20 Pay Life Insurance – A Lifetime of Benefits, Not a Lifetime of Payments

Life insurance can be the foundation for a family's financial protection. We offer permanent life policies that not only help your family prepare for the unexpected, but also build cash value you can use during your lifetime.

Find an Agent

20 Pay Life

The coverage lasts. The premiums don't. This policy can be completely paid for in 20 years. If purchased early enough in life, it'll help you avoid paying premiums during your retirement. That's the beauty of a 20 Pay Life policy. You could secure a lifetime of life-enhancing benefits, without paying a lifetime of premiums.

Did you know? A 20 Pay Life policy is ideal for a child — in addition to starting insurance coverage they will need as an adult, the policy earns cash value, which generally grows tax-deferred. It allows the parent to transfer the coverage to their child once it's completely paid-up after 20 years.

Sample rates are for a 25-year-old female in good health. Contact an agent to receive personal pricing.

Need help choosing a policy? Compare policies.


Premium Duration 20 Years
Coverage Starting at $10,000
Issue Ages 0–75

How it Works

Premiums are paid for a limited number of years, but the benefits last a lifetime.

  • Payable for 20 years.
  • You can pay premiums monthly, semi-annually, or annually.
  • Guaranteed cash value grows tax-deferred. Cash values can be accessed during your lifetime.1
  • No matter how large your death benefit, it passes to your beneficiaries generally income tax-free.

And typically, the sooner you purchase your 20 Pay Life policy, the lower your premiums will be. Talk to a State Farm® agent for details on costs, coverages and restrictions.

Customize Your Policy

Add value to your 20 Pay Life insurance policy with options and riders.

Waiver of Premium for Disability

Helps preserve your policy at a time when income may be limited due to a disability. If the base insured becomes totally disabled (as defined in the policy) prior to age 60 for six continuous months, this optional coverage will waive future policy premiums as they become due as long as the insured remains totally disabled. This rider coverage automatically terminates on the policy anniversary when the insured is age 60, unless disability occurs prior to that time.


Ages 0–55


1Unpaid loans and withdrawals will reduce the guaranteed death benefit and policy cash value. Loans accrue interest.

This is only a general description of coverage. A complete statement of coverage is found only in the policy. For more details on coverage, costs, and restrictions, or to apply for coverage, contact a local State Farm agent.

There are limitations and conditions regarding payment of benefits due to misrepresentations on the application or when death is the result of suicide in the first two policy years.