20 vs. 30-Year Term Life Insurance

Shawn Plummer

CEO, The Annuity Expert

What is the Difference Between 20 and 30-Year Term Life Insurance?

20-Year Term Life Insurance:

  • Duration: Provides coverage for 20 years.
  • Cost: Generally cheaper than 30-year term insurance.
  • Ideal For: Individuals in their 30s or 40s, or those with young children, to cover critical earning years.

30-Year Term Life Insurance:

  • Duration: Offers coverage for 30 years.
  • Cost: More expensive due to the longer coverage period.
  • Ideal For: Younger individuals, such as those in their 20s, to lock in low rates; suitable for longer-term financial obligations like a mortgage.

Related Reading:

Related Reading: Should I Buy 25 or 30-Year Term Life Insurance?


  1. A 35-Year-Old Parent: Chooses a 20-year term to ensure financial protection until their children are adults.
  2. A 25-Year-Old Homeowner: Selects a 30-year term to align with their mortgage duration.

Pros and Cons

Aspect20-Year Term30-Year Term
Premium CostLowerHigher
Coverage DurationShorter, suitable for immediate needsLonger, covers long-term obligations
FlexibilityHigher, as financial needs may change after 20 yearsLower, but offers extended peace of mind
Ideal Age for Purchase30s-40s20s-30s


Choosing between 20 and 30-year term life insurance depends on your age, financial obligations, and your dependents’ needs. A 20-year term is cost-effective and suitable for mid-life financial protection, while a 30-year term offers extended coverage, which is ideal for younger individuals with long-term commitments. Evaluate your specific situation to make an informed decision. Contact us today for a free quote.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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