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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Should life insurance buying be seen as an urgent matter? There is something about some people that at times may cause them to procrastinate about matters that could end up being quite costly...
Let us talk affordable term insurance. You want a policy that can fit into your budget, right?
It can be a very satisfying feeling when you become aware of the advantages of whole life insurance for the first time.
The best term life insurance rate can be quite easily found on the internet today because web insurance companies have done intense research on behalf of the consumer.
I recently did some research on the development of the 30 year term insurance policy over the years. What I learned was quite interesting.