When looking for the best life insurance rates, it is important to understand that one company offering a lower quote is not necessarily going to be the best choice.
And, even if that specific company offers the best 20 year term life rates, you have to consider what additional benefits other companies are offering that the company with the lowest rates might not be providing, such as certain free riders that make paying a little more for another company’s term policy worthwhile.
Also, there are times when applying for 20 year term life insurance with no medical exam might be the best option, rather than taking an exam and discovering are not as healthy as you thought.
Finally, some companies are much more forgiving towards certain pre-existing conditions, dangerous hobbies and dangerous occupations than others. So, if you fall into a certain category, it makes sense to apply with a company that is more friendly towards your specific condition, hobby or occupation.
So, with all this in mind, we put together a chart of the best 20 year term life insurance rates based on age so you can get a ballpark idea of how much it will cost.
Best 20 Year Term Life Insurance Rates
The following quotes are for 20 year term rates, from companies that require an exam and also no medical exam life insurance.
Either way, all quotes are from top rated life insurance companies, are for informational purposes only, and must be qualified for.
Who Needs A 20 Year Term Life Policy?
Probably the #1 reason people choose a 20 year term life insurance policy is because they are going to be a new parent.
After all, kids are going to be in the house for close to 20 years, so it makes sense to get life insurance in place for the same amount of time that your kids most need you to provide for them financially.
Income protection is another great reason to get a 20 year term policy. This is particularly true for someone in their mid 40s, who plans on retiring in 20 years or so, and want to protect their income until that time.
How To Qualify For These 20 Year Term Life Insurance Rates
The above 20 year term life insurance rates are for a healthy individual who qualifies at the best rate class.
Some people may qualify for these top rates without having to take a life insurance medical exam.
Only about 10% of applicants qualify for the top rates, with most people qualifying for standard or standard plus.
Life insurance health ratings include:
- Preferred Best or Preferred Plus
- Standard Plus
- Substandard or Table Rated
- Preferred Tobacco
- Standard Tobacco
All the top life insurance companies use similar health ratings. However, not all the companies have the same underwriting criteria used to determine applicant’s health ratings.
This is very important because if you have some health condition, dangerous job or risky hobby, you need to apply with the companies that cater to your unique health and lifestyle profile.
Further, some companies offer healthy credits, which can move you from a standard rate class, to a preferred rate class, saving you a ton of money on your 20 year term life insurance premium payment.
Certain life insurance companies offer applicants healthy medical credits and healthy lifestyle credits . These bonus credits can raise your health rating from standard plus, to preferred plus, and save you thousands of dollars on your policy over your lifetime.
The key is knowing which company to apply with from the start so you can truly get the best 20 year term life insurance rates in the marketplace, based on your unique health and lifestyle.
That is where IBUSA comes in. We can help get you the best shot at achieving the lowest 20 year term life insurance rates in the marketplace. Give us a call today to see what we can do for you.