United Life Group

20 Year Term Life Insurance

If you want cheap life insurance, term is usually the right choice. To reduce your rates even more, you might select 20 year term life insurance instead of 30 year term. A 20 year policy might be the perfect choice for applicants in midlife, applicants who have older children, and those with less than two decades left on their mortgage balance.

20 Year Term Life Insurance Policies

You can find insurers who will sell you a no exam life insurance policy for just about any length of time that you can dream of. These may range from several months to a few decades. However, most of the time people purchase a term policy when they experience an important life event like the birth of a child, wedding, or home purchase. Since these people assume they will want to keep their coverage for many years, they usually choose 10, 20, or 30 year terms.

Why choose a 20 year term life insurance policy instead of a 30 year term?

These days, many people are opting to take out shorter 15 or 20 year mortgages. This is particularly true when people refinance in order to take advantage of lower rates.

Consider some advantages of 20 year life insurance over longer term policies:

As you know, insurers increase rates for older people. For people in their fifties and early sixties, a term life insurance policy may offer cheaper rates. If you are concerned that two decades will not be enough, you might consider finding a policy that you can convert to permanent insurance at some later date. This gives you cheap life insurance today, but you also have the option of changing your mind and getting whole or universal life later.

Find Affordable 20 Year Term Life Insurance from the Best Insurance Companies

Insurers base their rates on several factors, and these might include the type of policy, the amount of the death benefit, and your age. But if you have ever taken the time to compare life insurance quotes, you may know which companies offer cheap life insurance.  That is true even if you compare rates for the exact same type of policy for the exact same individual.

If you plan to take out a 20 year policy, even a few dollars’ a month worth of difference can add up to hundreds of dollars over the course of several years.  You can shop and compare quotes on our site with just your zip-code.

If you still have questions feel free to call one of our licensed agents.  They’d be happy to answer any questions you may have.