3 Reasons to Get a 20-Year Term Life Policy

If you’re searching for the right life insurance to cover your needs without breaking the bank, a term life policy may be right up your alley. Term life insurance is temporary life insurance offered in several different terms to fit your lifestyle and financial situation. Many applicants select a 20-year term life insurance policy because it allows them to have the coverage they need while still being able to make changes as life changes. As you continue reading, you’ll learn more about some reasons to get a 20-year term life insurance policy and how it can best fit into your life.

What is a 20-year term life policy?

A 20-year term life policy is life insurance that lasts for a term of 20 years. With this short-term policy, you’ll receive life insurance coverage for a set amount of time. If you die during the policy term, your listed beneficiaries will receive a lump sum of cash known as the death benefit. A 20-year term life policy offers simple life insurance coverage at a low cost.

Reasons to get a 20-year policy

Here are some reasons you should consider getting 20-year term life insurance:

Great for many different types of customers

A 20-year term life policy can be a great idea if:

• You’re a young adult: A 20-year term life policy is ideal if you’re young, healthy, and want to protect those you leave behind if you pass away. You’ll find that you can lock in the best rates at a young age with a clean bill of health.
• You recently started a family: If you have young children or recently got married, a 20-year life insurance policy can be a great way to add an extra financial cushion for your children and your spouse. Twenty years might be i long enough for your children to become financially responsible adults and obtain their own life insurance policy. At that time, you can decide whether you want to get a new term life policy if you’d like to continue coverage.
• You’re an older individual nearing retirement: 20-year term life insurance is also a great option for older adults nearing retirement. It can offer you financial protection without the bells and whistles that cost extra. If you pass away during your policy term, your beneficiaries will receive a death benefit that will help them close out any of your debt and allow them to reach their own financial goals.

Comes with affordable premiums

If you don’t want to get an expensive life insurance policy, 20-year term life insurance may be the perfect choice. With this type of life insurance, you can enjoy affordable premiums while being covered for unexpected moments in life. As changes in your life arise, such as  a child going off to college or the addition of a new baby, you may be able to adjust your policy without spending a lot of money to continue coverage.

Can help cover debts

If you have to pay off a mortgage, car, credit cards, or other loan debts, a 20-year term life policy can help your loved ones finish repaying these costs if you pass away. Evaluate your finances and what you think you’ll need protection for in the future to help make the best decision.

The bottom line

A 20-year term life policy can cover you and your family for just the right amount of time. Term life policies typically offer low-cost coverage that will give your loved ones a lump sum of cash to lay down a financial foundation for their future. Whether you have a young family or are looking to retire soon, life insurance with a 20-year term may be right for you.