35-Year Term Life Insurance Policy
Posted in Term last updated on March 8, 2023
Yes, there is a 35-year term life insurance policy available in the U.S. today! Most consumers and even many agents are not aware that there are several highly rated insurance companies that now offer a 35-year level term life insurance policy. This is due to the fact that until several years ago, the longest term available of the market was a 30 year level or ‘fixed’ term. Most insurance companies would offer 10, 15, 20 or 30 year term lengths. However, with increasing life expectancy due to advancements in medicine and increased statistical data, several large life insurance carriers now offer a 35-year level term length.
Table of contents
- Which companies offer a 35-year term life insurance policy?
- How does a term life insurance policy work?
- Who is a thirty-five year term life insurance policy for?
- Who is eligible for a 35-year term?
- Are there any drawbacks to a 35 year term policy?
- Is a 35-year term policy any different than the other term lengths?
- Does the policy cover natural causes?
- Does the policy cover accidents?
- Does it cover suicide?
- Sample 35-year term life insurance rates
- Conclusion
Which companies offer a 35-year term life insurance policy?
Currently there are five insurers that offer a 35-year term life insurance policy in America in 2022.
- AIG (American General Life) 35-year term life insurance: Product Name: Select-a-Term – 35 Year
- Protective Life Insurance 35-year term life insurance: Product Name: Classic Choice Term 35
- Banner Life Insurance 35-year term life insurance: Product Name: OPTerm 35 – 35 Year Term
- Primerica Life Insurance 35-year term life insurance: Product Name: TermNow 35
- GBU Financial Life 35-year term life insurance: Product Name: Select Term – 35 Year
The 35-year level term rates are very competitive from Banner Life, AIG and Protective Life. GBU Financial Life has competitive rates typically for those under the age of 40.
Most people choose the company that comes back with the lowest rate, since you can’t go wrong with any of these companies. Sometimes people have a have a preference of one company over another by brand name, history with the company, etc. Also, each company has their own underwriting guidelines, therefore it’s important to make sure you are choosing the insurer that will offer the best rate based on your underwriting profile.
How does a term life insurance policy work?
A 35-year level term policy works exactly like any other term policy. Once you are approved, the rate is fixed for the next 35 years. The rate can never increase during that time regardless of age or health. Also, it is a unilateral contract, meaning you can cancel anytime without a penalty but the insurance company cannot cancel the policy on you (unless you don’t pay the premium). Also, AIG, Banner, Protective Life and GBU Life has a conversion option to permanent insurance, same as the shorter term lengths.
Who is a thirty-five year term life insurance policy for?
A 35-year term life insurance policy is ideal for anyone who would like to have a fixed rate on their life insurance policy for the next 35 years. For example, a young couple just starting out with a mortgage, children and may have additional children in the future and would like to lock in their rate and insurability for the next 35 years. Also, there are many other instances where the insured and the beneficiary would like the added peace of mind of a longer 35-year term versus the 30-year term policy.
Ideally at a certain time in the future, the kids will be grown, the mortgage is paid down or off and you’re retired with assets. The need for life insurance should be greatly reduced or hopefully eliminated and you would be self-insured. Life insurance is there to replace the loss of future income so your loved ones that are left behind are able to continue on. The money provided by life insurance proceeds can care of the children, spouse, mortgage, future education, debts and daily living expenses. It can also leave a legacy.
Who is eligible for a 35-year term?
Typically the latest someone is eligible for a 35-year fixed term length is no later than 50 years old. After that, you would need a permanent policy. For those who are 51 year or older and are looking for a 35 year term, a no-lapse guaranteed universal life policy to age 90, 95, 100, 105, 110 or 121 years old would be a great option to look at. It acts very similar to a term policy, where the rates and coverage amount are fixed.
Are there any drawbacks to a 35 year term policy?
The only drawback for a 35-year term versus any other term is cost. With life insurance, the shorter the duration of the policy- the lower the cost. This is due to the fact that when the insurance company is locking in the rate for a shorter period of time, there is less of a chance they will have to pay out the money. A 10-year level term is the least expensive term policy, then it goes up from there, i.e. 15 year is more than 10 year, a 20 year is more than a 15 year term, etc. This why it’s recommend to do a needs analysis to see how long you will ideally need the life insurance protection for so your policy doesn’t expire too early or go too long and you don’t need to pay the higher premium.
Is a 35-year term policy any different than the other term lengths?
No. It’s the same exact policy as a 10, 15, 20, 25, 30 year term policy. The only difference is that with advancements in medicine and life expectancy, several life insurance companies now offer the 35-year term product and take on the risk of insuring someone for a longer duration.
Does the policy cover natural causes?
Yes, the 35-year term policy covers any type of death, expect suicide in the first two years. Natural causes or accidents are covered from day one.
Does the policy cover accidents?
Yes, the 35-year term policy covers any type of death, natural causes and accidents. The policy does not cover suicide in the first two years.
Does it cover suicide?
Yes, just like other term life insurance policies, the policy covers suicide after two years. Life insurance policies have a two-year contestability clause. This means if you commit suicide in the first two years of the policy or you lie on your application and die in the first two years, the insurance company can contest the claim and will not payout.
Sample 35-year term life insurance rates
Below are the lowest monthly rates for a 35-year level term policy with both an ‘A’ and ‘A+’ rated life insurance companies; AIG, Protective Life & Banner Life, using our rate-sheet software quoter.
| Age | Gender | $250,000 Coverage | $500,000 Coverage | $1 Million Coverage |
|---|---|---|---|---|
| 25 | Male | $22 | $35 | $60 |
| 25 | Female | $17 | $27 | $46 |
| 30 | Male | $22 | $38 | $67 |
| 30 | Female | $19 | $31 | $54 |
| 35 | Male | $26 | $43 | $79 |
| 35 | Female | $22 | $36 | $65 |
| 40 | Male | $34 | $62 | $116 |
| 40 | Female | $29 | $50 | $93 |
| 45 | Male | $56 | $98 | $187 |
| 45 | Female | $47 | $75 | $143 |
| 50 | Male | $116 | $217 | $429 |
| 50 | Female | $88 | $166 | $320 |
Conclusion
With advancements in modern medicine and increasing life expectancy, several of the largest life insurance companies in America now offer a 35-year term life insurance policy. This is a great option for someone that doesn’t want to pay the much higher price for a permanent life insurance policy but does want the security and peace of mind of having a fixed rate and life insurance coverage locked in for the next 35 years. Just as with the other term lengths, the insurance company will lock in the rate for the term but you can cancel the policy anytime without a penalty if you don’t need or want it. You just pay as you go. In deciding on whether a 35-year term life insurance policy is right for you, it’s recommended that you do a needs analysis on your own or with an agent to see what is best for you.
