Life insurance is an important financial decision for anyone, but particularly for those who are just starting off on their own. As a 20-year-old, it’s often the first time you're really feeling the responsibility of taking care of yourself - and with that comes the question of how much life insurance you need
How much is term life insurance for 20-year-olds? In this article, we'll look at what factors should be considered and how to get the most protection for your money.
Burial Insurance
20-Year Term Life Insurance Cost (Men; Age 20)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 20 | Men | No | 20 Years | $25,000 | Mutual of Omaha | $9 |
| 20 | Men | No | 20 Years | $50,000 | Mutual of Omaha | $12 |
| 20 | Men | No | 20 Years | $100,000 | Prosperity Life | $18 |
| 20 | Men | No | 20 Years | $250,000 | Prosperity Life | $35 |
The table above indicates the cost of 20 year term life insurance for a 20-year-old male, who is a non-smoker. The coverage amounts range from $25,000 to $250,000 and are offered by two different companies - Mutual of Omaha and Prosperity Life
For Mutual of Omaha, the monthly rate is $9 for $25,000 of coverage and $12 for $50,000 of coverage. For Prosperity Life, the monthly rate is $18 for $100,000 of coverage and $35 for $250,000 of coverage.
30-Year Term Life Rates (Male; Age 20)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 20 | Men | No | 30 Years | $25,000 | Mutual of Omaha | $10 |
| 20 | Men | No | 30 Years | $50,000 | Mutual of Omaha | $14 |
| 20 | Men | No | 30 Years | $100,000 | Prosperity Life | $22 |
| 20 | Men | No | 30 Years | $250,000 | Prosperity Life | $44 |
The above table is a comparison of the 30-year term life rates for men aged 20 years old who are non-smokers. The companies offering coverage are Mutual of Omaha and Prosperity Life
The coverage amounts range from $25,000 to $250,000. With Mutual of Omaha, the monthly rate is $10 for $25,000 coverage, $14 for $50,000 coverage, while with Prosperity Life, the monthly rate is $22 for $100,000 coverage and $44 for $250,000 coverage.
20-Year Life Insurance Pricing (Male Tobacco; Age 20)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 20 | Men | Yes | 20 Years | $25,000 | Mutual of Omaha | $13 |
| 20 | Men | Yes | 20 Years | $50,000 | Foresters | $17 |
| 20 | Men | Yes | 20 Years | $100,000 | Foresters | $29 |
| 20 | Men | Yes | 20 Years | $250,000 | Americo | $63 |
The table above displays life insurance pricing from three different insurance companies for male tobacco users, age 20, for a 20-year term. The coverage options range from $25,000 to $250,000
Mutual of Omaha offers a monthly rate of $13 for a $25,000 coverage, Foresters offers a monthly rate of $17 for $50,000 coverage and a monthly rate of $29 for $100,000 coverage, and Americo offers a monthly rate of $63 for $250,000 coverage.
Burial Insurance
30-Year Term Rates (Male Smokers; Age 20)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 20 | Men | Yes | 30 Years | $25,000 | Mutual of Omaha | $14 |
| 20 | Men | Yes | 30 Years | $50,000 | Foresters | $22 |
| 20 | Men | Yes | 30 Years | $100,000 | Americo | $37 |
| 20 | Men | Yes | 30 Years | $250,000 | Americo | $81 |
This table shows the rates for 30-year life insurance policy terms for male smokers, aged 20. The companies featured in the table are Mutual of Omaha, Foresters, and Americo
For each company, four different levels of coverage are offered, from $25,000 to $250,000. The corresponding monthly rates range from $14 to $81.
20-Year Term Premiums (Women; Age 20)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 20 | Women | No | 20 Years | $25,000 | Mutual of Omaha | $9 |
| 20 | Women | No | 20 Years | $50,000 | Foresters | $11 |
| 20 | Women | No | 20 Years | $100,000 | Prosperity Life | $16 |
| 20 | Women | No | 20 Years | $250,000 | Prosperity Life | $29 |
This table provides a comparison of the premiums for 20-year term life insurance policies for a 20-year-old woman. The policies listed include a coverage of $25,000, $50,000, $100,000, and $250,000 offered by Mutual of Omaha, Foresters, and Prosperity Life
The monthly premiums vary depending on the coverage amount and the insurance company, ranging from $9 per month for $25,000 coverage from Mutual of Omaha to $29 per month for $250,000 coverage from Prosperity Life.
30-Year Term Policies (Women; Age 20)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 20 | Women | No | 30 Years | $25,000 | Mutual of Omaha | $9 |
| 20 | Women | No | 30 Years | $50,000 | Foresters | $13 |
| 20 | Women | No | 30 Years | $100,000 | Prosperity Life | $18 |
| 20 | Women | No | 30 Years | $250,000 | Prosperity Life | $35 |
The above table presents term life insurance rates for women aged 20. All of the policies have a term of 30 years and are applicable to non-smokers
The policy coverage varies from $25,000 to $250,000, while the monthly rates associated with the policies range from $9 to $35. The table includes offerings from three different insurance companies; Mutual of Omaha, Foresters, and Prosperity Life.
20-Year Term Monthly Premiums (Women Smokers; Age 20)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 20 | Women | Yes | 20 Years | $25,000 | Mutual of Omaha | $12 |
| 20 | Women | Yes | 20 Years | $50,000 | Foresters | $13 |
| 20 | Women | Yes | 20 Years | $100,000 | Foresters | $21 |
| 20 | Women | Yes | 20 Years | $250,000 | Foresters | $44 |
The table above provides information about 20-year term life insurance premiums for women smoker, aged 20. The table shows premiums from two companies, Mutual of Omaha and Foresters
For Mutual of Omaha, a 20-year term policy with a coverage of $25,000 has a monthly rate of $12. For Foresters, a 20-year term policy with a coverage of $50,000 has a monthly rate of $13, a policy with $100,000 coverage has a monthly rate of $21, and a policy with $250,000 coverage has a monthly rate of $44.
Burial Insurance
30-Year Term Insurance Quotes (Female Smokers; Age 20)
| Age | Gender | Smoker | Term | Coverage | Company | Monthly Rate |
|---|---|---|---|---|---|---|
| 20 | Women | Yes | 30 Years | $25,000 | Mutual of Omaha | $13 |
| 20 | Women | Yes | 30 Years | $50,000 | Foresters | $16 |
| 20 | Women | Yes | 30 Years | $100,000 | Foresters | $27 |
| 20 | Women | Yes | 30 Years | $250,000 | Foresters | $59 |
The above table is displaying quotes for 30-year term insurance policies that are applicable to female smokers of the age 20. Mutual of Omaha is offering a policy with $25,000 of coverage with a monthly rate of $13
Foresters is offering policies with $50,000, $100,000 and $250,000 of coverage with monthly rates of $16, $27 and $59 respectively.
