Term 20 Life Insurance

Term 20 life insurance is another lower cost life insurance product available in Canada. It is however more expensive that Term 10 life insurance.

Term 20 Life Insurance is commonly referred to as Term 20. This time of life insurance in many cases is suitable and sold to provide temporary insurance coverage. Term 20 insurance premiums are set and locked for a period of 20 years. This type of life insurance is cost effective and often is a suitable alternative for individuals who require life insurance protection on their mortgage. In addition, couples can purchase Term 20 life insurance and have the benefit at death payable upon the death of the first spouse. 

Life insurance that is referred to as Term 20 has a price locked in for ten years. Term 20 life insurance policies serve as an extremely cost effective form of life insurance in Canada.

Term 20 Life Insurance in many cases is both renewable and convertible. The term renewable refers to after the initial 20 year time period has expired, the insured individual can renew their life insurance. When the life insurance is renewed, the insurance premiums are higher than at the initial 10 year period. The term convertible refers to life insurance policies which can be converted to a permanent life insurance such as a whole life policy. In most cases, this conversion is done at no charge to the policy holder. The benefit of whole life permanent insurance is that life insurance protection is available for one’s whole life, as opposed to a specific term.

Summary of Term 20 Life Insurance:

  • More expensive than term 10 life insurance
  • Premiums are set and guaranteed for twenty years
  • Renewable after a 20 year period without a medical; subject to age limits
  • Convertible to permanent insurance
  • Widely available from many life insurance companies
  • Provides adequate mortgage life insurance protection without declining coverage
  • Easy to purchase and establish
  • Couples can purchase term 20 insurance and have a benefit paid upon the death of the first spouse

Term insurance provides individuals with a suitable solution to deal with shorter term insurance needs. Individuals should always consult with experienced insurance agents. Every individual and each family has unique circumstances and needs. 

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