One of the life insurance policies most popular is the life of 20 year term insurance policy. The purchaser of the policy usually pays a fixed premium for the first 10 years. In some cases the premiums remain level and at the same rate for the full term of 20 years, however, some companies increase premiums from year 11 and remain level for the remaining term of 20 years. The 20-year life insurance policy earns no cash value and, therefore, no dividends.
There are several uses for the term insurance 20 years. You can use it to pay off a mortgage in the event of premature death. In this case ? suppose you have a mortgage balance of $ 100,000. You buy a policy for the full $ 100,000. Suppose you die years later, when the balance due is only $ 60,000. The insurance company pays the mortgage and the balance of $ 40,000 goes to your designated beneficiary.
This is a good policy for a young family to begin with, it is quite cheap. Young married need to accumulate as much money as possible as quickly as possible. They may have to save for an upcoming baby, or can be, for payment on a house. They need life insurance affordable for the protection of the family. They may, thereafter, put his nose to the grindstone and save as much as possible in their bank accounts ? with above objectives in mind.
Business people find the policy term of 20 years useful. You just start your business, you are reinvesting every dollar you can put your hands in your business. You need life insurance at less expensive to cover the shareholders in case of premature death. This life of 20-year term insurance policy is ideal for the situation.
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Source: http://lifeinsurancehealth.net/20-year-term-life-insurance-policy-probably-the-best-long-term/
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