20 Year Term Life Insurance

20 Year Term Life Insurance Plans
A term life insurance plan is ideal for an individual that needs to budget life insurance payments because a fixed monthly payment is made to maintain this type of coverage. This fixed payment is guaranteed for the term of the life insurance plan. A 20 year term life insurance plan simply means that the plan will be valid for a term of 20 years and the policyholder will need to seek alternative life insurance coverage at the end of the 20 year term or renew on an annual basis by paying a new, higher premium rate.

A 20 year term life insurance plan is typically used for the purpose of covering final expenses and replacing income in the case of the death of the policyholder. The amount of coverage will depend on debts that the policyholder is currently obligated to pay, estimated final expenses and whether there are any family members that rely on the policyholder’s income to pay for basic expenses.

The amount of the premium for 20 year term life insurance plans varies according to the desired coverage amount, the age of the policyholder and the health of the policyholder. The lowest rates are offered to individuals that are in excellent health and do not use tobacco products; however, individuals with health issues are able to receive coverage.

Although a medical exam is not always required to obtain term life insurance, it may be recommended so that an individual in good health can receive a lower rate. Questionnaires are typically used to make an overall assessment of physical health prior to start of plan coverage. Physical tests can be used to prove health condition claims made on the application for life insurance.

Individuals interested in obtaining a 20 year term life insurance plan should be aware that term life insurance plans do not gain cash value like other life insurance plans do. The premium that is paid toward the plan simply keeps the coverage current and assures payment of benefits in the case of the death of the policyholder.

If you feel that 20 year term life insurance is the best life insurance option for your needs, fill out the provided quote form to find out how affordable this option can be. A representative will be able to discuss quote information and help individuals choose a life insurance plan that will fulfill their personal needs while fitting into their budget.