If you are cost-conscious, a 20-year term policy might be your choice. Term life insurance is affordable, but you do pay more for a 30-year term policy than you would for a 20-year term.
$2 million term rates for men
| Sex | Age | $2,000,000 20 year Term |
|---|---|---|
| Male | 30 | $66.12/mo |
| Male | 40 | $104.40/mo |
| Male | 50 | $299.28/mo |
| Male | 60 | $846.90/mo |
Best Term Life Insurance Companies of 2021
When you outlive your term policy, you will no longer have life insurance coverage—but you can convert to a permanent policy or buy new term insurance.
Ultimately, you should keep your term life insurance for as long as you have a need for the insurance–children at home, a non-working spouse to provide for if you die, or to pay off a mortgage.
If you have a growing family or young children, a 20- or 30-year term life policy may be the best fit. It could keep your family covered until your kids become financially independent adults. If you're caring for older children or parents, maybe a 10-year term is what you need.
Term length
A 35-year man in excellent health, non-smoker, looking for $500,000 of coverage will pay: About $16 a month for a 10-year term. Approximately $17 a month for a 15-year term.
Brian Greenberg, True Blue Life Insurance
“The biggest life insurance policy our firm has ever written in terms of face value was $41,000,000. I believe the justification was to pay off debt.
The average cost of life insurance is $26 a month. This is based on data provided by Quotacy for a 40-year-old buying a 20-year term life policy, which is the most common term length sold. But life insurance rates can vary dramatically among applicants, insurers and policy types.
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