A 20 year term life insurance policy is a life insurance policy which has two main aspects…
- The premium (or cost) of the life insurance policy is level (or fixed) for a period of 20 years from the policy start date
- The death benefit (or coverage amount) of the life insurance policy is level (or fixed) for a period of 20 years from the policy start date.
For example, if you purchase a 20 year term life insurance policy for $500,000 you will have $500,000 of life insurance coverage for 20 years and the premiums will be level for 20 years.
Keep in mind that you are not locked into the policy for 20 years and have the ability to make changes to the policy or cancel it at anytime without having to pay any fees or cancellation charges.
Please feel free to reach out to us as we have a team of professionals who specialize in life insurance who can help you determine how much coverage you need, what type of policy to buy and which company to buy it from.