Are you considering a 30-year term life insurance to meet your needs?
This 30 Year Term Life Insurance Guide Covers:
- 30 Year Term Life Insurance Overview
- Advantages of 30 Year Term Life Insurance
- Disadvantages of 30 Year Term Life Insurance
As you consider what types of life insurance you should consider, our guide will help you decide if a 30-year term policy is best for your life insurance needs.
What is a 30 Year Term Life Insurance Policy?
A 30-year term life insurance policy is a life insurance policy where the price you pay is locked in for 30 years.
What happens after your 30-year term period ends?
With most policies, the policy doesn’t end. Instead, the premium you pay becomes an annual renewable term life policy where the premium will increase each year until age 95 +/- when the policy ends.
As you’ll learn in the following article, there are advantages and disadvantages with a 30 year term life insurance policy.
Advantages of 30 Year Term Life Insurance
Here are just a few of the many advantages of 30-year term life insurance over other term lengths:
Price – When you’re young, the price of 30-year life insurance may seem expensive now when compared to a 20-year term, but compare prices for your age 20 years from now to see how favorable the pricing really is.
Mortgages – If you buy a home, you probably have a 30-year mortgage. The convenience of a 30-year term life insurance policy will keep you covered for your entire mortgage. If you pay off the mortgage early and no longer need coverage, simply cancel it at that time. If you need life insurance for more than 30 years, our 40-year term guide will help you.
College Loans – Whether you have your own college loans to contend with or loans for your children, a 30-year term may provide coverage through graduation and beyond until you pay off the debt.
Retirement – Having life insurance at least through retirement age protects your income for your family in the event of your death.
Permanent Insurance Alternative – Previously the only option available if you wanted life insurance for longer than 10 years was a whole life insurance policy. With term lengths of 30 years or longer in some cases, you no longer have to pay for an overpriced cash value life insurance policy.
If you have a 30-year mortgage, young children, intend to work into your later years, etc., a 30-year term policy may be a great choice to consider.
Recent Life Insurance Articles That May be of Interest
- Accidental Death
- Whole Life Insurance
- Universal Life Insurance Everything You Need to Know
- Term Life Insurance – How to Save Money on Your Policy!
- 30 Year Term Life Insurance
Disadvantages of 30 Year Term Life Insurance
The disadvantages of 30-year term are few but are important to consider.
- Price – Convenience comes with higher pricing compared to a 20-year term or 15-year term.
- Commitment – Do you need a term life for 30 years? You may be able to best meet your needs by laddering life insurance coverage with some 30-year term as well as other term lengths.
It’s important that you take time to consider what your needs are today and what you expect they may be in the future before buying life insurance.
The following guide will help you with your decision making:
Our calculators are great for helping you determine life insurance needs.
30 Year Term Life Insurance Features
When comparing 30-year term rates from life insurers, you’ll see that the pricing is comparable for many companies, with prices varying by a few dollars in many cases.
In addition to price, some of the other things you should consider include:
- Conversion Privilege – How many years do you have to convert the term policy to permanent life insurance if needed? The other aspect of conversion that you should be aware of is what type of conversion product is available?
- Renewable Period – Most (but not all) term life policies have a renewable feature that allows you to continue the term policy after the level 30 year term period has ended.
30 Year Term Life Insurance Cost for Females
Age 30 – $17 /mo
Age 35 – $19 /mo
Age 40 – $25 /mo
Age 45 – $36 /mo
Age 50 – $53 /mo
Age 55 – $91 /mo
Age 60 – $214 /mo *
Age 65 – $275 /mo *
Age 70 – $457 /mo *
Age 30 – $27 /mo
Age 35 – $31 /mo
Age 40 – $42 /mo
Age 45 – $62 /mo
Age 50 – $95 /mo
Age 55 – $172 /mo
Age 60 – $405 /mo *
Age 65 – $523 /mo *
Age 70 – $903 /mo *
Age 30 – $46 /mo
Age 35 – $55 /mo
Age 40 – $77 /mo
Age 45 – $117 /mo
Age 50 – $181 /mo
Age 55 – $338 /mo
Age 60 – $754 /mo *
Age 65 – $1028 /mo *
Age 70 – $1761 /mo *
30 Year Term Life Insurance Cost for Males
Age 30 – $20 /mo
Age 35 – $22 /mo
Age 40 – $29 /mo
Age 45 – $45 /mo
Age 50 – $69 /mo
Age 55 – $124 /mo
Age 60 – $239 /mo *
Age 65 – $326 /mo *
Age 70 – $561 /mo *
Age 30 – $32 /mo
Age 35 – $37 /mo
Age 40 – $51 /mo
Age 45 – $81 /mo
Age 50 – $130 /mo
Age 55 – $239 /mo
Age 60 – $455 /mo *
Age 65 – $684 /mo *
Age 70 – $1113 /mo *
Age 30 – $56 /mo
Age 35 – $66 /mo
Age 40 – $96 /mo
Age 45 – $152 /mo
Age 50 – $249 /mo
Age 55 – $469 /mo
Age 60 – $850 /mo *
Age 65 – $1336 /mo *
Age 70 – $2214 /mo *
Sample quotes are based on monthly rates, for the best underwriting rate class available, (not everyone will qualify) as of 05/2019. Rates are subject to change. Companies quoted may include AIG, Banner Life, Lincoln National, Principal, Protective Life, Prudential, and others. * For ages 60-70, the product quoted is a no-lapse guaranteed universal life policy.
30 Year Term Life Conversion Privilege and Renewal Provisions
|Company||Conversion Privilege||Renewal Provision|
|AIG – American General||70||95|
|Penn Mutual||No Conversion||95|
|United of Omaha||71||95|
30 Year Term Life Insurance with Return of Premium
An alternative to buying a 30-year level term is to consider a Return of Premium (ROP) product where the life insurance company will refund your premiums at the end of the thirty-year term.
With Return of Premium (ROP) products, you may surrender the policy earlier than 30 years and still receive a partial refund.
Companies like Prudential also offer a reduced paid up life insurance policy if you cancel. With this option, if you cancel the policy, the company will provide a small death benefit policy that requires no further premiums.
If you do consider any ROP product, make sure you request the full illustration from the agent as it will provide year by year details so that you may make an informed decision.
30 Year Term Life Insurance Riders
When you consider your term life insurance, take a look at the riders that are available as some of them may appeal to you.
Accelerated Death Benefit Rider – In states where available, this no-cost rider will accelerate a portion of the death benefit in the event you become terminally ill.
Accidental Death Benefit Rider – With this additional cost rider, the life insurance company will pay an additional death benefit if your death was the result of an accident.
Children’s Rider – This additional cost rider provides up to $10,000 per child.
Waiver of Premium Rider – This additional cost rider waives premiums in the event of total disability as defined in the policy contract.
Disability Income Rider – This additional cost rider will pay a monthly benefit to you if you become disabled and qualify for the benefits.
Term Riders – If you consider staggered coverage (multiple term lengths) some companies offer term riders in 10, 15 and 20-year terms, while other companies will require multiple policies.
If you think about your various obligations and goals that you are looking to cover, we can custom tailor life insurance amounts and term lengths to meet your exact needs.
Please take a few minutes to submit your no-pressure, no-obligation quote request today. We’ll provide you with the information you need to make an informed decision about your life insurance. Thank you.