Average 20 Year Term Life Insurance Rates

If you’re looking for average 20 year term life insurance rates, congratulations my friend! You’re one of those people that plan ahead. My hat is off to you because I can’t claim that prize myself. 

True story: I bought my first life insurance policy in my 40’s after I had my son Jack. To be honest I didn’t think life insurance was that important. Yeah, sure people mentioned it to me – but it was like water off a duck’s back. 

Then one day everything changed. My son looked up at me in the hospital and I knew that my life was no longer my own. I had serious responsibilities and taking care of the financial needs of my children and wife was first and foremost. 

I bought a life insurance policy and never looked back.  

Will I live ’til the end of my term? I sure hope so. Life insurance is simply coverage to keep your family from falling through the cracks if the worst case scenario comes to fruition. I personally hope my family never has to make a claim. BUT if they do, they can move on with life without worrying about losing the house, changing schools or missing a summer vacation.

...So Who Am I & Why Do I Care?

My name is James Heidebrecht and I’m the founder of Policy Architects. We’re a small boutique life insurance agency that believes nothing can replace a personal touch.

With artificial intelligence (AI) increasingly being used, there’s a push to squeeze out humans in favor of the convenience and “ease” of using computers to solve all your needs. Whether you’re in Shoppers or looking for life insurance, people seem intent on eliminating person to person contact. 

At Policy Architects we do what no machine can. We go through all of your details, talk to you and work out not only what your goals ARE  what they SHOULD be. 

What you think you want at our initial meeting may not be what you end up with. Often clients are surprised by the whole process. So if you’re tired of dealing with computers, give Policy Architects a call today. A real person will work with you to get the most comprehensive policy for the least amount of money. 

Average 20 Year Term Life Insurance Rates: Why Would You Select a Shorter Term?

If you google “average 20 year term life insurance rates” my guess is you’re looking for coverage customized for your personal needs. 

As you probably know the standard terms available for life insurance are: 

  • 10 Year Term 
  • 20 Year Term 
  • 30 Year Term
  • 35 & 40 Year Term (Not standard but a few carriers offer these)

Each of these terms has its strong points. 10 year terms cover very short, specific periods. This approach is often used for loans and debts you expect to pay off quickly. 10 year term is also cheap. On the other end of the spectrum, 30 year term is a long term commitment. This is often chosen by those looking to cover their families while they raise children and put them through secondary education. 

Of course, 30 year term is a much bigger financial commitment, especially if you sign up later in life. Oh, how I know this 😉 

Average 20 Year Term Life Insurance Rates for Women

20 Year Term Is a Great Product!

Which brings us to the current topic – 20 year term provides a good middle ground. Obviously, it’s cheaper than its kissing cousin term 30 and more expensive than term 10 but it offers a lot of bang for your buck! 

So let’s find out what the average 20 year term life insurance rates are for different situations. 

I want to make it perfectly clear that the cost of your life insurance is seriously impacted by your age, health, life choices and the company you select. This is a caveat I’m adding before providing rates, which should only serve to give you an idea of what rates you COULD get. You should always work with an independent agent to get the best premiums possible.  

Let’s take a peek to see how it all works right now: 

Average 20 Year Term Life Insurance Rates: 20 Somethings! 

Average 20 Year Term Life Insurance Rates in your 20's

Maybe you’re wondering why someone in their 20’s would even consider buying life insurance. Well, I’m here to tell you there are definitely times when it fits like a glove. Let’s take a look at a 25 year old man who is a non-smoker – he’s in good shape and qualifies for a standard rating from Ivari.

He decided to go to medical school in the UK which is going to cost him a pretty penny. His parents aren’t wealthy people but they believe in him and cosign his loan with the promise when he gets a job he will pay them back. They anticipate he will take on about $200k in total including travel, exchange and the cost of living. My client wants to take out some life insurance to cover the debt just in case. He doesn’t want to leave his parents holding the bag. 

$250K of coverage for a 20-year term works perfectly in this situation. So let’s check out his rates: 

Per Month

Sweet! He can protect his parents for the cost of 4 

Starbucks coffees per month!

Note: Remember these rates are governed by your health. You have to qualify for the rating to get these premiums. Because our client is young and healthy it’s not a leap to imagine he could get a preferred plus rating, so what would happen if he did qualify? Let’s say he gets an elite non-smoker rating with Ivari…

…now what??

The rates are almost the SAME! So this is the exception to the rule, when you're younger, the difference between a standard and preferred rate is almost negligible. Even if he gets a standard rate he receives almost the same premium that he would if he was in top shape? 

Why? Because either way he is expected to live until the end of his term!

Per Month

Average 20 Year Term Life Insurance Rates: 30 Somethings! 

Average 20 Year Term Life Insurance Rates in your 30's

Ok, now we have a 35 year old female non-smoking client. She’s healthy with a family history of cancer. Because of that and a brush with high blood pressure, she gets standard rates with Ivari. Our client already has sufficient life insurance overage for her family…

…but she just started a business and took out a loan so she wants to make sure her business partners are protected. She’s looking for $500K of coverage for 20 years because she believes the business will turn a substantial profit in year three and she’ll be able to pay everything off in about 20 years – probably sooner. 

Per Month

As you can see her premiums are VERY affordable! Not to mention the fact that she will protect her partners and employees from a worst case scenario! 

What a gift. 

Note: If you’re a smoker your life insurance situation will change radically. Life insurance companies want to make cash and if you die during your term they have to pay out. That’s why they shun smoking. So let’s take a look to see what sort of impact smoking has on our client! 

Per Month

OUCH! Our smoking client will pay more than double. This number should be enough to make you want to kick your tobacco habit to the curb. Actually her insurance is still pretty affordable because she is only asking for a 20 year term and chances are she'll survive.

If you kick that up to a 30 year term she really gets hit and will pay a staggering $114.30 per month.

Average 20 Year Term Life Insurance Rates: 40 Somethings! 

Average 20 Year Term Life Insurance Rates in your 40's

We’re moving through the decades. Now we have a male client, a 45 year old non-smoker in good shape. He qualifies for a standard rate with Empire Life. He and his wife were smart about their planning and bought what they thought would be enough coverage. The thing is my client’s business took off and he’s now in a far better financial situation than he ever thought possible. 

Affordable Life Insurance For Over 40

Last year he and his wife upgraded their home and now have a much bigger mortgage than they anticipated. They want to replace his current coverage with $1.5 million of 20 year term to provide additional funds to replace his income should something happen to him. After going through their finances and goals, they think a 20 year term will be a good length of coverage as the kids will be out of school and on their own by then. The bulk of their mortgage will also be paid off. Let’s check out his rate right now: 

Per Month

As you imagine the cost of premiums have gone up quite a bit but $1.5 Million of coverage for $238 per month is pretty damn good.

Now you can begin to see what sort of impact age makes on the cost of life insurance. My client is happy though. His family is protected and they will be able to maintain the lifestyle they've become accustomed to if he should pass away. 

Moral of the story: Remember everything hinges on obtaining the quoted rates. Which means you really need to evaluate the underwriting processes of the company you select. Empire Insurance may NOT be the company for him. You want to go with the insurer that will give you the best possible rating at the best possible price.

Average 20 Year Term Life Insurance Rates: 50 Somethings! 

Average 20 Year Term Life Insurance Rates in your 50's

Life insurance needs don’t necessarily stop as you age. Especially now! People are living longer and are feeling younger and healthier later in life because of medical innovation. This change has had a knock on effect on everything we do. Some of the differences include: 

  • Having children later in life 
  • Divorcing & Remarrying 
  • Switching Careers 

All of these situations bring new financial obligations in your later years. For the purposes of this article, I’m going to use a 56 year old woman in average health. She remarried in her 40’s and now has a second family. Her children with her first husband are covered by prior policies but she is concerned about her younger offspring. 

She’s looking for $500K of coverage for a 20 year term to make sure they get through childhood and secondary education without issue. Let’s see what Ivari has to offer her: 

Per Month

While these rates are good our client can do better. This is a good example of how one size does not fit all when it comes to life insurance companies. Even if you get the same rating. There are insurers that are more affordable as you age. So let's see what Equitable Life of Canada has to offer: 

Per Month

Maybe this doesn't seem like a huge difference to you and upon first glance these figures are pretty close. BUT if you figure this over a period of 20 years you will see what a difference there is. I don't know about you, I want to spend as LITTLE as possible on my insurance premiums while still getting fantastic coverage. So this is what you'll save over the course of your term if you select Equitable Life: 


Moral of the story: Be sure to contact an independent life insurance agent, such as those at Policy Architects. You can save thousands over the course of your term if you select the right insurer for you. Also, remember 55 is the cutoff birthday for 30 year term. This is the point when you should start considering permanent life insurance products if you want coverage until you die. 

Average 20 Year Term Life Insurance Rates: 60 Somethings! 

Average 20 Year Term Life Insurance Rates in your 60's

Ok, you’re heading into your senior years but there may be some very BIG reasons for you to take out a 20 year term policy at this point. 

For the purposes of this section, I’m going to use a 62 year old woman. She’s a nonsmoker in good health and wants $250K in coverage to satisfy the requirements of her separation agreement. This cash will be used to protect her ex-husband in case she meets an untimely demise. They adopted a child later in life and her maintenance is still an issue. 

Affordable Life Insurance Over 60?

Let’s see what Ivari has to offer our client now…

Ruh-roh! Ivari doesn’t offer 20 year term at this stage.  So if you are a senior or getting up there in age Ivari isn’t the carrier for you! So let’s look at a carrier that does work – Equitable Life Insurance! 

Per Month

NICE! Those are pretty sweet rates considering the age of the applicant! So if anything happens to her before the age of 82, her children will benefit. Also she should look at the legalities of the life insurance policy to make sure she's designated a trustee while her child is a minor (under the age of 18).

Check out my post about Term Life Insurance for Senior Citizens here.

Moral of the story: If you are a senior you need to be aware of what products are available for you. At this point in your life birthdays are IMPORTANT. You also should consider using other products depending on what your needs are! 

Average 20 Year Term Life Insurance Rates: 70 Somethings! 

Average 20 Year Term Life Insurance Rates in your 70's

Did you know 20 year term is still available at age 70! Incredibly yes it is. There are two companies that will offer you this product: Industrial Alliance (IA) and Assumption Life

IA’s coverage is traditional term 20 while Assumption’s is Simplified Issue, non-medical.

Term Life Insurance For Senior Citizens

The problem is this coverage is VERY expensive. To give you an idea of just how costly it can be a healthy 70 year old non-smoking woman will pay about $393.00 per month for $250K of coverage. The no medical is even more expensive at $728.00 per month. OUCH. 

At this point, you may be better served by a whole life policy with a guaranteed payout. Your needs may also be less substantial so maybe a small life insurance burial policy will get the job done. Why not call Policy Architects to find out what you’re options are today! 

Moral of the story: ALWAYS contact an independent life insurance agent BEFORE you buy life insurance or cancel an existing policy. At Policy Architects we do a financial needs analyis, discuss your goals to match you with an insurer that meets your personal circumstance. Giving us a call can save you thousands of dollars and LOTS of hassle. 

Why Use Policy Architects for Your Life Insurance Needs 

If you are looking for average 20 Year Term Life Insurance Rates, it means you’re doing your homework. 

KUDOS. I love working with people who do their research!

The more you know about the life insurance process before you call an agent, the more you’ll save. This a large investment and an important one. You absolutely want to make sure you achieve the following: 


  • Long enough term to protect you and your loved ones
  • Adequate financial coverage so you’re never underinsured 
  • The right company for your needs 
  • A product that achieves your goals 
James Heidebrecht Average 20 Year Term Life Insurance

That’s where we come in at Policy Architects. We have access to the best life insurance companies in Canada. There are so many products on the market and small variations. Why not work with someone that knows all the ins and outs. 

The best part? Consulting us doesn’t cost you a dime. My fees are paid by the life insurance company once they implement your policy. Call us today. We’d love to help.