Loading ...20-Year Level Term Life Insurance provides affordable, temporary life insurance protection. The premium payment is guaranteed to stay level for the first 20 years. It will not increase or decrease during this time.
Like all term life insurance policies, 20-Year Level Term Insurance offers pure insurance protection and may be ideal when you need life insurance to protect your family or your business but dollars are scarce. It does not build cash value like a permanent or whole life policy, and it is not eligible for dividends.
20-Year Level Term Life Insurance means
- Life insurance protection that may be an ideal way to provide a substantial amount of coverage for an extended period of time.
- Guaranteed level premiums for the first 20 years.
- A guaranteed death benefit, generally free from federal income tax.
- An Original Age Term Conversion privilege available to the tenth policy anniversary.
- An Attained Age Term Conversion privilege available until age 30 or the 10th policy anniversary, whichever is later.
20-Year Level Term Life Insurance Quick Hits:
At year 21, the policy can be renewed at a higher premium, without having to provide evidence of good health
- Provides pure insurance protection
- Does not build cash value and is not eligible for dividends
- Can be converted to a permanent policy which does build cash value and may earn dividends
- There is a temporary need for protection, such as for a mortgage or a student loan
- Limited funds are available. In situations where life insurance is essential but dollars are scarce, 20-Year Level Term Life Insurance can serve as a stop gap. Young people starting their careers often choose 20-Year Level Term Life Insurance, then convert to a permanent plan when their finances improve.
- There is a need to cover outstanding loans for business owners, thus, shielding partners or shareholders from financial hardship if a business owner dies
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