20 year term insurance is one of the most common types of term life insurance in Canada. Premiums are level for 20 years which makes it suitable for needs such as mortgage life insurance and protection for families with younger children, both of which may require life insurance for roughly 20 years.
At the end of the 20 year level premium period, 20 year term insurance typically renews for another level 20 years. However the premiums at that point are typically so high that most consumers treat them as unaffordable. As a result you should purchase 20 year term insurance with the expectation that you won’t need the insurance past the end of the 20 years.
You should ensure that any 20 year term policy you purchase has the conversion privilege available.