Top Life Insurance Company That Offers 20-Year Terms in 2024
There are many popular life insurance companies that offer 20-year terms. 20-year term life insurance policies help policyholders maintain affordable life insurance rates without major price increases. It's important to shop 20-year term life insurance policies from top providers like MassMutual and State Farm.
Free Life Insurance Comparison
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Schimri Yoyo
Licensed Agent & Financial Advisor
Schimri Yoyo is a financial advisor with active life and health insurance licenses in seven states and over 20 years of experience. During his career, he has held roles at Foresters Financial, Strayer University, Minnesota Life, Securian Financial Services, Delaware Valley Advisors, Bridgemark Wealth Management, and Fidelity. Schimri is an educator eager to assist individuals and families in ...
Licensed Agent & Financial Advisor
UPDATED: May 10, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: May 10, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- There are many term life insurance companies that offer 20-year terms to help policyholders keep affordable rates
- The best term life insurance companies will have strong A.M. Best and customer service ratings
- Most term life insurance providers offer 10, 20, and 30-year terms
If you’re searching for the best term life insurance quotes, you might want to search for life insurance companies that offer 20-year terms. Term life insurance tends to be the most affordable for healthy adults.
Life insurance policies can get confusing. That’s why we’ll break down sample term life insurance quotes, the best term life insurance companies, and why a 20-year term life insurance policy is right for you.
Keep reading to learn more about life insurance companies that offer 20-year terms, or enter your ZIP code to get instant quotes from top insurers in your area in minutes.
What is the best 20-year term life insurance company?
Term life insurance companies are popular for life insurance because they often have the most reasonable monthly rates. Even so, not every term life insurance provider is built around the same morals.
Your one-stop online guide for life insurance quotes. Get free quotes now!
Secured with SHA-256 Encryption
Almost every term life insurance provider will offer 20-year terms. The best 20-year term life insurance company will have strong financial strength ratings, customer service reviews, and a great price.
What are the best term life insurance company ratings?
Term life insurance is a great option for those that want a low monthly expense and a significant death benefit to protect their beneficiaries. Before you buy a term life insurance policy, you’ll want to be sure you choose a trustworthy company.
Sample A.M. Best Ratings by Company
| Companies | A.M. Best Rating |
|---|---|
| Allstate | A+ |
| Banner Life | A+ |
| Guardian Life | A++ |
| Haven Life | A++ |
| John Hancock | A+ |
| Liberty Mutual | A |
| MassMutual | A++ |
| Mutual of Omaha | A+ |
| Nationwide | A+ |
| New York Life | A++ |
| Northwestern Mutual | A++ |
| Pacific Life | A+ |
| Primerica | A+ |
| Principal | A+ |
| Protective | A+ |
| Prudential | A+ |
| State Farm | A++ |
The best place to start for life insurance company ratings is with A.M. Best, which provides financial strength ratings for many popular insurers. This helps to determine whether or not a company is financially stable enough to supply your death benefit.
Realistically, any company with an “A” rating or better should be reliable enough to buy a policy from. The top companies by A.M. Best Rating are:
- Guardian Life
- Haven Life
- MassMutual
- New York Life
- Northwestern Mutual
- State Farm
These companies all boast an “A++” A.M. Best rating and show zero signs of financial distress. For more information, visit our guide to understanding the A.M. Best rating scale.
Customer service ratings are also important. Just because a company has a strong business plan doesn’t mean it necessarily has your best interest in mind.
J.D. Power ranks term life insurance companies on customer satisfaction and identified a few of the same companies as A.M. Best for high performance. This includes the following companies by rating:
- State Farm
- Northwestern Mutual
- New York Life
- MassMutual
While other companies, like Guardian Life, did appear in this study, it was below the industry average for customer satisfaction. The above companies each have strong customer service and financial strength ratings.
Your one-stop online guide for life insurance quotes. Get free quotes now!
Secured with SHA-256 Encryption
What is the typical 20-year term life insurance cost per month?
Term life insurance policies can vary in cost due to many factors, like age, gender, coverage amount, and even your job. This is why it’s important to shop around for 20-year term life insurance policies before you buy one.
Sample 20-Year Term Life Insurance Rates for $250,000 in Policy Coverage
| Age | State Farm - Male | State Farm - Female | MassMutual - Male | MassMutual - Female |
|---|---|---|---|---|
| 25 | $23.27 | $18.72 | $15.00 | $13.48 |
| 30 | $24.59 | $20.44 | $15.23 | $13.70 |
| 35 | $26.09 | $22.19 | $15.88 | $13.93 |
| 40 | $33.72 | $28.49 | $20.68 | $17.83 |
| 45 | $45.47 | $37.42 | $32.40 | $26.33 |
| 50 | $69.59 | $54.59 | $47.63 | $36.33 |
| 55 | $105.72 | $78.97 | $73.73 | $57.43 |
| 60 | $183.79 | $131.17 | $125.73 | $89.18 |
| 65 | $323.42 | $220.99 | $243.18 | $156.6 |
Unfortunately, we are unable to provide sample rates from every life insurance company. However, we are able to highlight sample rates for some affordable life insurance companies that offer 20-year term life insurance.
In this case, State Farm appears to be significantly more expensive than MassMutual for $250,000 worth of coverage. That said, State Farm did have better customer service ratings.
With both companies, term life insurance rates increase by age which is a standard underwriting practice.
Keep in mind that some life insurance providers emphasize term lengths differently. This means that some companies might offer more affordable 10, 20, 25, or 30-year term life insurance policies.
Who would benefit from a 20-year term life insurance policy?
Term life insurance policies vary in multiple ways, but one important factor is term length.
What is a 20-year term life policy? Simply put, a 20-year term policy is a policy that has a fixed monthly payment for 20 years or until the policyholder dies, whichever comes first.
Why choose a 20-year policy? In general, term life insurance policies are the most affordable life insurance products. A 20-year policy offers a happy medium between cost-effectiveness and duration of a policy.
A 10-year term life insurance policy is the cheapest per month, but you will be exposed to an abrupt price increase if you outlive the policy. A 30-year policy is a bit more expensive each month, but your rates don’t change for a very long time.
If you’re wondering how to buy a 20-year term life insurance policy, it’s a good idea to start getting quotes from multiple providers and inquiring about any additional benefits or riders your policy might include.
Life Insurance Companies That Offer 20-Year Terms: The Bottom Line
If you want to buy a 20-year term life insurance policy, you’ll want to shop around to get the best rates. We recommend top-rated term life insurance companies like State Farm and MassMutual.
By now, you should know how to choose life insurance companies that offer 20-year terms. Before you go, enter your ZIP code below to get free quotes from top life insurance companies in your area.
Your one-stop online guide for life insurance quotes. Get free quotes now!
Secured with SHA-256 Encryption
Schimri Yoyo
Licensed Agent & Financial Advisor
Schimri Yoyo is a financial advisor with active life and health insurance licenses in seven states and over 20 years of experience. During his career, he has held roles at Foresters Financial, Strayer University, Minnesota Life, Securian Financial Services, Delaware Valley Advisors, Bridgemark Wealth Management, and Fidelity. Schimri is an educator eager to assist individuals and families in ...
Licensed Agent & Financial Advisor
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.