20-Year Term Life Insurance
Term Life Insurance is meant to protect individuals of financial burden in the event of an unexpected death. It is a predetermined lump-sum amount of money provided to your named beneficiaries after your death.
The premium you pay each year remains the same for the duration of the policy and the cost is based on the summed cost of each year’s annual renewable term rates, with a time value of money adjustment made by the insurer.
A 20-year term can be particularly useful for people between the ages of 40 and 65, depending on their current life situation.
How Much Does 20-year Term Life Insurance Cost in BC?
Over the years, 20-year term life insurance rates have stayed fairly consistent. Most term life insurance pricing is based on your gender, lifestyle, smoking status (ie. a male non-smoker will pay less than a male smoker), overall health, as well as your age. Other factors that will affect the premium you pay are the history of medical issues, your occupation, and other miscellaneous factors. If you would like to get an exact quote on the 20-year term life insurance cost, or you would like to know more about tax-free benefits and the coverage it provides for twenty years, one of our Life Insurance agents will gladly assist you.
Advantages and Disadvantages of 20-year Term Life Insurance
The main advantage of a 20-year Term Life Insurance policy is that it tends to be an affordable product that provides coverage for amortization periods on mortgages. It is cancellable at any time and acts as a non-taxable benefit. Should you decide to do so, you can convert your 20-year Term policy into a permanent life insurance product or other renewal term product or permanent policy that can protect a young family.
Is 20-year Term Life Insurance for Me?
Find out for yourself by answering a few simple questions and allowing one of our Life Insurance experts to contact you in order to give you a free, no obligation quote. Or you can contact us at 1-877-801-7189.