Updated: June 5, 2025
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Twenty-year policy costs vary by age and coverage. Costs range from $17 per month for younger people with $250,000 of coverage to $203 per month for a middle-aged person needing $1 million in coverage.
Based on average costs, Allstate is the cheapest life insurance provider. It offers a $250,000 20-year term policy for $17 per month.
A 20-year term life insurance policy provides guaranteed coverage for exactly 20 years, after which it expires with no further benefits or cash value unless renewed or converted.
For adults aged 30 to 50, 20-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 cost range for 20-year life insurance policies.
Category | Average Monthly Rates | Monthly Cost Range | Coverage Amount |
|---|---|---|---|
Average cost | $68 | $17–$203 | $250,000–$1 million |
Cost by age (30s) | $32 | $17–$50 | $250,000–$1 million |
Cost by age (40s) | $51 | $26–$83 | $250,000–$1 million |
Cost by age (50s) | $122 | $58–$203 | $250,000–$1 million |
Costs for older adults (60s) | $331 | $150–$556 | $250,000–$1 million |
Costs for smokers | $139 | $38–$478 | $250,000–$1 million |
Costs for people with health conditions | $42 | $19–$78 | $250,000–$1 million |
For more information, see the cost of 10-year term life and 30-year term life insurance policies.
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.
| 30 | $17 | $28 | $50 |
| 40 | $26 | $44 | $83 |
| 50 | $58 | $106 | $203 |
| 60 | $150 | $286 | $556 |
| 70 | $752 | $1,481 | $2,988 |
The cost of a 20-year policy for smokers or people with health conditions is higher due to increased risk for the insurance company. MoneyGeek analyzed 20-year term policy rates for smokers and people in poor health. Check the table below to compare average prices.
| 30 | $38 | $65 | $118 |
| 40 | $57 | $102 | $196 |
| 50 | $128 | $247 | $478 |
| 60 | $331 | $668 | $1,308 |
| 70 | $1,666 | $3,455 | $7,035 |
For more information, see our ranking of the cheapest 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, Allstate offers the most affordable policy with $250,000 in coverage at just $17 per month. For higher coverage amounts, Allstate ties with Transamerica as the cheapest option. Both have an average monthly rate of $28 for a $500,000 policy and $49 for a $1 million plan.
The following table provides a breakdown of pricing among different insurance providers.
| Allstate | $17 | $28 | $49 |
| Transamerica | $18 | $28 | $49 |
| GEICO | $19 | $31 | $49 |
| Protective | $19 | $31 | $54 |
| Nationwide | $23 | $36 | $63 |
| Mutual of Omaha | $23 | $37 | $69 |
| Prudential | $24 | $46 | $90 |
| AAA | $25 | $40 | $70 |
| State Farm | $25 | $40 | $69 |
| Haven | $26 | $45 | $83 |
| Fidelity | $30 | $51 | $149 |
| American Family | $32 | $58 | $107 |
| Bestow | $34 | $61 | $115 |
| Progressive | $44 | $77 | $149 |
| Gerber | $80 | N/A | N/A |
Smokers tend to have higher life insurance premiums than nonsmokers. Based on MoneyGeek's data, Allstate offers the most budget-friendly option for smokers seeking $250,000 in coverage, with an average monthly premium of $38. It's also the cheapest insurance company for smokers seeking higher coverage amounts. It charges an average of $65 per month for $500,000 and $115 per month for $1 million in coverage.
See the table below to compare quotes from top providers.
| Allstate | $38 | $65 | $115 |
| Transamerica | $39 | $66 | $116 |
| GEICO | $41 | $73 | $116 |
| Protective | $41 | $73 | $128 |
| Nationwide | $50 | $84 | $149 |
| Mutual of Omaha | $51 | $87 | $162 |
| Prudential | $52 | $106 | $211 |
| AAA | $55 | $93 | $166 |
| State Farm | $56 | $93 | $162 |
| Haven | $57 | $104 | $196 |
| Fidelity | $66 | $120 | $351 |
| American Family | $72 | $136 | $252 |
| Bestow | $76 | $141 | $271 |
| Progressive | $97 | $180 | $351 |
| Gerber | $177 | N/A | N/A |
Due to higher risk factors, finding an affordable option for a 20-year term life insurance policy can be challenging for people in poor health who are seeking one.
Allstate generally offers the lowest rates at various coverage levels. The average monthly premium for $250,000 coverage is $19, $34 for $500,000 and $60 for $1 million. Compare average rates for different coverage amounts below.
| Allstate | $19 | $34 | $60 |
| Transamerica | $20 | $35 | $61 |
| GEICO | $21 | $38 | $61 |
| Protective | $21 | $38 | $67 |
| Nationwide | $25 | $44 | $78 |
| Mutual of Omaha | $26 | $46 | $85 |
| Prudential | $26 | $56 | $111 |
| AAA | $28 | $49 | $87 |
| State Farm | $28 | $49 | $85 |
| Haven | $28 | $55 | $103 |
| Fidelity | $33 | $63 | $184 |
| American Family | $36 | $71 | $132 |
| Bestow | $38 | $74 | $142 |
| Progressive | $49 | $94 | $184 |
| Gerber | $89 | N/A | N/A |
Premium rates often increase with age, but prices can differ among companies. For 50-year-olds, Allstate offers some of the most budget-friendly options, with monthly premiums of $38 for $250,000 in coverage, $70 for $500,000 and $130 for $1 million. See the table below for a side-by-side comparison of insurance premiums.
| Allstate | $38 | $70 | $130 |
| Transamerica | $39 | $71 | $133 |
| Protective | $41 | $76 | $142 |
| GEICO | $41 | $71 | $133 |
| Prudential | $47 | $86 | $163 |
| Nationwide | $48 | $86 | $165 |
| State Farm | $50 | $91 | $170 |
| Mutual of Omaha | $52 | $93 | $180 |
| AAA | $57 | $106 | $203 |
| American Family | $62 | $117 | $219 |
| Bestow | $82 | $145 | $277 |
| Progressive | $99 | $183 | $361 |
| Fidelity | $99 | $183 | $361 |
| Gerber | $149 | N/A | N/A |
Different factors affect the cost of a 20-year term life insurance policy. Knowing what these are can help you pick the right coverage.
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.
Statistically, women live longer than men. They also pay lower insurance premiums than men.
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.
Insurance companies determine your premiums by considering your lifestyle, driving history, criminal record, occupation and other financial factors.
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.
Rates updated:
Jun 06, 2025
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:
Save 5% to 10% by paying your premium once a year instead of monthly.
Try to lower cholesterol, blood pressure and BMI before applying.
Rates for identical coverage can vary by 15% to 40% between companies.
Combine multiple policies of different term lengths to match decreasing needs.
Professional associations and employer groups often offer 10% to 15% savings.
Nonsmoker rates are 50% to 120% lower, but you typically need to be tobacco-free for 12+ months.
Each year you delay applying increases premiums by roughly 8% to 10%.
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.
A 20-year term life insurance policy will pay a death benefit for your specific policy amount. To determine your coverage amount:
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.
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.
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.
The cost of 20-year term life insurance varies widely depending on age, gender, health status and lifestyle choices. A 30-year-old purchasing $250,000 in coverage pays an average of $17 monthly. A similar policy costs an average of $26 per month for a 40-year-old and $58 for a 50-year-old.
The coverage level you choose will also greatly impact your premium. Choosing higher coverage will also increase the cost. For instance, for a 30-year-old, a 20-year term policy with $1 million in coverage will cost an average of $50.
Allstate consistently offers the cheapest 20-year term life insurance across most coverage amounts and age groups. Its rates start at $17 monthly for $250,000 of coverage, $28 for $500,000 and $49 for $1 million, with Transamerica and GEICO following closely behind.
Age substantially impacts policy costs, with premiums increasing considerably as you get older. For example, a 30-year-old pays about $17 monthly for $250,000 of coverage, a 50-year-old pays $58 for the same coverage and a 70-year-old pays $752 — over 44 times more than the youngest buyer.
With a 20-year term life insurance policy, you pay fixed premiums for 20 years. If you pass away before the policy expires, your family will receive a tax-free death benefit.
When your policy expires after 20 years, you can let it end with no further benefits, renew it (typically at much higher rates based on your new age) or convert it to a permanent policy if your insurer offers a conversion option. Your choice should depend on your financial situation and continued need for coverage.
Smokers pay about 120% more than nonsmokers for 20-year term life insurance. For instance, a 30-year-old smoker pays about $38 monthly for $250,000 in coverage compared to $17 for a nonsmoker, while a 50-year-old smoker pays $128 monthly versus $58 for a nonsmoker.
A 20-year term is ideal if you have financial responsibilities that will decrease or end within that timeframe, such as a mortgage, raising children or building retirement savings. Choose this term length if you're in your 30s or 40s and want coverage until your children are independent or your mortgage is paid off.
Yes, you can get a 20-year term policy with health issues, though you'll pay more than someone in excellent health. For those in poor health, Allstate offers some of the most competitive rates, with $250,000 of coverage costing about $19 monthly (compared to $17 for healthy people) — only about 12% more.
Beyond age, key factors affecting your rate include gender (women pay less), health status (medical conditions increase costs), lifestyle choices (dangerous hobbies or occupations raise rates), smoking status (more than doubles premiums), family medical history and the coverage amount you select.
Why Trust MoneyGeek?
We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies for various needs.
Recency
Coverage costs and company information for life insurance providers were updated in 2025.
Methodology
MoneyGeek used a standard profile to obtain life insurance quotes:
Premiums are based on the standard profile unless otherwise noted.
We modified the profile by age, gender, height, weight, tobacco use, health rating and geographic location to collect a variety of quotes and determine the best life insurance company for several types of customers. We also collected quotes for term life insurance with varying term lengths and coverage amounts.
We identified trends in the dataset and used those patterns to calculate projections and extend the data beyond what was initially collected.
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!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
