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20-Year Term Life Insurance

Want financial peace of mind while paying off debt, starting a family, or preparing for retirement? Explore whether a 20-year life insurance policy is right for you.

What is 20-year term life insurance?

As one of the simplest and most affordable types of life insurance around, term life insurance is a smart move for many families. These policies provide financial protection for a set period of time, called a term length. Term life insurance typically comes in term lengths of 10, 15, 20, or 30 years, making 20-year term life insurance one of the longer term options available.

The ideal term length for you depends on your current financial obligations and how long you expect them to last. When considering your financial responsibilities, make sure to include:

  • day-to-day living expenses
  • your mortgage
  • credit card debt
  • student loans
  • any other expenses your family would need to cover if you died

A 20-year policy is ideal for people who expect to have financial obligations that will end by the time the 20 years are up. If you have children who will be out of the house by then, less than 20 years to go on your mortgage, and no other big responsibilities on the horizon, this policy may be the way to go.

As with all life insurance, though, timing is everything. If you think you’ll still have a spouse or children depending on you financially in 20 years, a 30-year policy might be a better fit. On the other hand, if you just have a few years before retirement or expect to have all your obligations paid off in the next few years, buying a shorter 10-year or 15-year policy can help you avoid paying extra for coverage you don’t need.

How does a 20-year term life insurance policy work?

After you buy your policy, you’ll pay monthly or yearly premiums throughout the term length to keep your policy active. If you die during this time, your beneficiaries will receive a tax-free cash payment, or death benefit. With no strings attached, they can use this payment as extra income, to pay off debt or end-of-life expenses, or even save as an inheritance for your children.

At the end of the policy, you can decide to extend your coverage for a higher premium, buy a new policy, or simply let it expire, which would end your coverage and payments.

Benefits of 20-year term life insurance

  • Affordable premiums

    Affordable premiums

  • Cover longer-term needs

    Cover longer-term needs

  • Flexibility


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20-year term life insurance quotes through eFinancial

At eFinancial, we’re committed to making the life insurance buying process simple, affordable, and convenient for you and your family. We offer access to high-quality 20-year term policy products from over 20 top-rated life insurance providers. Our team of agents provide personalized guidance, so that you and your family can find the right life insurance company and policy for your needs.

Want to get started? You can request your free, no-obligation online quote or call 866-388-3996800-957-9525 to talk with one of our agents.