Term 20 Life Insurance Solution

Term 20 life insurance is very similar to a Term 10 policy. Your premiums are guaranteed to remain the same for the 20 year term, the major difference is that the length of coverage is for a longer period of time (e.g. 20 years).

The Term 20 life insurance policy is ideally suited for people with young families and/or new mortgages where:

  •  You require coverage for at least 15 years.
  •  Level premium rates are desired for at least 20 years.

If the plan is "renewable" then you will have the option to renew once the 20 years is over. Also, if the plan is "convertible" then you will also have the option to convert the policy to a whole life plan when the term is finished.

One of the attractive features of a Term 20 life insurance policy is that it can be issued on a joint first-to-die basis. This option allows two people (usually but not always spouses) to both be insured under one contract, with the face value of the insurance plan paid out upon the death of the first spouse on the policy.

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