20 Year Life Insurance


Rates last updated: 26 October 2021

A 20 year term insurance is a very popular option as it provides valuable cover for your family for a very cost effective price. For family protection you might hope that young children will have grown up over the next 20 years and be much more independent and able to look after themselves than they are when they are youngsters and need their parents support emotionally and financially.

Premiums are calculated based up on your age and smoking status, the amount of cover you want and the term, in this case 20 years. During the application process you will also be asked a few medical questions to check you haven’t got any life threatening illnesses at the moment.

How much will 20 year life insurance cost?

The cost of the cover depends on your age, smoking status and the amount of cover you buy. Use the ready reckoner below to get some idea however there’s no substitute for getting a life insurance quote for yourself.

Non smoker
Monthly Premiums
Age 30£3.65£3.59£4.90£6.80£13.46£24.71
Age 40£3.88£5.01£7.73£12.56£27.26£53.00
Age 50£4.85£9.18£16.40£28.79£67.27£125.62
Age 60£6.31£24.16£43.15£80.41£200.63£390.07
Age 70£18.57£79.16£151.31£289.67£689.30£1,307.48
Last Updated: 26 October 2021 (Source: PayingTooMuch.com)

Monthly Premiums
Age 30£3.85£5.03£7.01£11.56£23.95£45.06
Age 40£4.65£9.06£14.97£26.56£60.58£113.90
Age 50£5.48£21.36£39.00£71.14£168.47£328.31
Age 60£13.39£54.48£104.51£203.45£497.85£951.86
Age 70£34.14£157.03£288.18£528.94£1,222.44£2,476.99
Last Updated: 26 October 2021 (Source: PayingTooMuch.com)

Is 20 Years Long Enough?

This depends on your personal circumstances which comes down to factors like, have you any debts, how long might you have dependents but most importantly can you afford the premiums as there’s no point starting a policy and finishing it early because you can’t afford it.

How much life cover do I need?

Try and work out how much your wife, husband and children may need in the event you pass away unexpectedly within the next 20 years.

For example if there is a mortgage on your home that you are paying then it would be a good idea if this was repaid on your death.

If you partner relies on your income to buy food, clothes and go on holiday then perhaps a lump sum would help them out significantly.

If you have a car loan or other personal loan then you should check if this needs covering too.

In the end it’s personal preference and the cost of the policy that determines what cover levels are right for you.

Terminal Illness Benefit

Terminal illness benefit is included in all reputable life insurance policies. This means that if you are diagnosed by a registered doctor that you have such a serious illness that you are like to pass away during the next 12 months then the insurance company will immediately pay the life insurance out rather than wait until you have actually died.

You should note that it is normal that a terminal illness payout cannot be made within the last 18 months of the policy, although at present there is an exception to this with Ageas who pay terminal illness claims right up to the end of the plan term meaning that some may get a payout where normally they would have died after the plan term ended.