20-Year Term Life Insurance Rates (2025 Cost Guide)

A 20-year term life insurance policy costs an average of $55 per month, but actual rates depend on age, coverage amount and other factors.

Find out if you're overpaying for life insurance below.

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20-Year Term Life Insurance Rates (2025 Cost Guide)

Written by Mark Fitzpatrick

Updated: October 26, 2025

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Key Takeaways

Twenty-year term life insurance rates vary by age and coverage. Based on our survey of major insurers, average costs range from $9 for an 18-year-old woman with $100,000 in coverage to $2,961 per month for a 65-year-old man with $3 million in coverage.

A 20-year term life insurance policy provides financial protection for exactly 20 years, after which it expires, with no further benefits or cash value, unless it’s renewed at higher rates or converted to permanent coverage (if available).

Our research shows that Lincoln Financial offers the cheapest 20-year term life insurance policy. A $100,000 plan costs an average of $14 per month or around $167 per year.

What Is 20-Year Term Life Insurance?

A 20-year term life insurance policy provides coverage for a fixed 20-year period. You pay regular premiums (monthly, semi-annually or annually) in exchange for a guaranteed death benefit that goes to your beneficiaries if you die during the 20-year term.

This policy type is popular because it offers substantial coverage during many families' highest financial risk years, when mortgages are outstanding, children are growing up, and retirement savings are still building. Premium payments remain the same throughout the entire term but will increase if you choose to renew coverage after the term expires.

How Much Is a 20-Year Term Life Insurance Policy?

Twenty-year term life insurance premiums vary depending on age, health status, coverage amount and provider choice. Older adults pay higher premiums due to increased mortality risk over a 20-year term, and smokers pay more due to health-related risk factors.

The tables below show detailed cost information for each category.

Rates by Age

The cost of 20-year term life insurance varies depending on age and coverage amount. MoneyGeek collected average costs for people of different ages looking for policies with varying coverage amounts.

The table below highlights the average 20-year term life insurance rates by coverage and age.

Data filtered by:


$100,000	$9	$113
$250,000	$16	$190
$500,000	$27	$326
$750,000	$39	$471
$1,000,000	$50	$599
$1,500,000	$73	$886
$2,000,000	$93	$1,132
$2,500,000	$120	$1,445
$3,000,000	$137	$1,662

Rates shown are estimates for nonsmokers with average weight and health ratings. Individual rates vary based on health, lifestyle and insurer underwriting guidelines. Get personalized quotes for accurate pricing.

Rates for High-Risk Applicants

Average 20-year term life insurance rates for smokers, overweight individuals and people with poor health are higher due to increased risk for the insurance company. Check the table below to compare average prices.

Data filtered by:


$100,000	$30	$364
$250,000	$51	$614
$500,000	$88	$1,054
$750,000	$125	$1,505
$1,000,000	$160	$1,917
$1,500,000	$236	$2,830
$2,000,000	$304	$3,654
$2,500,000	$384	$4,612
$3,000,000	$449	$5,398

Rates shown are estimates based on our survey methodology and may not reflect your actual premium. Individual rates vary based on health, lifestyle and insurer underwriting guidelines. Get personalized quotes for accurate pricing.

For more information, see our life insurance guides for high-risk applicants and overweight people. Also, check out our rankings of the best life insurance for smokers and the cheapest life insurance for people with pre-existing conditions.

Rates by Company

MoneyGeek collected 20-year term life insurance rates from various companies to help you identify the cheapest life insurance options for a 20-year term policy.

We found that Lincoln Financial offers the most affordable policy with $100,000 in coverage at just $14 per month for the average adult. The following table provides a breakdown of pricing among different insurance providers for different coverage amounts.

Data filtered by:


Lincoln Financial	$14	$167
Protective Insurance	$15	$183
CoreBridge	$16	$191
Transamerica	$16	$192
North American	$16	$192
Midland National	$16	$192
Legal & General	$16	$193
SBLI	$16	$193
Cincinnati Life	$16	$194
Foresters Financial	$17	$203
Pacific Life	$17	$205
Prudential	$17	$205
Assurity	$17	$205
Columbus Life	$18	$215
Gerber Life (Fabric)	$19	$228
AAA	$19	$229
Mutual of Omaha	$21	$252
Life Insurance Co of The South West	$22	$264
National Life Group	$22	$264
John Hancock	$22	$266
Nationwide	$22	$266
Fidelity Life	$23	$270
Ethos	$28	$330
Royal Neighbors of America	$29	$349

Rates are based on averages for a 40-year-old male nonsmoker with average health and weight. These not reflect your actual premium. Individual rates vary based on health, lifestyle, and insurer underwriting guidelines. Get personalized quotes for accurate pricing.

Factors Affecting Life Insurance Costs

Different factors affect the cost of a 20-year term life insurance policy. Knowing what these are can help you pick the right coverage.

Age

Generally, young adults get affordable life insurance quotes because they're statistically less likely to die. For older people, a 20-year policy costs more.

Gender

Statistically, women live longer than men. They also pay lower insurance premiums than men. Several states, including California, Hawaii, Massachusetts, Michigan, Montana, North Carolina and Pennsylvania prohibit gender-based life insurance pricing. Rates may not vary by gender in these states.

Health Status

Insurance companies look at your medical history, height and weight, smoking habits and family medical history before giving you a quote. People with severe medical conditions are considered risky to insure, so they pay higher life insurance rates.

Lifestyle

Insurance companies calculate your premiums by considering your lifestyle, driving history, criminal record, occupation and other financial factors.

20-Year Term Life Insurance Quotes

Insurance providers may weigh factors differently, resulting in different life insurance rates. The best way to get accurate estimates is to get a personalized quote from life insurance companies. You can use our life insurance calculator below for instant quotes from multiple providers.

We’ll give you a suggested amount of cover to buy in just 3 easy steps. — it's free, no personal information required, no spam.

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Average

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Rates updated:

Oct 31, 2025

How to Lower 20-Year Term Life Insurance Costs

Life insurance providers calculate premiums based on various factors. Some of these you can control. Here are seven steps that can help lower your 20-year life policy:

1
Pay annually
Save 5% to 10% by paying your premium once a year instead of monthly.
2
Improve health metrics
Try to lower cholesterol, blood pressure and BMI before applying.
3
Compare multiple quotes
Rates for identical coverage can vary by 15% to 40% between companies.
4
Consider policy laddering
Combine multiple policies of different term lengths to match decreasing needs.
5
Look for group discounts
Professional associations and employer groups often offer 10% to 15% savings.
6
Quit smoking
Nonsmoker rates are much lower, but you typically need to be tobacco-free for 12+ months.
7
Apply young
Each year you delay applying increases premiums by roughly 8% to 10%.

20-Year Term Life Insurance Cost: Bottom Line

Twenty-year term policy costs vary by age and coverage amount. This guide explores average rates for different coverage amounts and ages to help you estimate potential costs. We also analyze top providers to find the cheapest 20-year term life insurance rates for various profiles.

Age, health status, lifestyle and coverage amount all affect your premiums beyond policy length. Compare personalized quotes from multiple providers for accurate premium estimates.

20-Year Term Life Insurance: FAQ

We answer common questions about 20-year term life insurance rates and coverage:

How does a 20-year term life policy work?

A 20-year term life insurance policy requires you to pay fixed premiums for 20 years. If you pass away before the policy expires, your family receives a tax-free death benefit. If you survive the 20-year term, the policy expires with no payout.

Can you convert a 20-year term life insurance policy to whole life?

Most 20-year term policies include conversion options that let you switch to permanent life insurance without a medical exam. You'll likely have 10-15 years from the policy start date to convert, and conversion deadlines vary by insurer. Converting increases your premium but guarantees lifelong coverage and builds cash value.

What is the difference between 10-year and 20-year term life insurance?

The primary difference is the length of coverage and the total cost over time. A 10-year policy has lower monthly premiums, but if you renew after it expires, your rates will increase because you’ll be older and potentially have higher risk factors. A 20-year policy locks in the rate for a longer period, providing stable premiums and extended protection, though it costs more per month upfront.

What happens when a 20-year term life insurance policy ends?

When a 20-year term life insurance policy ends, you can let it expire, renew it at a higher rate, or convert it into permanent life insurance. Getting a new term life policy depends on your coverage needs. If you still have dependents, lack savings for end-of-life expenses or have a mortgage to pay, get a new term life policy. If you don't have significant financial obligations after 20 years, you can let the policy expire.

Is 20-year term life insurance right for you?

Twenty-year term life insurance works best for homeowners with 15- to 30-year mortgages, parents with young children, peak earners in their 30s and 40s, and business owners with long-term loans. It's ideal if you want fixed premiums and guaranteed coverage for two decades.

It may not be right for you if you need permanent coverage for estate planning, have special needs dependents requiring lifelong care, or prefer shorter terms with lower premiums.

Can you get 20-year term life insurance with no medical exam?

Yes, no-exam life insurance with a 20-year term is available through digital applications without blood work. Most companies offer up to $1 million to $1.5 million for qualified applicants under 50, with limits decreasing by age. Expect to pay 15% to 25% more than exam policies, though younger applicants see smaller increases.

No-exam policies are often available for individuals aged 18 to 60 who complete clean health questionnaires, but major medical conditions usually disqualify applicants.

Our Ratings Methodology

Shopping for 20-year term life insurance means balancing affordable premiums with the security of knowing your family stays protected if something happens to you. We designed our research to cut through marketing claims and show you which companies actually deliver the best combination of competitive rates and reliable coverage.

Our Research Approach

We collected 248,399 life insurance quotes from major insurers, then analyzed each company's customer satisfaction scores, financial stability ratings and product features. This comprehensive approach helps you find insurers that won't just offer low initial rates but will also be there when your beneficiaries need to file a claim.

Sample Profile Details

40-year-old male
Nonsmoker
5'9" tall, 160 pounds
Average health rating

We chose this profile because 40-year-olds often have young families and mortgages, which is exactly when 20-year term coverage makes the most financial sense. The 20-year term length typically covers the period when your family's financial dependence is highest.

Quote Variations and Coverage Analysis

Beyond our standard profile, we modified key factors that impact your 20-year term life insurance rates:

Age ranges to show how premiums increase over time
Gender differences
Health status
Coverage amounts from $100,000 to $3 million
Smoking status

Data Analysis and Projections

After identifying pricing patterns across our quote database, we calculated projections for demographics and coverage amounts beyond our initial data collection. This approach lets us provide rate estimates for situations we didn't directly quote while maintaining accuracy based on actual insurer pricing structures.

All coverage costs and company information were updated in 2025 to ensure you're seeing current market rates, not outdated figures that could mislead your coverage decision.

About Mark Fitzpatrick

Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.

Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!

He writes about economics and insurance, breaking down complex topics so people know what they're buying.

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20-Year Term Life Insurance Rates (2025 Cost Guide)

What Is 20-Year Term Life Insurance?