Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent Benji Carr

UPDATED: Sep 29, 2021

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The Facts of Life

  • Twenty-year term policies are widely available
  • This policy term is good for young families and businesses
  • If you’re young and healthy, you’ll likely save bundles

If you’re looking for life insurance companies that offer 20-year terms, you’ll may be surprised at how many options you have. Luckily, term life insurance is offered by many companies across the country, so you shouldn’t have trouble finding affordable rates.

If you’re looking for rates for life insurance companies that offer 20-year terms, enter your ZIP code into our free quote tool.

Life Insurance Companies With a 20-Year Term

Term life insurance is one of the most popular insurance products on the market because it’s affordable and only lasts for a portion of your life. Life insurance companies will usually measure these terms in decades, with the price going up over the course of the term.

Below are some examples of 20-year term life insurance rates by age for a $500,000 death benefit.

Average Monthly Life Insurance Rates Based on a 20-Year Life Insurance Policy Worth $500,000 by Age and Gender
Age and GenderAverage Monthly Super Preferred Life Insurance RatesAverage Monthly Preferred Life Insurance RatesAverage Monthly Standard Life Insurance Rates
30-Year-Old Female$16$19$30
30-Year-Old Male$19$24$35
40-Year-Old Female$24$30$44
40-Year-Old Male$55$65$97
50-Year-Old Female$28$35$56
50-Year-Old Male$70$83$130
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As you can see, starting your term life insurance policy earlier while you’re healthy will translate into larger savings over those 20 years. Some insurers will even let you renew your policy after the term, and that means you’ll pay nearly the same rates as your original underwriting.

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What is a 20-year term life insurance policy?

20-year term life insurance policy is an agreement that guarantees a death benefit if you die within those 20 years. If you pay your premiums and there are no other issues, then your beneficiaries will receive the guaranteed death benefit.

Life insurance companies that don’t offer 20-year terms are likely to do so if they focus on the investment options in life insurance.

Term Life Insurance

Term life insurance is a type of policy that covers a specific time in your life. Life insurers usually measure the policy length in decades, with the price increasing over time. The death benefit will also have an impact on the premiums, as will your health, age, and other factors.

Term life insurance can be used to help cover expenses or used to cushion the blow after a household loses an earner. It can serve as an assurance for the living and a source of financial support for your loved ones after you pass.

Why a 20-year term policy?

A 20-year policy could be the sweet spot for a lot of people. It provides just enough time for a young and budding family to get out on their own in the world. By the time the policy runs out, members of the family will ideally have their financial support systems worked out

It can also be applied to a business, which may need some help if a major supporter dies while it’s just getting started. After 20 years, the business would need to be making its own money to stay afloat anyway.

That being said, according to the Insurance Information Institute, some insurers offer special term policies or riders that allow the policyholder to renew or convert an existing term policy.

How Term Life Insurance Can Benefit Your Life

A term life policy, and most life insurance in general, can help you feel better about taking care of your loved ones when the worst happens. With a term life insurance policy, you can afford a fair amount of coverage and only need to worry about the policy for that period of time.

Who needs a term life policy?

Anyone who has someone that depends on them can benefit from some form of life insurance policy. That being said, families and businesses will likely find a lot of benefits in term life insurance policies. The coverage allows you to take care of your priorities but doesn’t chain you down forever.


A term life insurance policy can be used as a vehicle to gift inheritance to a loved one after you pass. This can be used for school, expenses, or any other financial burden. Your insurer will work with you to help you find the best term length to guarantee that the benefit is passed on.

Medical Bills and Debt

With the uncertainty that death brings, you never know what kind of medical bills or other expenses that you might leave behind. Life insurance can help ease the financial stress that your family might face after you die. A term life insurance policy with high coverage will help cover any bills.

Business Expenses

If you’re starting your new business or working with your family, the term life insurance death benefit can help cover the loss of a valued member of the team. It can help transition in new talent and help establish your legacy through that business.

How to Find the Best 20-Year Term Life Insurers

If you’re looking for affordable life insurance companies that offer 20-year terms, you’re still going to want to find good insurers that can follow through on their commitments. Do some research to make sure your insurance company is reputable.

The best 20-year term life insurance companies will be highly rated across the board.

Financial Strength

An insurer’s financial strength is indicative of its ability to pay out on its agreements. Companies like A.M. Best review an insurer’s creditworthiness, as well as its ability to pay out on commitments.

Looking for an insurer’s A.M. Best rating before you buy life insurance from companies that offer 20-year terms.

Industry and Customer Reviews

Other professional services keep insurers in check. Companies like J.D. Power, Standard & Poor’s, and the Better Business Bureau ensure that insurance companies don’t run wild with their policyholders’ money.

There are also places on the internet where customers can lodge professional complaints online. Sites like the Better Business Bureau and the National Association of Insurance Commissioners keep track of complaints filed against an insurer as well as how often these complaints are resolved.

These systems work together to ensure that the insurance business is fair and customers are treated with the respect they deserve.

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Life Insurance Companies That Offer 20-Year Terms: The Bottom Line

Many companies will give you term life insurance quotes for 20 years. Furthermore, because it’s such a popular policy type, you can likely find affordable rates, depending on your age and health. Regardless, you can have your pick of the litter with term life insurance.

If you’re looking for quotes for life insurance companies that offer 20-year terms, enter your ZIP code into our free quote tool.