The development of the 20 year life insurance policy into one of the
most sought after, the most loved and most popular life insurance
policies was by no means an accident.
A very small life insurance company felt that this was one of the best policies created and set out to prove it...
Then began a sales and recruiting campaign that was almost cult like. Other life insurance companies jumped on the band wagon
The big life insurance companies accustomed to selling
whole life insurance
did not know what hit them. Many had to update their portfolios or at
least their marketing practices.
Then came the debates as to which companies had the cheapest 20 year life insurance policy. The original life insurance company kept on selling and has become one of the largest companies in the industry...
The interesting thing is that this company that showed such a dislike for cash value life insurance soon was selling mutual funds in order that their vast policy owner base would have an intelligent vehicle through which they could accumulate some money.
Because of competition the premium of the 20 year life insurance policy kept getting cheaper. The consumer gained tremendously as a result. Here is how this policy works.
The Death Benefit
The 20 year term life insurance policy is sometimes referred to as a
20 year term policy
20 year term life insurance policy.
This policy has a guaranteed level death benefit that remains level for the entire 20 year duration that can be paid out either in a lump sum or in the form of a monthly income when the insured dies.
If the policy is a small policy it may be wise to take these proceeds in one lump sum. For larger policies that decision is an arbitrary one.
Should it be your decision to have proceeds of your 20 year life insurance policy paid in the form of an income there are many options. Here are some descriptions of how it may work for you.
The 20 year policy is often used for
also use it to fund
in the event of the death of a
Sometimes a business may have an employee that is so good at their job that the loss of this key person could be quite costly. A smart business person would buy a policy on this employee's life.
Upon death the proceeds of the 20 year life insurance policy would be paid to the business.
There is an extra premium charge for these riders. If you are in the market for this type of coverage it is best to select a carrier rated A or better by A.M. Best.
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