20 Year Term Life Insurance [2025 Price Guide]

Q: What is 20 year term life insurance?

“ 20 year term life insurance ” describes a term-based life insurance policy which provides cover for a 20 year period. There are two common forms of term-based cover; level term and decreasing term. Level term cover provides a fixed (or level ) lump sum pay out regardless of when you pass away during the policy term. In contrast, a pay out from decreasing term cover reduces over the lifetime of a policy, making it a good option to cover a repayment mortgage . Because the risk to the insurer reduces over time it’s usually cheaper than level term cover.

Q: What happens after 20 year term life insurance?

Unlike life assurance policies , such as whole of life , which pay out when not if you pass away, a term-based policy only provides cover for a predefined period if you pass away. Therefore, if you outlive your term policy your cover will elapse, and no pay out issued. For this reason, life insurance policies are significantly cheaper compared to life assurance policies, relative to the sum assured.

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20 year term life insurance

What is 20 year term life insurance?
20 year term life insurance rates:
How much does 20 year level term life insurance cost?
How much does 20 year decreasing term life insurance cost?
How much does 20 year term life insurance cost for smokers?
How much does 20 year joint term life insurance cost?
How much does 20 year term life insurance and critical illness cover cost?
Is a 20 year term life insurance policy right for me?
What happens after 20 year term life insurance?
Can I compare 20 year term life insurance rates online?

What is 20 year term life insurance?

“20 year term life insurance” describes a term-based life insurance policy which provides cover for a 20 year period. There are two common forms of term-based cover; level term and decreasing term.

Level term cover provides a fixed (or level) lump sum pay out regardless of when you pass away during the policy term.

In contrast, a pay out from decreasing term cover reduces over the lifetime of a policy, making it a good option to cover a repayment mortgage. Because the risk to the insurer reduces over time it’s usually cheaper than level term cover.

In the below article we explore the cost of life insurance over a 20 year term in 2025, listing a range of quotes from some leading insurers.

We provide fixed monthly premium prices over a 20-year term for:

Level term cover
Decreasing cover
Smokers (level and decreasing term)
Joint life insurance
Life insurance with critical illness cover

So, how much is a 20 year term life insurance policy in the UK? Read on to learn more…

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20 year term life insurance rates:

How much does 20 year level term life insurance cost?

The pricing table below is based on a non-smoker, in good health, for a level term life insurance policy with a 20 year term and £150,000 of cover:

Age
20	£4.26	£5.48	£6.12	N/A
25	£5.04	£5.75	£6.86	N/A
30	£6.18	£7.35	£7.60	N/A
35	£9.20	£10.02	£9.36	£9.77
40	£12.74	£14.06	£12.89	£13.18
45	£19.03	£21.55	£19.07	£19.39
50	£32.01	£33.99	£30.45	£30.47

How much does 20 year decreasing term life insurance cost?

The pricing table below is based on a non-smoker, in good health, for a decreasing term life insurance policy with a 20 year term and £150,000 of cover:

Age
20	£3.90	£5.53	£5.00	N/A
25	£4.38	£5.90	£5.31	N/A
30	£5.09	£6.21	£6.19	N/A
35	£5.98	£7.67	£7.33	£8.25
40	£7.90	£10.19	£9.26	£10.33
45	£11.34	£14.31	£12.91	£14.29
50	£18.39	£21.10	£18.72	£21.79

How much does 20 year term life insurance cost for smokers?

The pricing table below is based on a smoker, in good health, for a level term life insurance policy with a 20 year term and £150,000 of cover:

Age
20	£6.22	£6.85	£7.00	N/A
25	£7.68	£7.67	£8.65	£8.60
30	£11.46	£11.66	£11.48	£11.15
35	£16.59	£17.93	£16.61	£15.97
40	£26.33	£28.10	£26.28	£24.57
45	£43.92	£49.08	£43.03	£42.01
50	£77.42	£82.87	£70.60	£70.54

The pricing table below is based on a smoker, in good health, for a decreasing term life insurance policy with a 20 year term and £150,000 of cover:

Age
20	£6.22	£6.85	£7.00	N/A
25	£7.68	£7.67	£8.65	£8.60
30	£11.46	£11.66	£11.48	£11.15
35	£16.59	£17.93	£16.61	£15.97
40	£26.33	£28.10	£26.28	£24.57
45	£43.92	£49.08	£43.03	£42.01
50	£77.42	£82.87	£70.60	£70.54

As you can see above life insurance for smokers is more expensive than that of non-smokers and this rise in cost accelerates as we age. This is because a future claim is more likely due to the health risks associated with smoking.

How much does 20 year joint term life insurance cost?

Joint life insurance policies protect two lives simultaneously, however, only provide one pay out (usually on the first death). The policy holders pay one monthly premium.

The pricing table below is based on a non-smoker, in good health, for a joint level term life insurance policy with a 20 year term and £150,000 of cover:

Age
20	£7.20	£7.83	£11.62	N/A
25	£9.30	£9.80	£13.08	£9.07
30	£12.06	£12.96	£14.54	£11.17
35	£16.18	£18.19	£18.04	£14.53
40	£23.28	£26.60	£25.02	£20.67
45	£35.40	£39.60	£37.26	£32.14
50	£60.62	£62.66	£59.78	£52.30

How much does 20 year term life insurance and critical illness cover cost?

Life insurance and critical illness cover is a type of policy that provides a pay out if you pass away or are diagnosed with a serious illness detailed in the policy.

Because statistically we’re more likely to become critically ill than pass away a claim is more likely and therefore premiums tend to be higher compared to standard life cover.

The pricing table below is based on a non-smoker, in good health, for a decreasing term life insurance and critical illness cover policy with a 20-year term and £150,000 of cover:

Age
20	£18.64	£19.13	£16.45	£19.61
25	£22.47	£21.91	£21.35	£24.69
30	£29.17	£28.68	£28.42	£31.67
35	£38.28	£38.18	£38.36	£42.50
40	£51.87	£55.78	£52.73	£59.39
45	£76.00	£78.46	£75.21	£86.10
50	£112.80	£119.32	N/A	£129.79

Is a 20 year term life insurance policy right for me?

Whether a 20 year policy term is right for you and the needs of your family will depend on your individual circumstances.

For example, does the 20 year term mirror the length of your mortgage, protecting your family home until this sizeable debt is cleared?

Another key consideration when calculating an appropriate term is the age of your children. If your children are young, a 20 year term may provide the necessary protection until they have become financially independent. You may also want to consider whether you’re likely to have more children in the future.

All other criteria being equal, the longer the policy term, the higher the premium, as statistically a claim is more likely. Therefore, it’s worthwhile taking the time to calculate your ideal term, ensuring your loved ones are adequately protected, whilst not paying unnecessarily high premiums.

What happens after 20 year term life insurance?

Unlike life assurance policies, such as whole of life, which pay out when not if you pass away, a term-based policy only provides cover for a predefined period if you pass away.

Therefore, if you outlive your term policy your cover will elapse, and no pay out issued. For this reason, life insurance policies are significantly cheaper compared to life assurance policies, relative to the sum assured.

Can I compare 20 year term life insurance rates online?

Yes, it’s possible to both compare quotes and purchase a 20 year term life insurance policy online.

At Reassured we offer a fee-free buy life insurance online service, comparing quotes from some of the UK’s best life insurance providers to help you find a great deal.

Compare life insurance policies & quotes

It is very clear from the pricing tables detailed above that the cost of life insurance can vary both between different insurers and policy types.

As a result, to secure the best available deal, it’s important to compare multiple quotes regardless of whether you decide on a 10, 20, 30 or even a 40-year term length.

At Reassured we can compare life insurance quotes from some of the UK’s best insurers without charging you a fee; why not seize the day..

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