Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 3, 2020

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Very quickly, if you’re unfamiliar with term life insurance, it is what is known as temporary life insurance coverage. It comes available in fixed premium contract lengths of generally 10, 15, 20, 25 or 30 years.

A 20-year term life insurance policy is one contract option in which rates are locked in for exactly 20 years and cannot change.

In this article, we discuss the benefits of a 20-year option but know that term insurance is also available in additional contract lengths of typically 10, 15, 25 and 30 years.

Please enjoy the article and reach out to us with any questions.

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Why We Purchase Life Insurance

You may have a great job, own a home or have even started a family. You took care of car insurance, health insurance, and quite possibly even your mobile phone is insured against loss.

But what happens if something happens to you?

Whether all of these situations apply to you or even just one, it is highly likely that someone close to you depends on you. The big question is would this person, or persons, be affected financially as a result of your passing?

This is why we purchase life insurance. Life insurance provides our loved ones with the funds needed to help them continue living their lifestyle and protecting them from any potential financial devastation.

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20 Year Term Insurance for Young Adults

Life insurance is important regardless of the stage of adulthood you currently occupy. If you’re in your twenties or early thirties, you might think that life insurance is not needed. However, here are a few potential reasons a 20-year term life insurance policy might be worth considering.

These potential debts can all be covered with the use of a term life insurance policy. For parents who have children in college, this can also be a good reason to purchase a life insurance policy on your child especially if you are a co-signer of any loan.

A 20-year term life insurance policy with enough coverage to cover student loans as well as other small credit debts would last long enough for most loans to be paid off.

The life insurance policy can also be transferred to the child after they have graduated from school and have financially established themselves with a career. All of this can be done with a simple change of ownership request.

If you’re completely debt-free and have zero dependents, you might just want to plan ahead for the future. The key thing to remember about purchasing life insurance is that the younger and healthier you are, the cheaper the policy will be.

Just Married or Just Had a Baby?

The breadwinner is important, but this goes for a stay-at-home spouse too. An inexpensive term life insurance policy can pay for expenses like daycare, a housekeeper and more if a stay at home spouse dies.

While you are young and healthy, term life insurance ensures that no one will have to deal with the anguish of crushing debts. No one ever plans of having cancer or an accident, but a term life insurance policy means that anyone you leave behind can be cared for.

20 Year Term Option for Older Adults Too!

We have touched on how beneficial buying term life insurance can be while being young but it’s also just as beneficial for older adults too. Regardless of your age, term life insurance is the most affordable life insurance option, period.

A 20-year term life insurance policy can be a great choice for covering all potential debt that comes with life and growing old, but it can also be very useful in providing protection up until retirement.

There are even some 20-year term life insurance policies that have a feature such as living benefits that can pay out an income should you become sick. This is also referred to as life insurance you can use while living.

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Types of 20 Year Term Life Insurance

In general, all 20-year term life insurance plans are for a fixed term (in this case 20 years.) This means that the rate is guaranteed not to change for exactly 20 years as stated in the policy contract.

After the 20th policy year, in most cases, you will have the option to continue paying for the coverage, but at a much higher rate. Term life insurance plans have no value at the end of their term.

Generally, if coverage is still needed most people will look at purchasing a new term contract based on their new coverage needs or choose to convert their current coverage into a permanent insurance plan. This is what is known as a conversion option.

If the term insurance has a conversion option the insurance company will allow for you to exchange your term coverage into a permanent plan, such as universal life or whole life insurance, without any evidence insurability.

This can be very beneficial if the insured’s health has changed since originally purchasing the term coverage. Especially if a change in health would prevent them from getting a new policy.

Outside of traditional 20-year term life insurance, there are also two additional variations of 20-year term life insurance which include a return of premium as well as a no medical exam option.

20 Year Return of Premium: This coverage is the same as traditional term life insurance but when the coverage ends you will get 100% of all premiums returned back to you.

20 Year No Medical Exam: This coverage is also the same as traditional 20-year term life insurance but does not require a medical exam to apply.

What are the Pros & Cons of 20 Year Term Life Insurance?

20 Year Term Life Insurance: PROS

  • It’s affordable
  • Practical for both families as well as business owners
  • Rates are locked in for the next 20 years
  • Most policies offer a conversion option
  • Some companies offer a no medical exam option

20 Year Term Life Insurance: CONS

  • Rates are only locked in for 20 years
  • Will be more expensive when it’s time to renew
  • If your health has changed it can be difficult to re-qualify
  • Generally not available to seniors over the age of 70

Who are the Best 20 Year Term Life Insurance Companies?

With so many available life insurance companies to choose from, you probably want to know which ones are the best ones? This question in itself is a difficult one to answer as they can all offer you something different, in addition to death benefit protection.

For example, are you looking for the best company based on price? Or the best company with extra policy riders? Or what about the best company that doesn’t require a medical exam when applying?

There are just too many variations to determine who the best 20 year term life insurance company is. However, we did put together some companies that we recommend considering if you are looking for a 20 year term life insurance policy and why you should consider them as an option.

Best 20 Year Term Company Based on “Rates”

Banner Life Insurance OPTerm

If you’re looking for the best 20-year term life insurance based on rates, Banner’s OPTerm is worth a look. Run a term life insurance quote and most likely they will appear at the top.

Banner offers an accelerated underwriting process, which allows you to apply for up to $500,000 with no medical exam if you qualify. Qualification is based on your medical history as well as your answers to the medical questions on the application.

If you don’t qualify for their accelerated underwriting then don’t worry. A simple exam provided by Banner can still give you the opportunity to qualify for some excellent term life insurance rates.

Best 20 Year Term Company Based on “Policy Riders”

Transamerica Living Benefits

Have you heard of life insurance with living benefits? This type of life insurance coverage allows the insured to access their death benefit should they become ill with a qualifying illness.

Transamerica’s Trendsetter Living Benefits is one of the first term life insurance coverage options to offer this type of coverage and to this day remain one of the top choices.

Transamerica’s living benefits coverage has three built-in policy riders that can offer financial protection in the case of a qualifying critical, chronic or terminal illness. A portion of the policy’s death benefit can be paid in advance if requirements have been met.

Best 20 Year Term Company Based on “No Medical Exam”

SBLI Level Term

For those looking for an affordable 20-year term life insurance policy with the option to skip the medical exam completely, then SBLI’s Level Term life insurance is the way to go.

Their accelerated underwriting allows you to skip the entire lab process and apply by completing a short telephone interview. In many cases, approval can be done in as little as one week and a little longer if medical records needed.

Best 20 Year Term Company “Overall”

Protective Custom Choice UL

Life insurance is an important purchase. It’s so important that you want to make sure it’s being purchased from a great company with an excellent track record.

Top Quote Life Insurance offers dozens of life insurance companies with A.M. Best ratings of only (A) or higher. One company that we have no problem recommending is Protective. Protective has been around since 1907 and has an A.M. Best Rating of A+.

Their Custom Choice UL acts similarly to a traditional term life insurance policy in which premiums are locked in for 20 years. What makes the coverage unique from other term policies is that after the 20th year you can continue paying that price, but with a reducing death benefit.

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Sample 20 Year Term Life Insurance Rates

Below are a few examples of 20-year term life insurance rates. These sample rates shown are actual term life insurance rates for both male and female, with no medical issues, and within the height and weight guidelines.

Keep in mind that life insurance rates will vary depending on the individual applying. The best way to get accurate rates is by talking with one of our licensed agents.

From there we can shop your coverage and provide you with a more accurate rate. Final rates will always be determined based on the results of underwriting.

Also, be sure to use the quoter for additional rates on all our available term lengths and other coverage options.

20 Year Term Life Insurance Rate Chart (Males)

The following rates shown are for a male who would qualify for the Preferred Plus health class with Banner Life Insurance. Actual rates as of 07/31/2018.

Sample Monthly Rates for a Male on a 20-Year Term Life Insurance Policy
Age$100,000 Policy Sample Monthly Rates for Males$250,000 Policy Sample Monthly Rates for Males$500,000 Policy Sample Monthly Rates for Males$1,000,000 Policy Sample Monthly Rates for Males
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20 Year Term Life Insurance Rate Chart (Females)

The following rates shown are for a female who would qualify for the Preferred Plus health class with Banner Life Insurance. Actual rates as of 07/31/2018.

Sample Monthly Rates for a Female on a 20-Year Term Life Insurance Policy
Age$100,000 Policy Sample Monthly Rates for Females$250,000 Policy Sample Monthly Rates for Females$500,000 Policy Sample Monthly Rates for Females$1,000,000 Policy Sample Monthly Rates for Females
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Is 20 Years the Best Term Life Insurance Option?

You might be asking, why not a 10-year term or 30 years or even one of the other options? The 20-year term life insurance option is a very practical option for most but it may not be the best option for everyone.

We all have different coverage needs and that’s the great thing about life insurance. There are so many different coverage options that finding a policy to fit your insurance needs is not a difficult process.

The best way to determine whether or not a 20-year term life insurance policy is the right choice will be to talk with a licensed agent to help. An experienced life insurance agent can help you with that.

The right combination of stability and flexibility can be found in a 20-year term life insurance policy, but let’s talk to see if it’s the right choice for both you and your family.

Contact us today to learn more.

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