Take a look at 20 pay life insurance.
Most people know that you buy whole life insurance if you want to be covered for the rest of your life even if it is to age 100.
The rest of your life or to age 100, they may seem to some people to be a very long time.
Can you imagine paying to age 100 if you live to that point?
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Did you know that you could get the same coverage but only pay for a limited period
of time, say 20 years?
These policies are offered with a payment period of 5 years, 10 years, 15 years and 20 years. Some carriers offer payment up until age 65.
With the 20 pay life insurance policy you pay a premium for 20
years. This premium is higher than the regular whole life policy but you
are finished with premium payments in 20 years.
You have guaranteed cash values accumulating interest just like your whole life policy and they continue to accumulate after you stop paying in 20 years.
If you have a participating 20 payment life policy you even earn dividends
on your policy. Keep in mind though that dividends are not guaranteed.
They are based on how well the company does with their investments and how efficiently they keep down expenses.
Your 20 pay policy does everything your whole life policy does
but you pay only for 20 years. Now, isn't that exciting?
Upon your death the full face amount is paid to your loved ones, either in one lump sum or in the form of an income. Your policy accumulates cash while you are alive and paying, and just imagine you wont have to pay longer than 20 years.
With things going as they are today it is a good thing to have some reserve cash separate and apart from your bank account or other investments. Surely the 20 pay life insurance policy would be a great asset.
If you buy enough of it you need have no concern about life insurance premium payments after 20 years.
If you therefore need life insurance for life and can afford the few extra dollars the 20 pay whole life policy may fit your need.
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