Updated on April 22, 2021
How to get the best 30-year term life insurance rates available.
30 Year Term Life Insurance Overview
- What is a 30 Year Term?
- Advantages of 30 Year Term Life Insurance
- Disadvantages of 30 Year Term Life Insurance
Are you considering a 30-year term life insurance to meet your needs?
This guide will help you decide if a 30-year term policy is best for you.
What is a 30 Year Term?
A thirty-year term 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.
The premium will increase each year until age 95 +/- when the policy will end.
There are advantages and disadvantages with a term length this long.
Advantages of 30 Year Term Life Insurance
Price – When you’re young, the price of 30-year life insurance may seem expensive 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 this term length is that it 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 through retirement age protects your income for your family if you die.
You can set up the death benefit life insurance settlement option to provide an annual income instead of a lump sum.
Permanent Insurance Alternative – You no longer have to pay for a cash value life insurance policy to get 30 years of coverage.
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
- Life Insurance Settlement Options
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- Universal Life Insurance Everything You Need to Know
Disadvantages of 30 Year Term Life Insurance
- Price – Convenience comes with higher pricing compared to a 20-year term or 15-year term.
- Commitment – Do you really need a 30-year term? You may be able to meet your needs with shorter terms.
It’s important to consider your needs today and what you expect they may be in the future before buying life insurance.
We don’t see 30 year term being used very often for business loans that require collateral assignments.
The reason why is that most business loans are for shorter durations of time.
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.
Other things to consider:
- Conversion Privilege – How many years do you have to convert the term policy to permanent life insurance?
- The other aspect of conversion that you should be aware of is what type of conversion product is available?
- Renewable Period – Does your policy have a renewable feature?
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.
With this policy, the life insurance company refunds your premiums at the end of the thirty-year term.
With Return of Premium (ROP) products, you may surrender the policy earlier 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 paid-up death benefit policy.
If you do consider any ROP product, make sure you request the full illustration to 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
This no-cost rider accelerates a portion of the death benefit in the event you become terminally ill. Not all companies offer this.
Accidental Death Benefit Rider
The life insurance company pays an additional death benefit if your death was the result of an accident.
Children’s Rider – Provides $10,000 – $20,000 per child.
Waiver of Premium Rider – Waives premiums in the event of total disability as defined in the policy contract.
Disability Income Rider – Will pay a monthly benefit to you if you become disabled and qualify for the benefits.
Term Riders – Some companies offer term riders in 10, 15, and 20-year terms that can be added to your base policy.
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.