirty years. The advantage of this type of insurance is that it’s usually a lot cheaper compared to whole-life insurance and will still pay out a death benefit if you die during this time. 

Whole life insurance offers another option, protecting you for the rest of your life without expiring. This can give you peace of mind, but it’s also the more expensive option. However, the greater expense can be worth it for many, especially as this type of insurance typically offers other benefits such as a savings element. The value of your policy grows over time with this type of life insurance. 


What Types of 20 Year Term Life Insurance Are There? 

Term life insurance also offers different types for you to consider. If you’re looking at a 20 year life insurance plan, the main types you will see are decreasing and level insurance. 

A 20 year decreasing term insurance policy is designed so that the coverage it provides falls over the length of the term. The premium is fixed for the whole term, however. This type of insurance is often required by creditors to cover a debt. As the debt gets smaller as you pay it off, it makes sense for the life insurance policy covering it to get smaller too. 

In contrast, a 20 year level term life insurance policy will remain the same over the whole term. It will keep providing the same amount of protection and the premiums will stay the same until it expires or you choose to renew it. If you renew it, you could end up paying more each month. 

You can also look for 20 year convertible term life insurance. This allows term life insurance to be converted to whole life insurance during the term of the policy. 

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20 Year Term Life Insurance Cost 

The average 20 year term life insurance cost is $40 per month or $480 per year for a $1 million worth of coverage. Costs can vary when you’re looking for the right 20 year term life insurance policy. 

There are several factors that make a difference in how much it will cost you, including your age and gender.  Get a further idea of the cost by taking a look at this table showing the rates of the best companies:

Cost per Month Cost per Year Best for
Haven $12.17 $146.04 20 year term life insurance with a digital will
USAA $12.90 $154.80 20 year term life insurance for military personnel
Ladder $17.40 $208.80 Flexible policies that you can change when you need to
Fabric $17.43 $209.16 Fast online application for 20 year term life insurance
Ethos $18 $216 Comprehensive no medical exam 20 year term life insurance
State Farm $19.82 $237.84 Offering a wide range of options from a reliable provider
AARP $32.50 $390 20 year term life insurance for seniors


Here’s an idea of the average cost of 20 year term life insurance for different ages and levels of coverage:

Age & Gender  Coverage Amount  Cost of 20 Year Term Life Insurance 
30 year old male  $250,000  $12 
30 year old male  $500,000  $19 
30 year old male  $1,000,000  $31 
30 year old female  $250,000  $11 
30 year old female  $500,000  $16 
30 year old female  $1,000,000  $25 
40 year old male  $250,000  $17 
40 year old male  $500,000  $29 
40 year old male  $1,000,000  $49 
40 year old female  $250,000  $15 
40 year old female  $500,000  $24 
40 year old female  $1,000,000  $42 
50 year old male  $250,000  $39 
50 year old male  $500,000  $70 
50 year old male  $1,000,000  $133 
50 year old female  $250,000  $29 
50 year old female  $500,000  $54 
50 year old female  $1,000,000  $99 

 

As you can see, 20 year term life insurance rates are affected by how old you are. They get more expensive as you age and health complications become more likely. Additionally, men typically pay more than women due to a few different factors. The level of coverage you choose matters too. 1 million 20 year term life insurance will naturally cost more than 20 year term life insurance at 500k or at 250k. 

These aren’t the only things that will affect how much you pay. Other factors that make a difference include your medical history, your occupation, and even your hobbies and lifestyle. 

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Best 20 Year Term Life Insurance 

You have different providers to choose from if you’re looking for 20 year term life insurance quotes. Many well-established insurance providers offer this type of insurance, and there are some newer players in the game for you to consider too. Here are some of the best 20 year term life insurance companies. Proceed below to know their pros, cons, and rate for a $1 million 20 year term life coverage. 


Fabric 20 Year Term Life Insurance

Pros

  • 130+ years of underwriting life insurance

  • 100% digital term life insurance experience

  • 30 day money-back guarantee

  • No price changes

Cons

  • Coverage can’t be increase once you purchase the policy

Fabric by Gerber Life is a good option if you’re looking for a 20 year term life insurance coverage that offers numerous benefits for rearing a family. Your policy from this company provides $100,000 up to $5 million worth of coverage, which can also be used for college saving funds and other related purposes. 

You can get a quote and purchase it online. And while purchasing the policy, Fabric gives you the liberty of how much coverage to have. When you’re insured, Fabric creates an online account that can be accessed through its website or app. Use this to view your policy and manage finances. 

Best for: Fast online application for 20 year term life insurance

Average cost: $17.43 per month

Our rating: 10/10


AARP 20 Year Term Life Insurance

Pros

  • Ensures that older individuals enjoy comprehensive life insurance coverage

  • Highly involved

  • Quote online or call

Cons

  • 5 year term life insurance is only available if you become a member

AARP is a good option if you’re a senior looking for 20-year term life insurance. You need to become a member before the coverage becomes available. While a bit exclusive, this is okay because AARP’s 20 year term life insurance comes along with a wide range of benefits. The 20 year term life insurance policy you get from AARP is underwritten by New York life. And so, you might be referred to the appropriate representative for a quote. 

Best for: 20 year term life insurance for seniors

Average cost: $32.50 per month

Our rating: 10/10


Ethos 20 Year Term Life Insurance

Pros

  • Automatic underwriting

  • Get an estimate of your rates online

  • Works with multiple insurance companies to grant you coverage

  • No medical exam

Cons

  • Doesn’t allow you to convert your 20 year term life insurance into a permanent life insurance policy 

The 20 year term life insurance from Ethos is underwritten by numerous insurance carriers. That said, you might want to try this company if you’re looking for variety. Ethos works with Legal & General America, Ameritas Life Insurance Corp., and TruStage® to give you a 20 year term life insurance 250k dollars, 100k dollars, or 2 million dollars. 

Note that Ethos allows you to purchase a policy with no medical exam. Moreover, you can get a quote and purchase it online. Prior to getting insured, Ethos allows you to customize your quote by adjusting coverage limits. You may also get in touch with an agent if it’s your first time purchasing a term life insurance policy. 

Best for: Comprehensive no medical exam 20 year term life insurance

Average cost: $18 per month

Our rating: 10/10


Ladder 20 Year Term Life Insurance 

Pros

  • Competitive rates with no cancellation fees 

  • Strong financial ratings 

  • Secure, user-friendly online system 

  • No medical exam policies available 

Cons

  • Restricted to ages 20-60 

  • Online only 

  • No riders or supplementary coverage 

Ladder has a range of affordable options for term life insurance. If you’re looking for 20 year guaranteed term life insurance, you can get coverage from $100k up to $8  million. Up to $3 million, there’s no need for a medical exam to take out a policy, so you can take out plenty of protection for your family. 

One of the best things about Ladder is their flexible coverage that allows you to adjust your policy as your needs change. However, there is less flexibility in their supplementary coverage and riders, as there are none. This insurance is also restricted to people from 20 to 60 years old. 

Best for: Flexible policies that you can change when you need to 

Average cost: $17.40 per month

Our rating: 10/10

USAA 20 Year Term Life Insurance

Pros

  • Specializes in working with military personnel

  • Upgrade to permanent life insurance policy with no medical exam

  • Child coverage included

Cons

  • Highly exclusive

Go for USAA if you want to enjoy a 20 year term life insurance that’s specially underwritten for military personnel. USAA grants comprehensive coverage. It offers 20 year term life insurance 500k dollars, 100k dollars, or 10 million dollars max. 

Aside from high amounts of coverage, USAA designed its 20 year life insurance policy to offer child coverage, life events rider, war coverage, and retirement/war dismissal coverage. Another notable thing to mention is that your 20 year level term life insurance can be upgraded to a permanent life insurance upon request. 

Best for: 20 year term life insurance for military personnel

Average cost: $12.90 per month

Our rating: 9/10 


Haven 20 Year Term Life Insurance

Pros

  • Backed by a long-standing insurance company 

  • Easy to apply online 

  • Other financial services available 

Cons

  • No convertible term life insurance option 

  • Low coverage for no-exam policies 

Haven works with MassMutual and C.M. Life Insurance to grant you a 20 year term life insurance policy. You’re eligible if you’re not more than 63 years old. Haven is also known to grant coverage without any medical exams. However, the company doesn’t state that this isn’t absolutely needed. And so, you might need to take tests depending on the situation. Your 20 year term life insurance from this company provides up to $3 million coverage and can be upgraded with a floater that provides digital wills, workout support, and other perks. 

Best for: 20 year term life insurance with a digital will

Average cost: $12.17 per month

Our rating: 9/10


State Farm 20 Year Term Life Insurance 

Pros 

  • Term life insurance is convertible 

  • Plans available with no medical exam required 

  • Return of premium option available 

Cons 

  • Online quotes not available for all products 

  • Age and benefit restrictions for plans with no medical exam 

State Farm is one of the most recognizable insurance providers in the country. They offer a wide range of life insurance policies, including plenty of 20 year term policies. As the largest insurance provider in the United States, they offer many choices to help you find your life insurance policy, with lots of flexibility built in. You can find benefits such as convertible term life insurance and return of premium options, as well as policies that don’t require medical exams. 

There are a couple of downsides, such as capped final expense policies and a lack of online quote options for some products. 

Best for: Offering a wide range of options from a reliable provider 

Average cost: $19.82 per month

Our rating: 8/10


Get Quotes for 20 Year Term Life Insurance 

Average 20 year term life insurance rates can give you an idea of how much you might pay for your life insurance. However, if you really want to know what you will pay, you should get 20 year level term life insurance quotes or decreasing term insurance quotes that are tailored to you. Get quotes today to see what deals are available. Click the “Get Quotes” button on this page to start.  

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