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Term life insurance can help protect your beneficiaries throughout life's ups and downs. A term life insurance policy for 30 years is one of the most popular options, helping provide protection for up to 30 years at a fixed rate.
Not only could a 30-year policy help give you peace of mind knowing you're covered, but it also won't strain your budget like other insurance policies can. And if your circumstances change during that period, you may be able to convert your current policy into another type of permanent coverage with no additional medical exam required. Keeping reading for an in-depth look at 30-year term life insurance:
30-year term life insurance is a type of plan that offers coverage for a set period of 30 years. This policy help cover when you pass away and typically costs less than whole life insurance. If you die during the term, the policy pays out its stated benefit amount to your beneficiaries.1 The downside is that term life insurance has no cash value component, so you can’t build up cash value like you would with other types of policies.
Life insurance can be a great safeguard for you and your loved ones. If you're looking for temporary but long-term financial protection, a 30-year term life insurance policy should be on your list of considerations. From a guaranteed death benefit to level premiums, term life insurance offers features that could be helpful:
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
The main purpose of a term life insurance policy is to provide a death benefit payout to your loved ones if something happens to you. With a 30-year policy, your beneficiaries will receive the death benefit no matter when it becomes necessary during those 30 years. This means that whether you pass away in the first five years or the 29th year of your policy, your beneficiaries will still receive the full coverage amount.
One standout feature of 30-year term life insurance is its level premiums, which provide more predictability in your budgeting. Level premiums remain constant throughout the length of the policy and give you the security of knowing what your payments will be over the years. This can be helpful when it comes to financial planning and budgeting.
A 30-year term life policy can be the perfect choice for individuals and families who want a temporary plan with coverage for the long term. With this policy, you can rest assured that you will be covered for a full 30 years, with dependable death benefit protection throughout the entire life of the policy.
Here is the average cost per year of a 30-year term life insurance policy by age and gender:2 Aflac rates may differ.
| Gender | Age | $250,000 | $500,000 | $1 million |
|---|---|---|---|---|
| Male | 30 | $238 | $396 | $681 |
| Female | 30 | $203 | $321 | $538 |
| Male | 40 | $362 | $633 | $1,175 |
| Female | 40 | $300 | $507 | $927 |
| Male | 50 | $864 | $1,5990 | $3,066 |
| Female | 50 | $657 | $1,180 | $2,233 |
After 30 years, your term life policy will expire, and you may wonder what your next step should be. Here are some options to consider:
You may be able to convert your term life policy into permanent life insurance. Converting your policy is an attractive option because it allows you to keep your policy without having to go through the hassle of shopping around and finding a new one. Plus, typically, you won’t have to go through a medical examination, so your premium will be based on your age when you convert the plan.3 With a permanent life insurance policy, there is no expiration date, so your coverage will be there for as long as you decide to keep it.
Another possibility is to extend your current policy by taking advantage of renewability or conversion privileges. Depending on your insurer, there may be certain conditions and restrictions attached to this option, so it’s smart to check beforehand. Keep in mind that extending your existing policy could mean higher premiums due to inflation and other factors over time.
If neither of the previous two options sounds appealing, then you may want to consider getting a new life insurance policy. This will provide fresh coverage with lower rates tailored specifically to your current situation and needs. Additionally, there is no need to worry about any hidden costs or restrictions associated with renewing an existing policy or converting it into something else.
If you're wondering whether 30-year term life insurance is the right choice for you, it's worth considering that while this type of policy may be less expenses compared to permanent coverage, it also has drawbacks. For example, term life insurance only provides life insurance protection for a fixed period of time (in this case, 30 years), with no build-up of cash value.
However, if you're looking for an enhanced life insurance policy to cover yourself during the prime of your working years, when you may have just started a family, or have long-term debts that you want to ensure get paid off, then a 30-year term life insurance policy could be the right option.
30-year term life insurance helps provide peace of mind for you and your family, as it allows you to plan by helping provide a reliable safety net. It’s important to remember that a death benefit payout is guaranteed should something unforeseen happen while the policy is active.
Premiums are level throughout the duration of your policy since they’re spread out over a longer period. And when the 30 years come to an end, you can convert your policy into a permanent life insurance policy, extend your current policy, or buy into a new policy.
At Aflac, we prioritize your life insurance needs while offering enhanced coverage to help ease financial burdens for your loved ones. For more information on term life insurance, contact an agent today and get a quote!
1 Investopedia - Term Life Insurance: What It Is, Different Types, Pros and Cons. Updated January 11, 2024. Accessed May 28, 2024. https://www.investopedia.com/terms/t/termlife.asp.
2 Forbes – Average Cost Of Life Insurance In May 2024. Updated February 21, 2024. Accessed May 28, 2024. https://www.forbes.com/advisor/life-insurance/average-life-insurance-rates/.
3 Bankrate – What happens if you outlive your term life insurance? Updated June 23, 2023. Accessed May 28, 2024. https://www.bankrate.com/insurance/life-insurance/outlive-term-life-insurance/.
Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent.
Aflac coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, Aflac coverage is underwritten by American Family Life Assurance Company of New York.
Aflac life plans - 68000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. 65000 series: In Virginia, Policy ICC0965JTO. B61000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policy: ICC18B61JTO. In Delaware, Policy, B61JTO. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations, and exclusions.
Aflac’s family of insurers include Aflac, Aflac New York, Continental American Insurance Company, and Tier One Insurance Company.
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