Trying to decide if you need a 20 or 30 year term life insurance policy can be a bit confusing.
But here’s the thing:
Once you understand how term lengths work you will be able to make an educated buying decision.
Today you will learn everything you need to know about term life insurance lengths, how a 30 year term life insurance policy works, and review some sample rates.
What Does Term Life Insurance Length Mean?
A policy’s “term length” in life insurance means how long the policy will last until it has to be either cancelled or renewed. For example, a 20-year term policy will cover you for 20 years as long as the premiums are paid. If you pass away during that time, the death benefit will pay out to your beneficiaries; however if you pass away after the term has ended, nothing will pay out.
What Is The Longest Term Life Insurance Policy?
The longest term life insurance policy is a 30 year term. A 30 year term life policy is going to lock your rates in for the life of the policy giving you maximum savings. Since most companies won’t offer you a 30 year term if you are over the age of 50, it’s best to get covered when you are younger. 30 year term policies will also cost more on a monthly basis compared to shorter terms.
How Does Term Length Affect Your Life Insurance Premiums?
The longer the term length on your life insurance policy the higher the monthly premiums will become. This is because when you choose a longer term you increase the possibility of the insurance company having to pay out on your policy. However, you also will have your rates locked in for the longest period and receive maximum savings over the life of the policy.
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Who Should Buy A 30 Year Term Life Insurance Policy?
- Young Adults In Their 20s and 30s – A 30 year term is the best life insurance for young adults because it gives you the longest amount of coverage for the lowest premiums at a set rate. .You need to make sure you have enough protection during that time to cover your family from an unexpected loss.
- Newlyweds – If you are getting married it’s crucial that both of you have life insurance. It’s easy to think that only the breadwinner will need coverage; however, that just isn’t the case. The amount of work and value of a stay at home spouse is immeasurable and their loss will be felt just as much as it would if a breadwinner was to pass away. And since you are both young, a 30yr term is the best option.
- Expecting Parents – There is no better time than right now to purchase a 30 year life insurance policy if you are about to have a baby. By the time your 30 year term ends your child will be in their late 20s and early 30s so you won’t need as much coverage down the line. However, if you pass away before then you could ensure they will be able to pay for college and even pay off a home.
- People With A 30 Year Mortgage – If you have a 30 year mortgage then it’s a no-brainer to get a 30 year term life policy if you qualify. Getting a term life policy for your mortgage is also a much better idea than going for mortgage life insurance because those policies pay out to the mortgage company directly and not your family.
How Much Does A 30 Year Term Life Insurance Policy Cost?
A 30 year $250,000 term life insurance policy will cost $26.00 per month for a 35 year old female in excellent health and that doesn’t smoke. A male of equal age and health would pay $39.13 per month for the same coverage. We cover additional 30 year term life rates below:
30 Year Term Life Insurance Rates By Age & Gender
|
Age |
Gender |
$250,000 |
$500,000 |
$1,000,000 |
|---|---|---|---|---|
|
25 |
Female |
$14.96 |
$21.83 |
$37.67 |
| Cell |
Male |
$25.17 |
$33.92 |
$61.83 |
|
30 |
Female |
$20.58 |
$28.08 |
$50.17 |
| Cell |
Male |
$32.25 |
$43.50 |
$81.00 |
|
35 |
Female |
$26.00 |
$36.00 |
$66.00 |
| Cell |
Male |
$39.13 |
$52.67 |
$99.33 |
|
40 |
Female |
$31.63 |
$43.92 |
$81.83 |
| Cell |
Male |
$44.75 |
$60.17 |
$114.33 |
Rates are based on a 35 year old male and female non-tobacco user in excellent health
30 year term policies aren’t as affordable as other term lengths; however, as you can see, the rates are still very affordable.
Should I Buy A 20 Or 30 Year Term Life Insurance Policy?
A 20 year term policy is going to be more affordable than a 30 year term; however, the 30 year term will lock your rates in for a much longer time which ends up giving you the most savings. If you have a 15 year mortgage and a small family, then you might only need a 20 year term. If you have a 30 year mortgage and a larger family you should look at the 30 year term life option.
It’s all going to come down to your specific situation, just remember, the longer the term, the higher the premiums, the shorter the term the smaller the savings.
Can You Get A 30 Year Term Life Policy With No Exam?
Yes, you can get a term life insurance policy without taking a physical or medical exam. The best life insurance companies have a 100% online application process and use that along with real-time underwriting to be able to avoid any exams and get you covered in minutes or days vs weeks and months. .
As with any no-exam policy, the premiums might be slightly higher than a traditional term policy. However, avoiding the exam is usually much easier for people and makes it much easier to commit to getting life insurance.
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What Company Has The Best 30 Year Term Life Insurance Policy?
Bestow and Haven Life have the best 30 year term life insurance policies because they offer an online application process and instant decisions. You can go from quote to covered in a matter of minutes instead of weeks and months. Below is a quick summary of each product.
Available For Ages:
18 to 60 Years Old
Coverage Amounts:
$50,000 to $1,500,000
30 Year $250,000 Quote:$40.58/month
Check out our Bestow life review
Available For Ages:
18 to 65 Years Old
Coverage Amounts:
$50,000 to $3,000,000
30 Year $250,000 Quote:
$31.91/month
Check out our Haven life review
Our pick for the best 30 year term company at the moment goes to Haven Life, they have some of the most affordable rates for a term life policy of 30 years.
They have a real time underwriting process that allows you to get covered fast and lock your rates in within a few minutes.
However, if you want the fastest option, I would recommend Bestow, there is no other company that can approve you faster.
THE SIMPLY INSURANCE WAY
Life Insurance made easy.
Agents not required.
Get quotes and sign up online without talking to an agent. But, 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.
Pros & Cons Of A 30 Year Level Term Life Insurance Policy
It might seem like I am hyping up this 30 year term thing; however, let me give you some of the advantages of getting this type of policy:
Pros
- Rates Are Locked In For 30 Years – The best thing about this policy is that it gives you the most savings out of any other term length. This means if your rates are $20.15 per month when you start the policy, for a whole 30 years that price won’t increase, no matter your health condition. You also don’t have to worry about losing coverage if you become sick. If you have a heart attack or are diagnosed with Alzheimer’s, you are still covered.
- Your Kids Will Be Grown When It Ends – If you outlive your 30 year term, it means your kids are now at the least 30 years old and are all responsible for their own life insurance.It would also mean that you no longer need to worry about having as much life insurance.This is because your kids have either finished college or are in their final years of school.
- You Can Convert Your Policy – Not all companies allow you to convert your term life insurance policy. However, most of them will allow you to convert your policy to a whole life insurance policy or a guaranteed universal life insurance policy. This is a neat benefit because it allows you to continue having coverage without the need to qualify medically.Usually, these periods run toward the last 5 years of your policy so be sure to reach out to your insurance company or agent for the specifics.
- You Still Get A Great Rate – Having a guaranteed level 30 year term policy is excellent, but locking it in with a low premium is even better. It is going to be more affordable than both a whole life policy and a guaranteed universal life insurance policy.
Cons
While I wouldn’t flat out say that there are any real cons to this type of coverage, there are some things that make a 30 year term policy not right for you:
- It’s The Most Expensive Of The Different Term Lengths – A 30 year term is going to cost more per month than a 10 , 15, 20, or 25 year term policy. While you might have your rate locked in for 30 years it will still cost a bit more
- A Return Of Premium Policy Could Work Better – You might better off looking in to a shorter term length and going with a return of premium life insurance policy. These policies allow you to receive all of the premiums you pay into the policy when your term is up, think of it as a savings account and a life insurance policy.
- Your Term Will End… Eventually – Like any term policy, when it ends, that is just that, it’s over and you either need to renew the policy on an annual basis or cancel the policy and not have coverage. You also have the option of converting the policy when you get closer to the end of the term, but something must be done when the term ends.
How To Get 30 Year Term Life Insurance Quotes?
The easiest and fastest way to get some 30 year term life insurance quotes is to use our quote tool on the right of your screen or click here.
If you are ready to move forward with coverage you can click on any of the above links to get the process started.
We don’t need any contact information to run you a quote, this way you can decide if you want to apply for coverage or not.
Frequently Asked Questions
What happens after 30 year term life insurance?
If you outlive your 30 year term life policy, you will no longer have coverage. However, you do have the option to convert it into a whole life policy, get a new term policy, or ladder your life insurance over 10 years.
What is a 30 year term life insurance policy?
A 30 year term life policy is the longest term length available for a life insurance policy.30 year term policies will also cost more every month compared to shorter terms. Since most companies won’t offer you a 30 year term life insurance policy if you are over 50, it’s best to get covered when you are younger.
How much does a 30 year term life insurance policy cost?
A 30 year $250,000 term life insurance policy will cost about $26.00 per month for a 35-year-old female in excellent health, and that doesn’t smoke. A man of the same age and health would pay around $39.13 per month for the same coverage.
Is it better to get 20 or 30 year term life insurance?
A 20 year term policy will be more affordable than a 30 year term; however, the 30 year term will lock your rates in for a much longer time which ends up giving you the most savings. If you have a 15 year mortgage and a small family, you might only need a 20 year term. If you have a 30 year mortgage and a larger family, you should look at the 30 year term life option.
Term Life Insurance term oPTIONS
- 10 Year Term Life Insurance
- 25 Year Term Life Insurance
- 15 Year Term Life Insurance
- 30 Year Term Life Insurance
