30 year term life covers you for 30 years at one fixed price. It usually fits new homeowners with a 30 year loan, and young parents who want cover until kids are grown and gone.
CFPB says 30 year home loans have lower monthly payments but cost more overall. A 30 year life plan can match that loan from day one.
You need to buy it young. OneAmerica sells 30 year terms only up to age 50. Banner sells them up to 55 for non tobacco users and 50 for tobacco users.
Who can buy it
OneAmerica: ages 18 to 50. Banner Life OPTerm: ages 20 to 55 non tobacco, 20 to 50 tobacco (outside New York).
What happens when it ends
When the term ends, your cover stops unless you act. NAIC says most term plans can be renewed at the end, even if your health changed, but the new price is higher. Western and Southern says some plans renew one year at a time, and the price goes up each time. Banner says its rates rise every year after the level term, up to age 95. Many plans also let you convert to permanent cover with no new health checks. The price is based on your age when you convert.
Other term lengths
Common questions
Why can't I buy 30 years at 60?
Most insurers stop selling 30 year terms around 50 or 55. OneAmerica stops at 50.
Is 30 years the best pick for a new home?
If your home loan is 30 years, a 30 year plan covers it the whole way.
Does it cost more than 20 years?
Usually yes, per year, since the price is locked longer. Get a quote to compare.
