20 year term insurance, quite a well received policy.
Recently I was having a casual talk with a long time friend who, like me, had been in the life insurance business for many years.
It occurred to us that so much has changed over the years...not only the attitude toward varying products but even the ways to which they are referred.
In fact many of the basic products have improved and some new ones have been created.
The 20 year term insurance policy for example used to be simply known by that name.
Now the more popular name for the policy is 20 year term life insurance. For those people who do not know how this policy works here is an explanation.
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The 20 year term policy is pure insurance which has a
level death benefit
Upon death the face amount of the policy will be paid to whoever is named
usually in one lump sum.
The death benefit of your insurance policy can also be paid in the form of an income.
If it is a large policy and you want to be certain that the proceeds are not wasted the income may be a good choice. There are several income options available for your use.
The premiums of most 20 year term life insurance policies remain the
same for as long as you own your policy. Sometimes a policy is designed
to have the premiums increase after five or ten years.
The actuaries start your premiums lower than usual because the likelihood of the insured dying in the early years is very slim. After five or ten years, when you are older, you are more likely to die thus the higher premium.
Waiver Of Premium Benefit
I usually recommend the
waiver of premium
benefit. I have seen so many people disabled for a short period of time
that I am convinced that for the minimal cost it is worth it to add
If you should become disabled, anytime after 6 months of disability, the company will pay the premiums for you.
Because of the name of this rider many people misunderstand it's function. For each $1,000 of life insurance you may add an accidental death benefit
rider. Some companies allow only one unit for every $1000 of life
insurance...some allow two.
Let us suppose you buy $100,000 20 year term insurance and you add one unit for each $1,000 of life insurance, and you died in an accident, the company would pay $200,000 to your beneficiary.
If you had bought two units of accidental death benefit, from a company which allows this, your beneficiary would receive $300,000 if you died in an accident.
Why Do People Buy 20 Year term Insurance?
People buy 20 year term insurance because they want to be assured that
their families are secure
if they should die prematurely.
also buy this policy to protect against the financial loss if a
This is known as key employee life insurance. It can also be used to fund a buy sell agreement for a partnership or corporation.
If you are between age 18 and age 65 and you are in fairly good health you can get this policy without having a physical exam done, all you need do is give the company answers to a few health questions. They verify the information.
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Retirement planning is one of those things that we must do long before we get to retirement time.
Life insurance should be seen as an instrument to provide an income for your family.
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