20 Year Term Life Insurance
20 Year Term Insurance Policy
The Exciting 20 year term life insurance policy can be effectively used in oh so
many situations. We will look at some of them but first let us define
what this policy is all about.
20 year term insurance
has a level death benefit for the entire 20 year period. This death
benefit can be paid in one lump sum or in income form.
more often than not, are also level for the duration. Sometimes a life
insurance carrier may elect to allow applicants to start the policy at a
lower initial rate then increase it at a specific predetermined date in
For example, the increase may take effect at the 5 year point or 10 year point. How
could you intelligently put a 20 year term life insurance policy to use?
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20 Year Term Life Insurance - Do You Need It?
- Needs Of Married People With Children
If you are married and you have children the youngest of
which, for example, is 5 years old this policy could cover all your
immediate life coverage needs.
This policy can determine that your present income will continue after
It could be used to provide planned sums of money that would
be used to pay college costs for your children even if you are not
around to share the event with them.
A portion of the proceeds of your 20 year term policy could provide funds to pay final expenses and burial costs.
- Needs Of Single Person With No Dependents
If you are single and have no dependents this policy can be
used to put you six feet under without any financial burden to your
relatives. Why would you use this policy? The answer is simple.
your need for life insurance is limited today, over the next 10 or 20
years you likely will have a need. As the price is so very low at the
younger ages it may be wise to buy the policy now
and when the time comes that you really need to own insurance you will
already have it.
You should also keep in mind that as you get older
there is a possibility that you could develop some illness that may
cause the company to charge you extra or to disqualify you from obtaining a
- Needs Of Single People With Children
If you are single and have children your need will be much like a married person with dependents.
- The Surviving Spouses Needs
We tend more often than not to give much thought to the needs
of the children in the event of the death of a parent. That is great but
what of the needs of the surviving spouse. If the children are grown
and on their own we still have each other.
What if one of us should die?
What of the surviving spouse? Is his or her income sufficient to live
on? Is the mortgage paid off or will the surviving spouse have to
continue monthly payments?
Think on these things. The 20 year term policy could provide cash or income for your surviving spouse which would be used to take care of these things.
- The Business Persons Needs
Many business people have a good reason to buy 20 year term insurance. Business
people tend to plan 1 year ahead, 5 years ahead, 10 years ahead and 20
They may use life insurance to fund buy sell agreements
if a partner or shareholder should die. They could buy out the shares
from the heirs of the deceases partner or shareholder. Both surviving
family and surviving shareholders should be pleased in this case.
policy is often used for key employee insurance.
The death of a key person can devastate a business while they go about
replacing this valued employee. The 20 year policy is a favorite for
these business situations.
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20 Year Term Life Insurance