35-Year Term Life Insurance

Term life insurance is typically available with limits of five, 10, 15, 20, 25, and 30 years. However, some companies are beginning to offer policies with extended term life insurance to meet the needs of a population living longer. Here, we give you the information you need to determine if a 35-year policy is right for you.

Term Life Insurance Explained

Term life insurance is a policy that pays out benefits to designated beneficiaries when the policyholder passes away. These are different from permanent life insurance policies in that the terms of the coverage only last a specified period. 

For example, the company pays death benefits if the insured dies within the term. But the coverage expires without cost recovery if a policyholder outlasts the policy.

According to the CDC, the average life expectancy in the U.S. is 77 years, with many working and paying mortgages into their later years. A shorter-term policy may not offer the security you are looking for to provide for your family’s expenses should you pass away. If not, a longer 35-year term life insurance policy may be a good option.

How 35-Year Term Life Insurance Works

As with other fixed-term policies, 35-year term life insurance requires you to complete an application for coverage. Upon approval, your annual rates are locked in for the policy duration. The insurance company can’t raise your rates or cancel your policy as long as you continue to pay, even if your health declines.

On the other hand, you can cancel your policy before the end of the term without penalty. However, you won’t get any of the money back you paid into the coverage.

Likewise, if the plan expires while you are still alive, you lose the money you put into it unless you renew, purchase a return of premium life insurance, or convert the term policy into a permanent life insurance plan.

What Term Life Insurance Covers

As with term life insurance purchased in other increments, a 35-year policy covers most types of death. If you die in an accident or from natural causes, your company will pay your beneficiaries. 

However, term life insurance will not cover:

• Suicide. Most insurance companies have a suicide clause that states it won’t pay benefits if the policyholder commits suicide in the first two years of a 35-year term life insurance policy.
• Risky activities. An insurance company may not pay out death benefits if the insured dies participating in dangerous activities, such as rock climbing or skydiving. The policy should indicate this type of exclusion. 
• Fraud. If you lie on your term life insurance application about medical conditions, risky hobbies, or a history of family health concerns, the insurance company will likely withhold payment of the death benefit.

It’s always a good idea to review your policy for exclusions and conditions. If you need coverage that includes hobbies that come with inherent risks, you may be able to purchase a policy that covers them for an additional fee. Read our guide to life insurance for extreme sports for more information.

Compare 35-Year Term Life Insurance Costs

Numerous factors contribute to determining how much an individual pays for a policy. The table below shows how age, gender, and smoking habits will impact your monthly 35-year term life insurance quotes:

Life Insurance Monthly Rates by Age & Gender

Overall, life insurance companies will consider your gender, age, medical history, current health, family health history, smoking habits, alcohol consumption habits, credit history, and hobbies when determining rates. The amount of coverage you choose also affects your rates, so compare term life insurance quotes with different companies to find the right level of coverage for your family. 

Most companies offering the longest term life insurance won’t provide these policies to anyone over the age of 50. If you are over 50, you may want to consider a permanent life insurance policy, which lasts for the policyholder’s lifetime.

This type of term life insurance coverage may be appealing if the loss of your income would place your family members in a vulnerable position. For example, if you still have young children at home and are the sole provider in your partnership, term life may provide you with peace of mind.

Term life typically replaces lost income when the policyholder dies. If you retire in 20 years and have a retirement plan or estate that would provide for your spouse, you may not need the longer 35-year term.

How to Determine How Much Term Life Insurance You Need

The amount of coverage you should purchase depends on your reasons for getting a 35-year term life insurance policy. Many companies offer coverage as high as $500,000. When selecting how much you want to purchase, consider what you want the policy to cover if you pass away.

Typically, people obtain life insurance to:

• Pay for the mortgage
• Cover educational expenses for their children
• Pay off debts
• Cover living expenses for loved ones
• Include as part of an inheritance or legacy

Your policy should be able to pay for current expenses and anticipated future expenses that you don’t want your beneficiaries to worry about when you’re gone.

Read More: What is level-term life insurance?

Case Studies: Exploring Benefits of 35-Year Term Life Insurance

Case Study 1: Sarah’s Financial Security

Sarah, a 35-year-old professional, recently got married and is planning to start a family in the near future. She wants to ensure that her loved ones are financially protected in case something happens to her.

Sarah decides to explore 35-year term life insurance options to provide coverage during the crucial years of raising children and paying off the mortgage. This case study explores how Sarah evaluates her needs and finds the right policy to secure her family’s future.

Case Study 2: Mark’s Retirement Planning

Mark, a 45-year-old individual, is diligently saving for his retirement. He has a comprehensive retirement plan in place but worries about the financial well-being of his spouse if he were to pass away before his planned retirement age.

Mark considers a 35-year term life insurance policy to provide an additional safety net during the crucial years leading up to his retirement. This case study delves into Mark’s evaluation process and the factors he considers when choosing the appropriate coverage amount.

Case Study 3: Lisa’s Long-Term Financial Goals

Lisa, a 28-year-old entrepreneur, has big dreams and ambitious financial goals. She wants to build a successful business, purchase a home, and retire comfortably. However, Lisa understands the importance of protecting her loved ones from potential financial hardships if she were to pass away unexpectedly.

This case study explores how Lisa navigates the options available for 35-year term life insurance to align with her long-term financial objectives.

Case Study 4: John’s Mortgage Protection

John, a 42-year-old homeowner, recently secured a mortgage for his family’s dream house. While he is excited about their new home, he worries about the financial burden his spouse would face if he were to die before the mortgage is fully paid off.

John explores the benefits of 35-year term life insurance as a way to protect his family’s home and provide them with financial security. This case study follows John’s journey in finding the right coverage to ease his worries.

The Bottom Line on 35-Year Term Life Insurance

If you like the idea of paying a fixed rate on a life insurance plan, but you are at an age where the standard insurance terms don’t seem long enough, you may need a different option — consider 35-year term life insurance, the longest term life insurance available from multiple companies.

The term insurance plan for 35 years might be suitable if you are 50 or younger, plan to work for at least 35 more years, and your income is crucial to avoid financial hardship for your loved ones.

Term life insurance is generally more affordable than most people realize, but it gets costlier if you need life insurance for high-risk individuals. The most significant concerns with the 35-year term are the higher rates and the potential to lose the investment if the policyholder outlives the policy.

Insurance companies charge more for each increasing increment. The 10-year plans are the least expensive, and the 35-year plans would be the most costly. To find the most affordable term life insurance rates, shop around with at least three local companies to find the best option for you and your family.