5 Best Reasons To Buy 20 Year Term Life Insurance [No Exam]

Written by Heidi Mertlich

20 year term

Choices, choices.

Big and small, life is full of choices. Take your morning coffee, for example. It’s important you know just what you want – size, kind, add-ins. (For instance: Venti Americano with cream.)

And, just like your morning coffee, life insurance comes with choices. While it’s not as straightforward as a cup of joe, with a little research, you can decide what’s best for you – size, kind, add-ins. (For instance: $500,000, 20 year term, with disability rider.)

20 year term life insurance is a popular option, and for good reason. Term is highly affordable and 20 years often covers the amount of time your loved ones will depend on you financially.

Better still, many top-rated life insurance carriers offer 20 year term life insurance without requiring a physical exam.

Goal – find out everything you need to know about 20 year term life insurance to decide if it’s the right option for your needs.


Table Of Contents

  1. Term
  2. 20 Year
  3. No Exam
  4. Quotes
  5. Drawbacks
  6. Bottom Line
  7. Apply

Term Life Insurance Defined

Term life insurance definition – simply put, term is life insurance that provides a death benefit for a specific amount of time.

Popular and often recommended, term life insurance is an affordable way to secure a large amount of coverage – during a time when you need it most.

Term is regularly purchased because it’s:

  • Cost-effective
  • Available in large face amounts (i.e. $500,000)
  • Often convertible to a permanent policy
  • Typically tax advantageous
  • Ideal for most individuals and families

Term life insurance comes in different lengths: 5 year (uncommon), 10 year, 20 year (most common) and 30 year.

Keep in mind Term life insurance with no physical is purchased all the time. In other words, often, it makes sense to skip the needles, nurses and liquid samples when you buy term.

5 Best Reasons To Purchase 20 Year Term Life Insurance

20 year term

1. Protection

Most often, term life insurance is purchased to financially protect those you care about most.

20 years of coverage is the most common term length because many families need protection for about that long.

Let’s consider 3 examples:

  1. A married couple have 3 young children, ages 1, 3, and 5 years. Each spouse purchases term life insurance for 20 years to financially protect their family until their youngest child reaches adulthood.
  2. A single mom has one child, age 10. She purchases 20 years of life insurance to provide income replacement until she reaches retirement.
  3. A single dad has four teenage children, ages 13, 15, 15, and 17 years. He purchases a 20 year term policy to safeguard his income and provide financial support to his children into adulthood.

In other words – You will want to safeguard your loved ones for as long as they will need financial protection. 20 years is often a good fit.

2. Economical

Term life insurance is highly affordable compared to most other types of life insurance.

You can secure a large policy (face amount) at an economical price. In fact, a number of no physical life insurance companies now offer million dollar life insurance – without a medical exam.

Here are a few example quotes to get a general idea of the cost. (Detailed 20 year term quotes are found below.)

20 Year Term Life Insurance Quotes

 $100,000$250,000$500,000$1,000,000
30 Year Old Male$9.10$13.11$20.12$34.13
30 Year Old Female$8.26$11.70$17.11$28.72
40 Year Old Male$10.92$17.85$28.38$51.17
40 Year Old Female$10.33$15.26$24.94$43.43
50 Year Old Male$20.74$40.85$74.39$142.33
50 Year Old Female$16.45$31.18$55.47$101.91
Quotes are samples only and are for healthy individuals. Premiums demonstrate monthly payment amount.

3. Choices

The top-rated term life insurance companies all offer 20 year policies.

Why this is good for you – No life insurance company is the same. When you work with an independent agent, you’ll receive multiple quotes from multiple carriers. Your unique needs will determine the best carrier to apply with.

For example, if you are interested in skipping the medical exam, the following carriers are popular options for 20 year term policies:

  1. Foresters – provides member benefits, excellent riders, and competitive rates.
  2. Phoenix – has excellent riders and can be ideal for someone with a few health issues.
  3. ANICO – superior riders and willing to absorb some health risks.
  4. Sagicor – rapid underwriting and competitive rates
  5. Fidelity – a highly-rated company with quick underwriting

4. High Demand

20 year term life insurance is popular for good reason:

  • Low-cost monthly premiums
  • Level term means your premium payments stay the same for the life of the policy
  • Provides financial protection for an amount of time that makes sense for many families
  • Often, living benefits (riders) are included with policy purchase
  • Typically, the ability to convert into a permanent policy (during certain times) – should your need for life insurance protection change

5. Peace 

While peace of mind is more abstract than knowing your premiums will be affordable, it’s priceless.

Quite simply, life insurance may be one of the most important purchases you’ll ever make. – Life Happens, a non-profit life insurance awareness organization

Not to sound dark, but it’s true, no one is guaranteed tomorrow. If you have loved ones who depend on you financially, it’s the right thing to do to protect them through life insurance.

Skip The Physical Exam

20 year term

Purchasing life insurance while skipping the physical exam has never been easier.

Life insurance carriers realize many of us have no interest in the hassle of being poked with a needle, having a nurse visit our home, or providing liquid samples. They are lowering the price of no exam life insurance and streamlining the application process.

4 steps to purchasing no physical life insurance:

  1. Application – Your application will be submitted either electronically or over the phone.
  2. Interview – You will participate in a phone interview lasting about 20 minutes. Expect to be asked basic questions about your health, occupation and lifestyle.
  3. Review – The underwriter (their job is to evaluate risk) will review your:
    1. Application
    2. Interview
    3. Records
      1. Motor vehicle
      2. Prescription history
      3. Medical Information Bureau (a database of previous insurance applications)
  4. Decision – Quickly, a decision will be made on your application. Expect one of three outcomes:
    1. Approved – Best case scenario. You are approved for the life insurance policy you applied for.
    2. Further information required – Sometimes, let’s say a medical condition is listed on your application, more information may be needed from your physician before a decision can be made.
    3. Decline – You are not approved for the life insurance policy you applied for. This happens from time to time. Take heart, though, because there are plenty of life insurance options to consider after a decline occurs.

Keep in mind – No physical exam life insurance is an excellent option for 20 year term life insurance.

Sample 20 Year Term Quotes

For reference, below are sample quotes for 20 year term life insurance.

Important – Quotes are merely samples and are based on healthy individuals. Your specific quote will vary.

20 Year Term Life Insurance Quotes For Male 30 - 39 Years

 $100,000$250,000$500,000$1,000,000
30 Year Old$9.10$13.11$20.12$34.13
31 Year Old$9.03$13.33$20.12$34.13
32 Year Old$9.03$13.33$20.55$34.13
33 Year Old$9.12$13.46$20.67$34.13
34 Year Old$9.12$13.54$21.07$34.13
35 Year Old $9.12$13.67$21.07$35.00
36 Year Old$9.46$14.40$22.36$39.27
37 Year Old$9.80$15.05$24.41$41.27
38 Year Old$10.15$16.19$25.37$44.29
39 Year Old$10.58$16.77$27.09$48.59
Samples only. Subject to change.

20 Year Term Life Insurance Quotes For Female 30 - 39 Years

 $100,000$250,000$500,000$1,000,000
30 Year Old$8.26$11.70$17.11$28.72
31 Year Old$8.34$11.82$17.54$28.81
32 Year Old$8.34$11.82$17.54$29.58
33 Year Old$8.43$12.04$17.97$29.67
34 Year Old$8.51$12.04$18.06$30.53
35 Year Old $8.51$12.04$18.49$30.53
36 Year Old$8.86$12.68$19.35$33.11
37 Year Old$9.20$13.33$20.64$34.83
38 Year Old$9.55$13.76$21.93$37.41
39 Year Old$9.89$14.40$23.22$39.99
Samples only. Subject to change.

20 Year Term Life Insurance Quotes For Male 40 - 49 Years

 $100,000$250,000$500,000$1,000,000
40 Year Old$10.92$17.85$28.38$51.17
41 Year Old$11.78$19.35$31.82$58.05
42 Year Old$12.73$21.66$35.69$65.79
43 Year Old$13.74$23.43$39.99$75.53
44 Year Old$14.44$25.58$44.29$82.13
45 Year Old $15.58$27.95$49.29$92.28
46 Year Old$17.11$30.31$53.56$100.02
47 Year Old$18.23$32.68$58.25$108.62
48 Year Old$19.44$34.18$61.06$119.11
49 Year Old$20.30$37.84$68.37$130.29
Samples only. Subject to change.

20 Year Term Life Insurance Quotes For Female 40 - 49 Years

 $100,000$250,000$500,000$1,000,000
40 Year Old$10.33$15.26$24.94$43.43
41 Year Old$10.84$16.34$27.52$47.73
42 Year Old$11.35$17.84$29.67$52.03
43 Year Old$12.08$19.13$32.25$57.19
44 Year Old$12.43$20.85$35.69$63.12
45 Year Old $12.78$22.75$38.70$70.09
46 Year Old$14.05$24.08$41.28$75.25
47 Year Old$14.85$25.58$44.29$80.41
48 Year Old$16.10$27.31$47.30$87.29
49 Year Old$16.27$29.03$51.60$94.17
Samples only. Subject to change.

10 Year Term Life Insurance Quotes For Male 50 - 59 Years

 $100,000$250,000$500,000$1,000,000
50 Year Old$14.10$23.65$41.71$75.51
51 Year Old$15.05$26.02$46.44$84.35
52 Year Old$16.00$28.81$51.83$93.10
53 Year Old$16.98$31.61$57.57$104.91
54 Year Old$17.68$35.00$63.88$115.50
55 Year Old $19.34$38.06$70.48$130.38
56 Year Old$20.98$41.50$76.93$142.33
57 Year Old$22.53$45.35$85.36$156.95
58 Year Old$24.17$49.39$92.02$172.43
59 Year Old$26.23$54.44$101.90$192.21
Samples only. Subject to change.

20 Year Term Life Insurance Quotes For Female 50 - 59 Years

 $100,000$250,000$500,000$1,000,000
50 Year Old$16.45$31.18$55.47$101.91
51 Year Old$19.39$34.19$61.06$112.23
52 Year Old$20.74$37.41$67.08$123.41
53 Year Old$21.09$40.85$73.53$136.31
54 Year Old$21.44$44.41$81.27$150.07
55 Year Old $22.49$47.03$87.94$165.55
56 Year Old$27.30$53.75$97.61$181.89
57 Year Old$29.07$58.53$105.78$199.09
58 Year Old$31.30$64.94$115.67$218.01
59 Year Old$33.97$70.33$126.42$241.23
Samples only. Subject to change.

Note – Some quotes provided are for fully underwritten life insurance (medical exam). However, no exam options exist for most 20 year term products.

3 Examples Of When 20 Year Term Is Not A Good Fit

While 20 year is the most popular term life insurance purchased, there are times when it does not make sense.

Let’s take a look at a few scenarios:

  1. You have a permanent need for life insurance – sometimes, life insurance will be permanently desired. Let’s say, for example, you want to leave an estate to your loved ones through life insurance.
  2. You do not qualify for term life insurance – as an example, a serious health condition (i.e. some serious types of cancer) can prohibit you from purchasing term. In that case, you may need to look into a graded benefit or guaranteed issue policy instead. Guaranteed issue life insurance is best for someone who has exhausted other life insurance options (for example, you are looking for life insurance as a cancer patient).
  3. You only need coverage for a short amount of time – from time to time, coverage is only needed for a short amount of time. For instance, let’s say you need a 10 year policy to secure an SBA loan or your children will become financially independent within 10 years.

Bottom Line

Term life insurance is highly affordable. And, there are more options than ever before if you are interested in skipping the medical exam.

You will want an amount of life insurance that will financially protect your loved ones, should something happen to you. Consider the following when determining how much life insurance you need:

  • Your income
  • Mortgage or rent
  • Debt (i.e. credit card)
  • Loans (i.e. student, car, business)
  • Future financial needs (i.e. college tuition)

Moreover, you will want your term life insurance to last for as long as a financial need exists. The following are guidelines to help you determine how long you will need coverage:

  • Age of loved ones who depend on you financially
  • How many years until retirement
  • Financial goals (i.e. how many years until your mortgage is paid off)
  • What you want your life insurance to accomplish (i.e. pay off debt, cover living expenses, pay for college)

How To Apply

There are two things you need to do in order to purchase 20 year term life insurance (and possibly skip the medical exam):

  1. Partner up – collaborate with in independent life insurance agent (that’s us). Independent agents have your best interest at heart and are not held captive to a specific life insurance company. They will shop the top-rated carriers to find the best policy at the most competitive price.
  2. Prepare – in order to be ready for your life insurance application and interview, have important information easily available. This includes, your basic information (DOB, SSN, etc.), your medical history, your occupation, and beneficiary information.

To get started, simply fill out our free instant quote.

About No Physical Term Life
About No Physical Term Life

We’re an independent life insurance agency that specializes in no exam life insurance. We’re licensed in all 50 states and can help you directly over the phone or even by email if you’d like (just fill out a quote form and you’ll get an email from us).

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5 Comments

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