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?
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.
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. Click on your state to find out more.
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
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:
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