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If you’re in the market for life insurance, you might want to explore a 20-year term life insurance policy. It can help provide you with enhanced, temporary coverage for two decades, even if you experience changes in your health. Aflac offers a term life insurance policy with the option to choose 20 years that can help meet your financial needs and help give you peace of mind. Here’s what you need to know about 20-year term life insurance and how it works.
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With 20-year term life insurance, you pay fixed premiums for 20 years. If you pass away during this period, your beneficiaries will collect a death benefit. They can use the death benefit to help cover funeral costs, a mortgage, debts, everyday bills, and any other expenses they might have.1 The death benefit may help ease their financial burden and help them move forward with their lives after your passing.
Some noteworthy features and benefits of a 20-year term life insurance policy include:
Unlike whole life insurance, which can cover you for the rest of your life, 20-year term life insurance offers temporary coverage. This means that after 20 years, your policy will no longer be in force unless you renew it.
A 20-year term life insurance policy guarantees fixed premiums for 20 years. These fixed premiums can help make it easier for you to budget for your coverage in advance. You won’t have to worry about any sudden increases in your rate.
The death benefit that your beneficiaries will receive if you pass away during the 20-year period is flexible. They can use it to how they see fit. It can help with mortgage payments, settle debts, and other expenses.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
Get StartedIf you’re interested in 20-year term life insurance from Aflac, follow these steps:
1. Determine the ideal coverage amount you need.
2. Request a quote online: Fill out a short questionnaire to receive a quote.
3. Wait for an Aflac representative to contact you: An Aflac representative will reach out to you to discuss your options right away or at a later time, depending on your preferences.
Once your 20-year policy comes to an end, you have a few options, such as:2
If at the end of the 20-year term, the policy has not lapsed and is still in force, the primary insured has the option to renew the policy on an annual basis. By going this route, you may not have to take another medical exam to continue coverage. However, note that your premiums will increase and continue to rise each year.
If you’d like lifetime coverage and wish to build cash value, you may be able to convert your term life insurance to permanent life insurance, subject to policy requirements. Keep in mind that you’ll likely have to pay higher premiums for this new policy, so buying a new term life plan may be more cost-effective.
In many cases, applying for a new life insurance policy from the same company or elsewhere can be a great option. You may be able to receive the coverage you need without overpaying. To get a new policy, you may need to take a new medical exam.
You might want to explore 20-year term life insurance if you fall into any of these categories:
If you’ve recently had a baby, a 20-year term life insurance policy is something to consider. Life insurance for parents can help ensure that your partner and child will be better protected financially in the event of your unexpected death.
In some scenarios, it’s a good idea to have 20-year life insurance during retirement. If you have many debts, children who are still dependent on you, or minimal retirement savings, this type of policy might be a smart choice.
Are you still paying a mortgage, car payments, credit card bills, and other debts? If so, a 20-year term life insurance policy may help your beneficiaries with these long-term debts if you pass away.3
Compared to other types of life insurance policies, 20-year term life insurance is simple. You pay a fixed premium for 20 years and your beneficiaries receive a death benefit if you pass away during that time. This term life policy is a solid option for those that don’t want to deal with complicated coverage.
Aflac offers an enhanced term life insurance policy with the 20-year option. With this type of policy, you can help protect your loved ones and help gain some much-needed peace of mind without breaking the bank. Get a quote today or talk with an Aflac agent about your options!
Get Started
Wondering what life insurance policy is best for you? Find out which type of life insurance can offer you the best coverage.
Considering getting a life insurance plan? Find out what a life insurance beneficiary is, how the process works, and who can change the beneficiary on your policy.
Wondering what life insurance policy is best for you? Find out which type of life insurance can offer you the best coverage.
Considering getting a life insurance plan? Find out what a life insurance beneficiary is, how the process works, and who can change the beneficiary on your policy.
1 Forbes - What Is 20-Year Term Life Insurance? Updated December 1, 2023. Accessed April 24, 2025. https://www.forbes.com/advisor/life-insurance/20-year-term-life-insurance/.
2 Bankrate - What happens if you outlive your term life insurance? Published December 24, 2024. Accessed April 24, 2025. https://www.bankrate.com/insurance/life-insurance/outlive-term-life-insurance/#what-happens-when-term-life-insurance-expires.
3 MoneyGeek - What Is Term Life Insurance? Updated December 26, 2024. Accessed April 24, 2025. https://www.moneygeek.com/insurance/life/term-life-insurance/#do-you-need-it.
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 – A68000 series: Term Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68200, A68300 & A68400. In New York, Policies NY68200, NY68300 and NY68400. Whole Life Policies: In Arkansas, Idaho, Oklahoma, Oregon, Texas, Pennsylvania & Virginia, Policies: ICC1368100. In Delaware, Policy A68100. In New York, Policy NYR68100. B60000 series: In Arkansas, Idaho, Oklahoma & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Not available in Delaware. Q60000 series/Whole: In Arkansas & Delaware, Policy Q60100M. In Idaho, Policy Q60100MID. In Oklahoma, Policy Q60100MOK. Not available in Virginia. Q60000 series/Term: In Delaware, Policies Q60200CM. In Arkansas, Idaho, Oklahoma, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. Not available in Virginia.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (NAIC 92908).
In AR, DE, ID, OK and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY, VA or VT. 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.
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Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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