The Average Rate for a 20-Year Term Life Insurance Policy

When you think about your life insurance policy, you want to make sure you’re receiving the coverage you need at a price that’s right for your budget. Comparing rates is an easy way to ensure you’re getting the right policy for the right price. At SelectQuote, we make sure you don’t go through this process alone and can compare coverage and rates for you from some of the most trusted insurance companies in just minutes.

What are life insurance premiums based on?

The phrase “average 20-year term life insurance rate” can be a bit misleading, as life insurance premiums are as individual as your fingerprint. The price you pay is based on a variety of factors making up your “risk profile,” oftentimes including:

  • Gender
  • Age
  • General health
  • Unhealthy habits, such as smoking and drinking.

Your geographic location, family health history and even driving violations can also impact your life insurance premiums and some life insurance calculators might even ask about your hobbies to determine whether you participate in any high-risk sports or other activities.

Other factors that can impact the cost of your life insurance premiums include the type of policy, policy length and benefit amount you choose. A 10-year term life insurance policy will often cost less than a 20-year term life insurance policy for the same benefit amount, while a 30-year policy could cost more.

At SelectQuote, we can help you take all of the above into consideration while comparing quotes from multiple carriers, making sure the cost of your life insurance policy is the best available to you.

How much does a 20-year term life insurance policy cost?

As you start shopping around for a life insurance policy, don’t let high-dollar amounts of coverage scare you. Life insurance policies are probably more affordable than you think.

In general, people who are younger and healthier can often find a lower 20-year term life insurance rate. The price of life insurance increases each year as you age, so right now is the best time to buy life insurance.

If you feel that a 20-year term life insurance policy might be right for you, there’s also a chance you’re interested in how much it might cost you. The easiest way to get the most accurate quotes is to start with our online quote form and then let one of our licensed insurance agents walk you through your options. In just minutes, we can provide you with coverage and price comparisons from some of the most trusted insurance companies.

Can I change my policy later?

Your 20-year term life insurance policy lasts for 20 years, but at some point before it’s up, you may wonder whether it’s still the best fit for you and your family. Because life changes frequently, it’s a good idea to continue to evaluate your life insurance needs and make adjustments to your policy if necessary.

Perhaps after buying your 20-year term life insurance policy, you lost weight, lowered your blood pressure or quit smoking. Or maybe you noticed that life insurance prices have been falling. You don’t have to be locked into the rate you purchased if there’s a lower price available, and it’s always a good idea to compare your current coverage to what else is available. With SelectQuote, we can reshop your coverage and rates at any time to make sure you still have the benefits your family needs at a price you can afford. Let us do the work for you.

Let SelectQuote Help

Life insurance can be a powerful tool to have in place should the unexpected happen. When you’re ready to take the important step of buying life insurance, we’re here to help. We have helped millions of families find the best coverage for them by comparing coverage and rates from some of the most trusted insurance companies in just minutes.

We do the shopping. You do the saving.