Why 20 Year Term is the Most Commonly Purchased Type of Life Insurance

20 Year Term Life InsuranceI sell more 20 year term in my office than any other policy, hands down!  (In some months, up to 50% more frequently than other terms.)

What exactly makes this particular policy ideal for so many people?

I believe it is the perfect blend of pricing and fits the duration of most people’s needs perfectly.

We’ll get into that a bit more in a minute, but for now let’s take a bird’s eye view of this thing to see if we can better understand it.

How does 20 Year Term Work?

Any time I write on a specific type of life insurance policy, such as 20 year term life insurance, I think it’s helpful to take a step back and explain a bit about the types of insurance, so no matter where you are in your life insurance search, you can follow along easily.

There are two basic types of life insurance, term and permanent.  Term most often is purchased for life insurance protection for a specific duration, such as 10, 20, or 30 years.

At the end of this duration (or term), most term policies have options to pay a higher premium and continue on with the policy for additional years, but this is not very common.  Most people only keep their term policies for the initial term period.

Permanent policies, including whole life and universal life, provide coverage your entire life and may build cash value.

20 Year Term Life Insurance Quotes

Below I’ve included sample 20 year term quotes for males between the ages of 35 to 65.  The rates are for a “preferred plus non tobacco” risk class, meaning a man in excellent health.  For other ages or amounts, please use our form on the right.

Age                            $500,000           $1,000,000
Male Age 35               $22.70                   $38.72
Male Age 45               $53.51                    $100.92
Male Age 55               $127.28                 $249.72
Male Age 65               $406.12                 $804.32     **All premiums Monthly

*Premiums based on 9/5/11 and are subject to change.  May not be available in all 50 states…..(continued on page 2)

Life Insurance Coverage for Ages of 41 to 45

Term Life Insurance Age 41 to 45At Huntley Wealth Insurance, we are the experts at helping men find affordable term life insurance at age 41 to 45.

If you’ve been searching for the best price on the internet, we hope this will be where your search ends.

It’s so very important for you to do your research and I can help you target the best life insurance, click here for more information.

We offer a variety of term and whole life insurance policy options from over 30 top rated life insurance carriers, so there’s no need to go from website to website getting new quotes.  Just use our instant life insurance quotes form on the right, and search for the best price from dozens of carriers whom we represent.

Term Life Insurance Quotes Age 41 to 45

$500,000 term policy for Preferred Plus Non Smoker.

Age                                    10 Year Term             20 Year Term             30 Year Term

Male Age 41                          $215                                $390                             $675
Male Age 42                          $240                                $435                             $738
Male Age 43                          $265                                $490                             $810
Male Age 44                          $290                                $555                             $890
Male Age 45                          $320                                $610                             $975  — All Quotes “PER YEAR”

Our allegiance is to you as an independent broker, which means we find the life insurance company willing to offer you the best deal, and that’s who we submit our application to.  For example, we used many companies to provide the level term quotes above, including Banner Life Insurance, Genworth Life Insurance, and Ohio National.

Types of Insurance Age 41 to 45

If you’re a male age 41 to 45, there are no restrictions as to the type of coverage you can purchase.  We offer a range of policies from 10 year term life insurance to level term policies for 25 or 30 years.  If you need coverage longer than that, we also offer two types of permanent coverage: whole life and universal life insurance.

We even offer some odd numbered term policies through American General and Prudential.  For example, there’s no such thing as a 22 year term, but let’s say a 43 year old wants coverage exactly to age 65, his retirement age, he can purchase the PruTerm WorkLife 65 for that exact 22 year term…. (continued on page 2)

25 Year Term Life Insurance – Quotes and Description

25 year term life insurance is a type of policy that offers guaranteed level premiums for a 25 year term duration.

After the initial term has expired, the premiums will increase mightily, so if you need coverage longer, you might consider a 30 year term or guaranteed universal life contract as an alternative.

Interesting Fact… Who Sells 25 Year Term Life Insurance???

Very few.  I represent dozens of life insurance companies, and many of the large carriers do NOT offer a 25 year term option, such as Genworth, Prudential, and Met Life.  All of the above offer 20 or 30 year policies, but not 25.

The companies who do offer a 25 year term policy are:

  1. Savings Bank Life – the product name is “25 Year Term Guaranteed 25″
  2. American General – Product name is “Select-A-Term 25″
  3. ReliaStar/ING – Product name is “TermSmart 25″
  4. Transamerica – “TransTerm UL 25″.  Note: this is a term/universal life hybrid, which means at the end of the 25 year initial term, the policy automatically “converts” (you might say) to the underlying universal life policy structure on which it is built.
  5. Protective Life – Product’s name is “Secure T 25 Year No Lapse UL”, and the same note applies here as to the TransTerm UL 25 above.

… and there may be a few more, but I don’t represent them.

Cost of a 25 Year Term Policy

As for cost, it will probably cost a bit more than 20 year term life insurance and a bit less than 30 year term.  You can quickly get a quote using our form on the right.  We have dozens of companies to compare, so you can be sure you’ll find the most competitive rate.

Be Careful! — Fewer Options means Less Competition

One word of advice.  If you have any type of health history or any other risk factors such as hazardous occupation, travels, or hobbies, a history of drug or alcohol abuse, or mental health disorder such as PTSD, bipolar disorder, anxiety/depression, be very careful about being narrow minded about “having to have” a 25 year term life insurance policy.

Remember that since only a handful of companies offer it, you may be shooting yourself in the foot by only having these companies to apply to.  It’s very possible that a different company (such as Prudential, Genworth, or Met Life) would offer you a lower rate class than the companies offering 25 year term.

That could mean that for the same price or lower, you could purchase a 30 year term policy instead.  Keep your options open and be sure to speak with a knowledgeable agent about your needs, as well as your health history.

We at Huntley Wealth Insurance are also happy to help with how to buy 25 year term insurance if you call us at 877-996-9383.

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