A 20 year term life insurance policy may be a way to help protect your beneficiaries over the long haul. Such a policy may help ensure that your beneficiaries may be helped taken care of when you are no longer around. Whether you are young, middle-aged, or heading towards your golden years, a 20 year term life insurance policy may help protect your beneficiaries’ financial futures in the event of your passing.
Bills that may be helped paid for with a term life insurance policy could include mortgage payments, credit card bills, health care expenses, funeral expenses, and college tuition.
So why consider a 20 year term life insurance policy? There are generally two most common types of life insurance policies – term life and whole life. A term life insurance policy has coverage for a specific term or time period, while a whole life insurance policy covers for your whole life. In this instance, it would be a 20 year term life insurance policy. Due to it being for a set time period, a 20 year term life insurance policy may generally be more affordable than a whole life insurance policy.
In addition to a 20 year term life insurance policy, there are other time periods that term life policies may be available for — 1 years, 5 years, 10 years, 15 years, 25 years, and in some cases, even 30 years.