20-Year Term Life Insurance: Everything You Need to Know
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No one likes talking about life insurance, but we know you don’t want to leave your loved ones in the lurch should anything happen. Life insurance doesn’t have to be scary and it doesn’t have to break the bank. This is where term life insurance policy comes in: a 20 year life insurance policy can provide exactly the coverage you need, when you need it, while being more than affordable.
Let’s explore how 20-year life insurance works, and how it could benefit you.
Before we dive into the specifics of a 20-year term life insurance policy, we want to quickly clarify the type of policy we’re talking about. There are different types of life insurance policies, but two of the most common include:
Learn more about the differences between policy types here.
A 20-year life insurance policy is simply term life insurance for 20 years. Let’s explore more about this type of policy.
Term life insurance is happily quite straightforward. A 20-year policy is designed to last exactly 20 years; if you pass away during that period, your beneficiary receives the payout (assuming premiums were up to date). If you outlive the 20 years, typically the policy expires and there’s no payout. However, sometimes you have the option to renew the policy or even convert it to a whole life insurance policy.
The truth is that everyone benefits from life insurance in general, and any form of it is good to have. A 20-year term policy is a great option for those looking for coverage during a set period of time. It could be helpful to young families who want to ensure the other parent is protected should anything happen or that college is covered for the children, it could benefit those starting a new business and wanting to ensure the business survives should they pass, or it could help if you have debts that you don’t want to burden your family with.
There are many reasons why a 20-year policy makes sense, especially for those who can’t quite swing a higher-cost whole life insurance policy.
It’s a great idea to look into life insurance coverage, and a 20-year term policy is always a great option. It’s affordable with fixed premiums that make budgeting for it easier, and it gives you coverage for a key period of time, which can give you and your loved one’s peace of mind.
If term life insurance sounds like it will meet your needs, start by comparing quotes to find the best rate and policy for you. A life insurance policy is an important decision, so you want to be sure you find the right fit before you sign on the dotted line.
Lauren Lewthwaite Lauren Lewthwaite has been freelance writing for almost five years writing content that ranges from health to insurance and everything in between. Lauren is also a trained translator in French and English and is a dog-mom to an adorable Australian Shepherd.
