If you're considering life insurance to protect your family's financial future, a 20-year term life insurance policy provides coverage for a fixed period of 20 years. When you purchase this policy, you agree to pay regular premiums (typically monthly or annually) in exchange for a guaranteed death benefit (your coverage amount) that will be paid to your beneficiaries if you die during the 20-year term. 

The policy is straightforward: if the insured person passes away during the 20-year period, the insurance company pays the full death benefit to the named beneficiaries.

This type of policy 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. The premium payments remain the same throughout the entire term.

After the 20-year term ends, you can either let your policy expire, renew it at a higher rate or convert it into a permanent life insurance policy. 

Getting a new term life policy depends on your coverage needs. If you still have your spouse or children as dependents, don’t have savings for end-of-life expenses or have a mortgage to pay, it’s best to get a new term life policy. If you don’t have any significant financial or personal obligations after 20 years, you can let the policy expire.

Choosing the right life insurance term length can feel overwhelming with so many options available. Twenty-year term life insurance works best for people with specific financial obligations that will decrease or disappear over time. The fixed premium and guaranteed coverage period make it ideal for major life commitments that span two decades.

Understanding what you'll pay for life insurance is crucial for your budget planning. 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 the insurer's risk for a 20-year term, and smokers pay more due to risk factors associated with smoking. 

See the tables below for more detailed cost information for each category listed. The summary table provides the average cost and range for 20-year life insurance policies.Bottom of Form

*Average monthly rates are based on averages for a 40-year-old male with $500,000 coverage amount.

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.

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.

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.

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 are based on averages for a 40-year-old male nonsmoker with average health and weight.

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. See the tables below to compare quotes from top providers for different profiles.

*Rates are based on averages for a 40-year-old male smoker with average health and weight.

*Rates are based on averages for a 40-year-old male nonsmoker who is overweight.

*Rates are based on averages for a 40-year-old male nonsmoker with poor health.

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.

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.

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

The cost of a 20-year term policy varies by age and coverage amount. This guide explores average rates for different coverage amounts and ages to help you estimate your potential costs. We also analyze top providers to determine the cheapest 20-year term life insurance rates for various profiles.

While policy length impacts costs, other factors like age, health status, lifestyle and coverage amount also affect costs. Compare personalized quotes from multiple providers for accurate premium estimates.

Knowing the answers to frequently asked questions about a 20-year term life insurance policy may help you understand how it works and determine if it's the right choice.

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.