20 year life insurance or 20 year term insurance. With most companies
premiums are guaranteed to remain level for the entire 20 year period.
Other companies Begin with a lower premium than is usual and keep it level for the first 5 or 10 years.
The premium may increase every 5 years thereafter. 20 year term life insurance is pure life insurance protection.
There are no cash values and the policy does not qualify for dividends. The death benefit is guaranteed to remain level for the life of the policy.
This policy may be totally or partially converted to permanent life insurance at any time without any evidence of insure-ability...medical examination.
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A 20 year term life insurance policy or a 20 year term policy can be appropriately used to cover a mortgage. If the insured dies the mortgage is automatically paid off and the balance of the insurance proceeds, if any, is paid to the beneficiary of the policy.
Business owners can also use this type of insurance to cover outstanding loans. It can be also used to protect partners in the event of the death of one of the partners. It can be used to shield the company in the event of the death of a key employee.
The death benefit is generally income tax free if it is not a part of the deceased persons estate.
Young people use this policy to protect loved ones while they get on a sound financial footing...say after they have just graduated college.
The 20 year life insurance-term policy can be used by young married couples while they aggressively save in anticipation of an addition to the family.
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Term life insurance is life insurance in it's simplest form. These policies stay in force for a specific number of years, for example, 5 years 10 years etc.
Whole life insurance is the plan of choice for many people. There are many variations to this plan.
Universal life insurance was designed with the express intention of combatting the venerable whole life insurance policy.
Are you looking for quality term insurance quotes? Have you determined how much you need? Do you know what type of term insurance is best for you?
In many cases it is a good idea to buy term insurance online. Some people know just how much life insurance they want to buy before they get online.