September, 23 2017

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20-Year Level Term Life Insurance Review

20-Year Level Term Life Insurance Review

20-Year Level Term Life Insurance Review

If you’re in the market for term life insurance, one of the decisions you will have to make is which term length to choose.  Term lengths, (for most companies) range from; 10, 15, 20 and 30 years in duration.  Some insurers offer a 25 year term as well.  The most popular life insurance term length is a 20 year level term.

What is level term life insurance?

Level term life insurance simply means that the premiums and the coverage amount are fixed for the term period.  So for a 20 year level term, the premium and coverage amount won’t change regardless of age or health for the next twenty years.  This is why it’s advantageous to purchase life insurance when one is younger and healthy.  Then the rate is locked in regardless of any new health aliments or increases in age.

Is a 20-year level term life insurance policy the best?

The 20-year level term is the most common term length people choose today.  This is likely due to the fact that the premiums are reasonable and a 20 year term will insure parents and protect their children until they’re legal adults.  Is it the best? The truth is the best term length will depend on the insured and their situation.  For some people who only need life insurance protection for a short period of time then the 10 year term will likely be the best option.  For younger families in their 20’s, 30’s and 40’s, a 30-year level term may be the safest choice.  Every family and their need for insurance is unique, therefore it will go on a case-by-case bases

How much does 20-year level term life insurance cost?

Let’s take a look at some sample premiums for a 20-year level term policy for male and female in excellent health (preferred plus rate class).

Age 30

$100,000-20-year level term= Male-$9.26-Female-$8.48

$250,000-20-year level term= Male-$13.56-Female-$12.25

$500,000-20-year level term= Male-$21.35-Female-$18.73

$750,000-20-year level term= Male-$28.55-Female-$23.75

$1,000,000-20-year level term= Male-$36.54-Female-$30.45

Age 40

$100,000-20-year level term= Male-$11.25-Female-$9.95

$250,000-20-year level term= Male-$18.29-Female-$16.00

$500,000-20-year level term= Male-$30.54-Female-$26.60

$750,000-20-year level term= Male-$43.01-Female-$37.10

$1,000,000-20-year level term= Male-$55.48-Female-$46.44

Age 50

$100,000-20-year level term= Male-$22.92-Female-$17.82

$250,000-20-year level term= Male-$43.53-Female-$32.38

$500,000-20-year level term= Male-$81.38-Female-$58.98

$750,000-20-year level term= Male-$119.22-Female-$86.11

$1,000,000-20-year level term= Male-$152.25-Female-$112.14

Age 60

$100,000-20-year level term= Male-$54.71-Female-$37.97

$250,000-20-year level term= Male-$112.66-Female-$77.44

Age 70

$100,000-20-year level term= Male-$176.56-Female-$99.18

$250,000-20-year level term= Male-$413.66-Female-$237.59

 

20-Year Level Term conclusion

As you can see in our 20-year level term life insurance review, the premiums for nearly every coverage amount are very affordable.   Is a 20 year level term the best choice for you?  The best way to determine the ideal term length is to do a needs analysis and then compare the rates from the different terms and choose the best one for your loved ones and your budget.

Summary
Review Date
Reviewed Item
20 Year Level Term Life Insurance
Author Rating
5