There are soo many options when it comes to buying an individual life insurance policy.
And here's the thing:
Determining how long your life insurance term should be can get complicated as your family grows. Today I will go over why you may need a 20 year term life insurance policy with no medical exam, why it’s one of the most affordable life insurance options and how to purchase coverage fast.
What Is 20 Year Term Life Insurance No Medical Exam?
If you are looking for the most affordable life insurance option available, then you should probably be looking at the 20-year term option. The 20 year term policy is right in the middle and generally is going to give you the best of both worlds in regards to an affordable premium and protection. This policy is best for people who need coverage for an extended period of time.
How Much Is A 20 Year Term Life Insurance Policy?
The average cost of a 20 year term life insurance policy is about $336.00 per year for a non-smoking male or female in good health, for a $500,000 Policy. Keep in mind that the rates can change based on your specific situation.
How Much Is A 20 Year Term Life Insurance Policy Per Month?
The average cost of a 20 year term life insurance policy per month is around $28.00 . Tobacco use will cause rates to rise for each of these coverage amounts.
Can I Get A 20 Year Term Life Insurance Quote Online?
Yes; you can use our quote tool below.
What Determines The Cost Of Life Insurance?
Your Health
Before anything, they will look at your overall health; this area is going to be different for everyone. Your height and weight are also considered in an application for life insurance. Therefore, you might be very healthy and take no medications, but if you have a below average or above average weight, it can affect your monthly costs.
Gender
Your gender is going to be a strong determining factor used in determining your rates for your 20 year term policy with no exam. Overall, women will always receive better insurance rates than men because they tend to live longer than men on average.
Your Lifestyle
Do you skydive? Drive race cars? Go Scuba Diving? Skiing? Anything like that or travel to exotic places. Anything like that can affect your monthly premiums and make your rates totally different.
Age
Age is another factor that an insurance company is going to use when it comes to a 20 year term policy. Determining your age is essential in figuring out how long you might live and what risk you may bring to the company. We have a great post that lists all the term life insurance rates by age.
Tobacco Usage
The next thing that makes a huge difference in your term life rates is going to be if you are a smoker. If you smoke, you can expect to see your cost become almost double the price of someone who doesn’t smoke. This is honestly the best reason to stop smoking; there are even some companies that will consider you a non-tobacco user after just 12 months of not smoking. Let’s check out some rates below.
THE SIMPLY INSURANCE WAY
Life Insurance made easy!
Agents Available To Assist
Get quotes and sign up online or get help from a licensed agent, we are here if you need us.
Unbiased, expert advice.
Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.
Coverage in minutes.
You can get life insurance coverage within minutes of getting your quotes and applying.
20 Year Term Life Insurance No Exam Rates
As we discussed earlier, a no exam term life insurance policy for a term of 20 years is going to be the most affordable option of almost any term life policy.
Life Insurance No Medical Exam Rates For Men | ||
|---|---|---|
Age | $250,000 | $500,000 |
20 Years Old | $15.00 | $25.00 |
25 Years Old | $15.00 | $25.00 |
30 Years Old | $16.00 | $26.00 |
35 Years Old | $18.00 | $33.00 |
40 Years Old | $24.00 | $43.00 |
44 Years Old | $32.00 | $60.00 |
*Rates are based on a 20 year non-tobacco male with preferred health
Life Insurance No Medical Exam Rates For Women | ||
|---|---|---|
Age | $250,000 | $500,000 |
20 Years Old | $11.00 | $18.00 |
25 Years Old | $11.00 | $18.00 |
30 Years Old | $13.00 | $20.00 |
35 Years Old | $15.00 | $24.00 |
40 Years Old | $20.00 | $34.00 |
44 Years Old | $26.00 | $47.00 |
*Rates are based on a 20 year non-tobacco female with preferred health
Advantages of 20 Year Level Term Life Insurance
There are several advantages of this policy which we discuss below:
Still Affordable Rates
20 year terms are still going to be affordable, actually, much more affordable than a 30 year term policy. I have found a 20 year term to actually have the best rates along with a very long term length. Don't shy away at looking a 20 year term rates because they are probably more affordable than you think.
Your Rates Will Be Locked In
Another great benefit is that your rates will be locked in for 20 years. As long as you pay your premiums, your rates will not change during your term, and your policy can't lapse. Even if you are diagnosed with a new condition during your term, it will not affect the rates.
Policy Can Be Renewed
You can also renew your term policy after 20 years if you are unable to get approved through traditional underwriting methods.
You Can Convert Your Policy
Near the end of the term you will have the option to convert the policy into a whole life policy if you decide to. This can usually be completed without you having to go back through underwriting. However, keep in mind that the coverage amount will decrease significantly.
Your Kids Will Be Grown When It Ends
If you have kids, they are going to be at the least 20 years old when the policy ends and won't require the same amount of support that they would have when they were younger. This is important to remember because you probably won't need as much coverage and your house and car notes will probably be paid off or close to being paid off by then as well. Your kids will be able to have their own coverage at that point.
LIFE INSURANCE WHERE YOU LIVE
Term Life insurance by state.
With a Life Insurance policy you can take care of your family the right way.
Should anything happen to you, you'll want to leave your loved ones a financial nest egg for their wellbeing.