30-Year Term Life Insurance Guide 2024
Posted in Term Life Insurance last updated on August 31, 2024If you’re new to life insurance and are looking for learn more about a 30-year level term life insurance policy then you’ve come to the right place. In this article, we’ll show you the best rates in the country for a 30-year level term life insurance policy as well as how to to purchase the policy and alternatives.
Table of contents
- What Is A 30-Year Term Life Insurance Policy?
- How Does A 30-Year Term Life Insurance Policy Work?
- How Much Does A 30-Year Term Life Insurance Policy Cost for A Male?
- How Much Does A 30-Year Term Life Insurance Policy Cost for A Female?
- 30-Year Term Life Insurance Rates Illustration
- How Much Is A 30-Year Term No-Exam Life Insurance Policy?
- Alternatives To A 30-Year Term Life Insurance Policy
- Best Life Insurance Companies for A 30-Year Term Life Insurance Policy
- What Are The Steps To Acquire A 30-Year Level Term Life Insurance Policy?
- 30-Year Term Life Insurance Terminology Used in This Article
- 10 Frequently Asked Questions (FAQ) 30-Year Term
What Is A 30-Year Term Life Insurance Policy?
A 30-year term level life insurance policy is very straightforward. It simply means:
- The premiums are fixed for 30 years
- The policy face amount is fixed for 30 years
- The rates can never increase regardless to changes in age or health
- You can cancel anytime without a penalty
How Does A 30-Year Term Life Insurance Policy Work?
The way a 30-year level term life insurance policy works is very simple:
- You pay the monthly or annual premiums and if you die during the 30 years, the policy will payout the death benefit to your beneficiaries.
How Much Does A 30-Year Term Life Insurance Policy Cost for A Male?
Below are the best rates for a 30-year level term life insurance policy for a 40-year old male in excellent health.
Company | $250k | $500k | $1 Million |
|---|---|---|---|
$27.96/mo | $49.20/mo | $91.43/mo | |
$27.82/mo | $48.93/mo | $90.91/mo | |
$27.97/mo | $49.21/mo | $91.44/mo | |
$27.98/mo | $49.22/mo | $91.45/mo | |
$28.02/mo | $49.25/mo | $91.47/mo | |
$29.76/mo | $52.51/mo | $97.45/mo |
*Rates for a 40-year old male, D.O.B. 6/1/1984 in excellent health, non-smoker for a 30-year level term policy
*All policies include a conversion option and accelerated death benefit at no additional cost.
How Much Does A 30-Year Term Life Insurance Policy Cost for A Female?
Below are the best rates for a 30-year level term life insurance policy for a 40-year old female in excellent health.
Company | $250k | $500k | $1 Million |
|---|---|---|---|
American General | $22.64/mo | $38.89/mo | $71.51/mo |
Banner Life | $22.67/mo | $39.10/mo | $71.92/mo |
Protective Life | $22.68/mo | $39.11/mo | $71.93/mo |
Symetra Life | $22.69/mo | $39.12/mo | $71.94/mo |
Pacific Life | $22.73/mo | $39.15/mo | $72.22/mo |
Penn Mutual | $24.09/mo | $41.84/mo | $77.67/mo |
*All policies include a conversion option and accelerated death benefit at no additional cost.
*Rates for a 40-year old female, D.O.B. 6/1/1984 in excellent health, non-smoker for a 30-year level term policy
30-Year Term Life Insurance Rates Illustration
Below is a an illustration of the best rates and companies for a 30-year term life insurance policy from the best companies: Banner Life, Protective Life, Corebridge Financial, Symetra Life, Pacific Life, SBLI, Transamerica, Principal, Penn Mutual and Ameritas. Many of these companies offer a no-exam application if you qualify.
How Much Is A 30-Year Term No-Exam Life Insurance Policy?
A no medical exam 30-year level life insurance policy is available for many applicants up to 55 years old. Below are the best sample rates for ages 25-55 for females and males in excellent health, non-smoker for $100,000, $500,000 and $1,000,000.
Age & Gender | $100k | $500k | $1 Million |
|---|---|---|---|
25-Year Old Female | $10/mo | $22/mo | $34/mo |
25-Year Old Male | $11/mo | $27/mo | $46/mo |
35-Year Old Female | $12/mo | $28/mo | $50/mo |
35-Year Old Male | $14/mo | $34/mo | $62/mo |
45-Year Old Female | $20/mo | $59/mo | $112/mo |
45-Year Old Male | $23/mo | $76/mo | $145/mo |
55-Year Old Female | $49/mo | $173/mo | $329/mo |
55-Year Old Male | $67/mo | $230/mo | $451/mo |
*Policies include a conversion option and accelerated death benefit at no additional cost.
Alternatives To A 30-Year Term Life Insurance Policy
Below are the most common alternatives for a 30-year level term life insurance policy to:
- 20-Year Level Term
- 25-Year Level Term
- 35-Year Level Term
- 40-Year Level Term
- Guarantee Universal Life Insurance (GUL)
Best Life Insurance Companies for A 30-Year Term Life Insurance Policy
Below are the best 30-year term life insurance companies:
- Healthy People: Banner Life, Protective Life, Pacific Life, Penn Mutual, Symetra Life
- Seniors: Transamerica, Pacific Life, Protective Life, American General
- No-Exam: Symetra Life, Pacific Life, SBLI, Banner Life
- Overweight (BMI): Pacific Life, Banner Life, American General, Prudential
- Type II Diabetics: Banner Life, American General, Pacific Life, Prudential
What Are The Steps To Acquire A 30-Year Level Term Life Insurance Policy?
Below are the 5 steps to purchase a 30-year level term life insurance policy at the lowest rates nationally.
- Compare Quotes. It’s best to call or meet with at least five different insurance companies to receive and compare quotes or to use a broker that can do the shopping for you to save you time (there is no charge to use a broker in life insurance). The rates for a 30-year term can vary as much as $50 month or more for the same coverage amount on a 30-year term between companies.
- Apply. Once you choose the best company for you, then next step is to complete the application either online or by phone depending on the insurer. You may qualify for a no-exam application or if needed a 30-minute no-cost paramedical exam at your home or you can choose to go to their office.
- Underwriting. The third step in applying for a 30-year term life insurance policy is underwriting. This can take as quick as 18 minutes or as long as 8 weeks. For those that are younger and healthy, an instant-decision policy may be available which means a final decision is made in 18 minutes or less. For most, if typically takes 3-8 weeks which is the average underwriting time frame, just depending if a paramedical exam is needed and or if medical records are ordered.
- Review Policy. Once approved, review the policy and also this is the time you can make any changes such as adjust the coverage amount or even the term length.
- Activate the coverage. Once your review and accept the policy, the last step in securing a 30-year term life insurance policy is sign the final documents online and make your payment. The majority of people will pay monthly using electronic funds transfer (EFT) out of a checking account or opt to choose direct billing with quarterly, semi-annual or annually payment modes.
30-Year Term Life Insurance Terminology Used in This Article
Name | Meaning |
|---|---|
30-Year Level Term | Coverage amount and premiums are fixed for 30 years. |
Conversion Option | The option to convert a term life insurance policy to permanent life insurance without evidence of insurability. |
Accelerated Death Benefit | Ability to access a percentage of the death benefit in advance if a licensed physician certifies that the insured has a terminal illness and has less than 12 months to live. |
10 Frequently Asked Questions (FAQ) 30-Year Term
What is the oldest age to be eligible for a 30-year term policy?
1. Females and males are both eligible for a 30-year level term life insurance policy up to 58 years old with Protective Life and Transamerica.
Who is a the best candidate for a 30-year term policy?
2. A 30-year level term life insurance is ideal for anyone that wants to have a fixed coverage amount and premiums for 30 years. The most common uses for a 30-year level term policy are: to protect a mortgage, protect income and to protect a spouse and children.
When is the best time to purchase a 30-year term level term policy?
3. The best time to purchase a 30-year level term life insurance policy is when you are young and healthy since the cost of a new life insurance policy increases each year as we get older. In addition, as we age health issues can arise which could also increase the rates and even affect eligibility.
Is a 30-year term life insurance policy worth it?
4. Yes, a 30-year term life insurance policy is almost a necessity for young adults who have a spouse, dependent children and or a recent mortgage.
How much is a 30-year term life insurance for $1 million?
5. The cost of a $1 million 30-year level term policy is as low as $72 month for a 40-year old female in excellent health and $133 month for a 40-year old female in average health.
Where can I find a 30-year term life insurance calculator?
6. A 30-year term life insurance calculator to determine the ideal coverage amount and to compare premiums from the nation’s top companies can be found here.
Is a 30-year level term life policy available insurance for seniors?
7. A 30-year term is available for ‘seniors‘ up to 58 years old.
Is no-exam life insurance available for a 30-year level term life insurance policy?
8. Yes, a 30-year level term policy is available up to age 55 years old and up to $3 million from several highly rated companies such as Symetra Life and Pacific Life.
When does a 30-year term life insurance policy payout?
9. A 30-year term life insurance pays out if the insured dies during the 30 year term.
What happens at the end of a 30-year term life insurance policy?
10. When a 30-year term life insurance expires, most companies allow the insured to keep the policy but at a MUCH higher premium. For those under 70 years old, many policies will provide the option to convert a portion or the full policy amount to permanent coverage.
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