Although 30-year term life insurance is generally more expensive than a policy with a shorter term, having a 30-year term policy in place means that your cost of life insurance is locked in for the entire 30 years.
Similar to whole life insurance, when your 30-year term policy is issued, your policy cannot be canceled except for non-payment and your monthly premium cannot be increased because of new health issues.
Moreover, since your coverage is for 30 years, most insurance companies will not issue a 30-year policy to an applicant age 50 over older. But there is good news, people over 50 can purchase a 20 or 25-year policy instead.
Whole Life Insurance
Whole Life Insurance is permanent insurance, designed to cover you from the day the policy is issued until the day you die. There are fixed premiums and a fixed death benefit with this type of life insurance. Whole life also has a cash value savings vehicle that can be accessed for any reason via policy loans and cash withdrawals (partial surrenders).
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Whole Life Insurance
Whole Life Insurance is permanent insurance, designed to cover you from the day the policy is issued until the day you die. There are fixed premiums and a fixed death benefit with this type of life insurance. Whole life also has a cash value savings vehicle that can be accessed for any reason via policy loans and cash withdrawals (partial surrenders).
Whole Life Insurance
Whole Life Insurance is permanent insurance, designed to cover you from the day the policy is issued until the day you die. There are fixed premiums and a fixed death benefit with this type of life insurance. Whole life also has a cash value savings vehicle that can be accessed for any reason via policy loans and cash withdrawals (partial surrenders).
Term life insurance is much more affordable than other forms of life insurance, and the available coverage amounts are high.
Additionally, most insurers will allow you to convert your term life insurance to permanent insurance and not have to go through medical underwriting again.
Whole Life Insurance
Whole Life Insurance is permanent insurance, designed to cover you from the day the policy is issued until the day you die. There are fixed premiums and a fixed death benefit with this type of life insurance. Whole life also has a cash value savings vehicle that can be accessed for any reason via policy loans and cash withdrawals (partial surrenders).
How Does a 30-Year Term Policy Work?
A 30-year term policy is straightforward with few moving parts. It’s the simplest type of life insurance because there is no cash component attached and the fees are negligible.
When you purchase a 30-year term life insurance policy, you select a face amount that can vary from $25,000 to $10 million. You then make periodic premium payments (monthly, quarterly, semi-annually, or annually) until your coverage period expires. If you die during that time, your beneficiary will receive a lump sum death benefit in a tax-free payment.
Most companies will allow a policyholder to renew their policy until age 80 or 85 but the renewal policy becomes annually renewable term coverage, which means your premium will go up at each policy anniversary.
Whole Life Insurance
Whole Life Insurance is permanent insurance, designed to cover you from the day the policy is issued until the day you die. There are fixed premiums and a fixed death benefit with this type of life insurance. Whole life also has a cash value savings vehicle that can be accessed for any reason via policy loans and cash withdrawals (partial surrenders).
How Much does 30 Year Term Life Insurance Cost?
Fortunately, over the last 20 years, term life insurance costs are not rising like other types of insurance, in fact, in many cases rates have remained the same or even gone down because of innovative technology.
This new technology has been embraced by life insurance companies because it reduces underwriting costs for the insurers which in turn benefits life insurance applicants.
Actual Rates for 30-Year Term Life Insurance for Male Preferred
Applicant Age $250,000 $500,000 $1,000,000
25 $21.01 $35.65 $64.48
30 $22.55 $38.73 $67.93
35 $25.03 $42.08 $76.46
40 $34.76 $61.30 $111.60
45 $54.31 $93.93 $179.35
50 $83.64 $153.67 $286.24
All rates are subject to underwriting by the insurance company. Use our instant quote form to find rates for your actual age.
Actual Rates for 30-Year Term Life Insurance for Female Preferred
Applicant Age $250,000 $500,000 $1,000,000
25 $17.82 $27.02 $45.83
30 $19.37 $30.66 $53.78
35 $21.80 $35.28 $61.33
40 $28.26 $47.65 $87.50
45 $40.29 $71.65 $133.68
50 $60.65 $112.25 $209.94
All rates are subject to underwriting by the insurance company. Use our instant quote form to find rates for your actual age.
Whole Life Insurance
Whole Life Insurance is permanent insurance, designed to cover you from the day the policy is issued until the day you die. There are fixed premiums and a fixed death benefit with this type of life insurance. Whole life also has a cash value savings vehicle that can be accessed for any reason via policy loans and cash withdrawals (partial surrenders).
What About Pre-Existing Conditions?
A lot of people make the mistake of thinking that they can get 30-year term life insurance without going through medical underwriting. It’s a myth – nobody is exempt. To properly determine your class and rate, the company has to measure your health status.
During the underwriting process, insurers will commonly use some or all of the underwriting procedures listed below to determine and confirm your health risk to the company:
- Health questions on the life insurance application
- Historical medical data from the Medical Information Bureau (MIB)
- Historical data from a Prescription Drug national database
- Life insurance medical exam (includes blood/urine analysis)
- Reports from your physician and any inpatient facilities
- Questions about your occupation and lifestyle activities
Over the years, we have found that a fully-underwritten 30-year term life insurance policy will typically result in the lowest rate for the applicant.
Important Note: Even when you choose a no-medical exam policy, you must be truthful in answering the health questions on the application because of the contestability clause that is contained in every life insurance policy. The contestability clause, which typically applies during the first two years of coverage, allows the insurer to investigate your answers on the application before paying a claim.
For example, if you claimed to be a non-smoker and the insurance company finds out that you were a smoker or omitted pre-existing health conditions, the insurance company will likely not pay the full death benefit because of your misrepresentation on the application.
There is good news, however, most life insurance companies will accept applicants with some pre-existing conditions so don’t assume that you will not qualify for life insurance coverage. Additionally, most independent life insurance agents will offer you alternative types of life insurance if you don’t qualify for a 30-year term life insurance policy.
Whole Life Insurance
Whole Life Insurance is permanent insurance, designed to cover you from the day the policy is issued until the day you die. There are fixed premiums and a fixed death benefit with this type of life insurance. Whole life also has a cash value savings vehicle that can be accessed for any reason via policy loans and cash withdrawals (partial surrenders).
Is a 30-Year Term Life Insurance Policy Right for You?
To understand if a 30-year term policy is a good fit for you, we will always discuss your reasons for shopping for life insurance coverage in the first place.
Generally, most people purchase a 30-year term policy to replace their income for their surviving loved ones. This will typically involve doing a “needs analysis” to calculate how much money your surviving loved ones will need if you die unexpectedly.
Your independent insurance professional will be happy to help you calculate the amount of life insurance you need based on your financial circumstances and available budget for premiums. You can, however, use a free online life insurance needs analysis calculator if you prefer to do the calculations yourself.
The life insurance calculator generally looks at the following:
- Amount needed to pay off your home mortgage
- Paying off personal or family debts
- Money for a child’s college tuition
- Money for a spouse’s retirement planning
- Living expenses for surviving family members over a pre-determined number of years
Whole Life Insurance
Whole Life Insurance is permanent insurance, designed to cover you from the day the policy is issued until the day you die. There are fixed premiums and a fixed death benefit with this type of life insurance. Whole life also has a cash value savings vehicle that can be accessed for any reason via policy loans and cash withdrawals (partial surrenders).
Pros and Cons of 30-Year Term Life Insurance
The pros and cons of a 30-year term life insurance policy compared to a permanent policy like whole life insurance are rather apparent:
Pros:
- Term life insurance is the most affordable type of life insurance that pays a benefit whether or not a death was the result of an accident or natural causes.
- Most policies can be converted to permanent life insurance like whole life or universal life without having to go through medical underwriting.
- Many life insurance companies offer optional riders that allow the applicant to broaden the policy’s coverage and add living benefits.
- Most term life insurance policies can be renewed up to age 85 using annually renewable term insurance.
Cons:
- Although most term life insurance policies are renewable, the renewal premium is based on the insured’s age at renewal so the premium can become very expensive.
- Term life insurance policies do not contain a cash-value component.
- Term life insurance is not flexible. Once the policy is issued, the premiums or death benefit cannot be changed by the policyholder.
Whole Life Insurance
Whole Life Insurance is permanent insurance, designed to cover you from the day the policy is issued until the day you die. There are fixed premiums and a fixed death benefit with this type of life insurance. Whole life also has a cash value savings vehicle that can be accessed for any reason via policy loans and cash withdrawals (partial surrenders).
In Conclusion
For more information about 30-Year Term Life Insurance and to verify your free and confidential quote, call our life insurance professionals today at (631) 391-2993 during normal business hours or contact us through our website 24/7.
Whole Life Insurance
Whole Life Insurance is permanent insurance, designed to cover you from the day the policy is issued until the day you die. There are fixed premiums and a fixed death benefit with this type of life insurance. Whole life also has a cash value savings vehicle that can be accessed for any reason via policy loans and cash withdrawals (partial surrenders).
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