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

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Updated: September 15, 2025

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Key Takeaways

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

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Twenty-year policy costs 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.

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Based on average costs, Protective offers the cheapest 20-year term life insurance policy. A $100,000 plan costs an average of $12 per month or around $145 per year.

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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 (typically monthly or annually) in exchange for a guaranteed death benefit that goes to your beneficiaries if you die during the 20-year term.

The policy works simply: if you pass away during the 20-year period, the insurance company pays the full death benefit to your named beneficiaries.

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 significantly if you choose to renew coverage after the term expires.

What Happens at the End of a 20-Year Term Life Insurance Policy?

After the 20-year term ends, you can let your policy 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 people with specific financial obligations that'll decrease or disappear over time. The fixed premium and guaranteed coverage period make it ideal for major life commitments that span two decades.

Who Should Get 20-Year Term Life Insurance?

Twenty-year term life insurance works best for people with specific long-term financial obligations that'll decrease over time:

    homeMortgage icon

    Homeowners with Mortgages

    If you have a 15- to 30-year mortgage, 20-year term life insurance aligns perfectly with your debt timeline. Coverage ensures your family can pay off the home if you pass away during the mortgage term. For a $300,000 mortgage with 20 years remaining, a $300,000 policy provides exact coverage for this major expense.

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    Parents with Young Children

    Parents with children under 18 often choose 20-year policies to cover expenses until kids become financially independent. A 35-year-old parent with a five-year-old child gets coverage until the child reaches 25, covering college costs, living expenses and other support needs during dependent years.

    startupBusiness icon

    Peak Earners in Their 30s and 40s

    Your highest earning years typically occur between ages 30 and 50, when you're building wealth but also have maximum expenses. Twenty-year coverage locks in low rates while you're young and healthy, protecting your family's lifestyle during these wealth-building decades.

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    Business Owners and Partners

    Business owners with loans, partnerships or key-person insurance needs benefit from 20-year coverage. If you have a business loan with a 15- to 20-year term, the policy can cover the debt. Partners often use these policies to fund buy-sell agreements, ensuring business continuity if one partner dies.

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    Healthy Individuals Wanting Rate Security

    If you're in good health and want to lock in today's rates for two decades, a 20-year term delivers predictable costs. Premiums stay level for the entire term, protecting you from future health changes or age-related rate increases.

Who Should Not Get 20-Year Life Insurance?

Certain situations make 20-year term life insurance less suitable than other coverage options:

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    Estate Planning Needs

    People needing permanent life insurance for estate taxes or wealth transfer shouldn't choose term coverage. If you want to leave a guaranteed inheritance or have estate tax obligations, permanent life insurance better serves these long-term goals.

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    Special Needs Dependents

    Parents or caregivers of special needs people requiring lifelong care need permanent coverage. A twenty-year term expires, but care expenses continue indefinitely. Permanent life insurance ensures funds are available for lifetime care needs.

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    Older Adults Needing Long-Term Coverage

    If you're over 50 and need coverage past age 70, a 20-year term may not fit your timeline. Someone who's 55 buying 20-year coverage has protection until age 75, but may need insurance longer for spouse support or final expenses.

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    Budget-Conscious Buyers Preferring Lower Premiums

    Those prioritizing the lowest possible premiums should consider 10- or 15-year terms instead. Shorter terms cost less monthly, making them better for tight budgets or temporary coverage needs.

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    People Wanting Flexibility

    If you prefer the option to cancel without long-term commitment, shorter terms offer more flexibility. Twenty-year policies represent a significant time commitment, while 10-year terms let you reassess needs more frequently.

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

Twenty-year term life insurance premiums vary considerably based on age, health status, coverage amount and provider choice. Older adults pay much higher premiums due to increased 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. The summary table provides average costs and ranges for 20-year life insurance policies.

Average cost
$53
$9-$2,961
$100,000–$3 million
Costs for smokers
$139
$28–$7,969
$100,000–$3 million
Cost for people who are overweight
$84
$13-$4,752
$100,000–$3 million
Costs for people with health conditions
$67
$11–$4,032
$100,000–$3 million

*Average monthly rates are based on averages for a 40-year-old male with $500,000 coverage amount. Rates shown are estimates based on our survey methodology and may not reflect your actual premium. Individual rates vary based on health, location and insurer underwriting guidelines.

20-Year Term Life Insurance Rates by Age

The 20-year term life insurance cost 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 cost by coverage and age. Rates shown are estimates based on our survey methodology and may not reflect your actual premium. Individual rates vary based on health, location and insurer underwriting guidelines.

Data filtered by:Results filtered by:
Select
Age:18
Select
Gender:Female
$100,000$9$107
$150,000$12$146
$200,000$15$182
$250,000$15$182
$300,000$17$210
$350,000$19$219
$400,000$22$269
$450,000$23$273
$500,000$26$315
$550,000$27$322
$600,000$30$365
$650,000$32$375
$700,000$34$398
$750,000$37$447
$800,000$39$477
$850,000$41$483
$900,000$44$531
$950,000$45$536
$1,000,000$47$571
$1,250,000$49$575
$1,500,000$68$829
$2,000,000$91$1,100
$2,500,000$122$1,468
$3,000,000$134$1,631

Average 20-Year Term Life Insurance Rates for High-Risk Applicants

The costs of a 20-year policy for smokers, overweight individuals and people with health conditions are higher due to increased risk for the insurance company. MoneyGeek analyzed 20-year term policy rates for smokers, people who are overweight and those in poor health. Check the tables below to compare average prices.

Rates shown are estimates based on our survey methodology and may not reflect your actual premium. Individual rates vary based on health, location and insurer underwriting guidelines.

Cost of 20-Year Term Life Insurance for Smokers

Data filtered by:Results filtered by:
Select
Age:18
Select
Gender:Female
$100,000$28$338
$150,000$38$461
$200,000$47$574
$250,000$47$565
$300,000$54$652
$350,000$72$847
$400,000$69$831
$450,000$90$1,053
$500,000$80$971
$550,000$85$1,002
$600,000$96$1,167
$650,000$99$1,169
$700,000$121$1,413
$750,000$118$1,429
$800,000$126$1,525
$850,000$127$1,503
$900,000$140$1,696
$950,000$142$1,670
$1,000,000$150$1,821
$1,250,000$232$2,697
$1,500,000$219$2,655
$2,000,000$285$3,460
$2,500,000$406$4,871
$3,000,000$422$5,125

20-Year Term Life Insurance Cost for People Who Are Overweight

Data filtered by:Results filtered by:
Select
Age:18
Select
Gender:Female
$100,000$13$157
$150,000$18$213
$200,000$22$265
$250,000$22$265
$300,000$25$306
$350,000$27$319
$400,000$32$392
$450,000$34$398
$500,000$38$459
$550,000$40$469
$600,000$44$532
$650,000$46$547
$700,000$49$579
$750,000$54$651
$800,000$57$695
$850,000$60$703
$900,000$64$773
$950,000$66$781
$1,000,000$69$832
$1,250,000$72$838
$1,500,000$100$1,207
$2,000,000$132$1,602
$2,500,000$178$2,138
$3,000,000$196$2,375

Average Cost of 20-Year Term Life Insurance for People in Poor Health

Data filtered by:Results filtered by:
Select
Age:18
Select
Gender:Female
$100,000$11$139
$150,000$15$187
$200,000$19$233
$250,000$19$234
$300,000$22$269
$350,000$30$353
$400,000$28$343
$450,000$38$439
$500,000$33$403
$550,000$39$461
$600,000$38$465
$650,000$46$538
$700,000$50$592
$750,000$48$575
$800,000$50$606
$850,000$59$691
$900,000$56$675
$950,000$65$768
$1,000,000$61$735
$1,250,000$89$1,041
$1,500,000$87$1,051
$2,000,000$114$1,381
$2,500,000$159$1,907
$3,000,000$168$2,034

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.

20-Year Term Life Insurance Rates by Company

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

Based on average rates, Protective offers the most affordable policy with $100,000 in coverage at just $12 per month for the average adult. The following table provides a breakdown of pricing among different insurance providers for different coverage amounts.

Rates shown are estimates based on our survey methodology and may not reflect your actual premium. Individual rates vary based on health, location and insurer underwriting guidelines.

Data filtered by:Results filtered by:
Select
Coverage Level:$100,000
Protective Insurance$12$145
Lincoln Financial$14$167
Gerber Life (Fabric)$15$181
AAA$15$181
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
Fidelity Life$18$214
Columbus Life$18$215
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
Royal Neighbors of America$29$349

*Rates are based on averages for a 40-year-old male nonsmoker with average health and weight. Rates shown are estimates based on our survey methodology and may not reflect your actual premium. Individual rates vary based on health, location and insurer underwriting guidelines.

Cheapest 20-Year Term Life Insurance for High-Risk Applicants

Due to higher risk factors, finding an affordable option for a 20-year term life insurance policy can be challenging for smokers, overweight applicants and people in poor health who are seeking one. 

Based on MoneyGeek's data, Protective is the cheapest insurance company for smokers at $43 per month for $100,000 coverage. The company also offers the most budget-friendly option for people who are overweight at $19 per month for $100,00 coverage. The most affordable for those in poor health is from CoreBridge, averaging $18 per month for $100,000 coverage.

The cheapest life insurance provider for high-risk applicants may differ depending on the coverage amount. The tables let you compare quotes from top providers for different profiles.

Cheapest 20-Year Term Life Insurance for Smokers
Data filtered by:Results filtered by:
Select
Coverage Level:$100,000
Protective Insurance$43$513
North American$45$542
Midland National$45$542
Columbus Life$46$544
AAA$47$565
Assurity$49$585
Cincinnati Life$50$603
SBLI$50$606
Prudential$51$609
Legal&General$51$613
CoreBridge$52$614
TransAmerica$52$621
Foresters Financial$53$635
Fidelity Life$54$638
Pacific Life$56$670
Lincoln Financial$62$732
Mutual of Omaha$61$737
Nationwide$66$798
Gerber Life (Fabric)$70$848
Life Insurance Co of The South West$72$865
National Life Group$72$865
John Hancock$72$866

*Rates are based on averages for a 40-year-old male smoker with average health and weight. Rates shown are estimates based on our survey methodology and may not reflect your actual premium. Individual rates vary based on health, location and insurer underwriting guidelines.

Lowest 20-Year Term Insurance Rates for Those Who Are Overweight
Data filtered by:Results filtered by:
Select
Coverage Level:$100,000
Protective Insurance$19$232
Lincoln Financial$22$267
Gerber Life (Fabric)$24$290
AAA$24$291
CoreBridge$26$306
TransAmerica$26$308
North American$26$309
Midland National$26$309
Legal&General$26$309
SBLI$26$310
Cincinnati Life$26$311
Foresters Financial$27$326
Pacific Life$27$329
Prudential$27$329
Assurity$27$329
Fidelity Life$29$344
Columbus Life$29$344
Mutual of Omaha$34$404
Life Insurance Co of The South West$35$424
National Life Group$35$424
John Hancock$35$427
Nationwide$35$427
Royal Neighbors of America$47$560

*Rates are based on averages for a 40-year-old male nonsmoker who is overweight. Rates shown are estimates based on our survey methodology and may not reflect your actual premium. Individual rates vary based on health, location and insurer underwriting guidelines.

Cheapest 20-Year Life Insurance for Those in Poor Health
Data filtered by:Results filtered by:
Select
Coverage Level:$100,000
CoreBridge$18$219
TransAmerica$19$225
Legal&General$19$225
Protective Insurance$19$227
Foresters Financial$19$229
SBLI$19$233
Cincinnati Life$20$237
Pacific Life$20$240
Prudential$20$242
AAA$21$260
Lincoln Financial$22$263
Assurity$23$276
Mutual of Omaha$24$286
North American$25$295
Midland National$25$295
Columbus Life$25$296
Life Insurance Co of The South West$26$309
National Life Group$26$309
Fidelity Life$26$314
Nationwide$27$323
Gerber Life (Fabric)$27$327
John Hancock$29$351
Royal Neighbors of America$34$404

*Rates are based on averages for a 40-year-old male nonsmoker with poor health. Rates shown are estimates based on our survey methodology and may not reflect your actual premium. Individual rates vary based on health, location and insurer underwriting guidelines.

Factors Affecting the Cost of 20-Year Term Life Insurance

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

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    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.

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    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.

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    Health Status

    Insurance companies typically 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.

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    Lifestyle

    Insurance companies determine 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.

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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. 1

    Pay annually

    Save 5% to 10% by paying your premium once a year instead of monthly.

  2. 2

    Improve health metrics

    Try to lower cholesterol, blood pressure and BMI before applying.

  3. 3

    Compare multiple quotes

    Rates for identical coverage can vary by 15% to 40% between companies.

  4. 4

    Consider policy laddering

    Combine multiple policies of different term lengths to match decreasing needs.

  5. 5

    Look for group discounts

    Professional associations and employer groups often offer 10% to 15% savings.

  6. 6

    Quit smoking

    Nonsmoker rates are much lower, but you typically need to be tobacco-free for 12+ months.

  7. 7

    Apply young

    Each year you delay applying increases premiums by roughly 8% to 10%.

20-Year Term Life Insurance Coverage: How Much Do You Need?

A 20-year term life insurance policy will pay a death benefit for your specific policy amount. To determine your coverage amount:

Add up your financial obligations (outstanding debts, future expenses like children's education, five to 10 times your annual income for income replacement and final expenses)

Subtract your existing assets (savings, investments and current insurance coverage)

Use the calculator below to determine your coverage needs for a 20-year term life policy.

How Much Life Insurance Do You Need?

Answer three simple questions to get your recommended coverage amount.

Can You Get 20-Year Term Life Insurance With No Medical Exam?

No-exam life insurance policies offer faster approval with digital applications and no blood work, appealing to busy people or those with minor health concerns. These convenient options are widely available for 20-year terms with competitive coverage limits.

  • Coverage limits: Most companies offer up to $1 million to $1.5 million for qualified applicants under 50; limits decrease with age
  • Pricing: Expect to pay 15% to 25% more than exam policies; younger applicants see smaller increases (10% to 15%)
  • Qualifications: Available for ages 18 to 60; requires clean health questionnaires; major conditions typically disqualify applicants

20-Year Term Life Insurance Policy: 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 determine 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.

Compare Life Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

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20-Year Term Life Insurance Rates: FAQ

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

How much does a 20-year term policy cost?

Which company offers the cheapest 20-year term life insurance?

How does age affect the cost of a 20-year term policy?

How does a 20-year term life policy work?

What happens when my 20-year term life insurance policy expires?

How much more expensive is a 20-year policy for smokers?

Is a 20-year term length the right choice for me?

Can I get a 20-year term policy if I have health issues?

What factors besides age affect my 20-year term life insurance rate?

Best 20-Year Term Life Insurance Rates: 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 1,488 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

  • Our standard quote profile represents a typical applicant:
  • 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 significantly impact your rates:

  • Age ranges to show how premiums increase over time
  • Gender differences (where legally allowed by the state)
  • Health ratings from preferred plus to standard
  • Geographic location to account for state-specific regulations
  • Coverage amounts from $100,000 to $3 million
  • Smoking status since tobacco use dramatically affects pricing

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.

Life Insurance 20-Year Term: Related Pages

About Mark Fitzpatrick

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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!

Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.

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