You’ve decided to buy life insurance—good for you! But do you know which type of insurance you will purchase or which will best suit your needs? Have you stopped to consider the reasons that are motivating you to buy insurance in the first place? Determining why it is that you want insurance could tell you exactly what sort of policy you need and how long you need it. Let take a look at a 20-year life policy.
When would you get a 20 year term life policy?
The reason the vast majority of people purchase a 20 year life insurance policy is that they have dependents or people whom they want to still look after, even after they’re gone. If this is what’s motivating you to buy insurance too, it is possible that you don’t need a whole life or permanent insurance policy but that term insurance will fulfill your needs just fine. Buying a 20 year term life policy may be just what you need in this situation.
A 20 year term policy can be one of the most affordable life polices.
In fact, 20 year term life insurance rates are also much more affordable than whole life or even a 30-year term life policy and you’re still offered protection for what can be considered a fairly substantial period of time. Insurance companies are starting to pull out of the thirty-year term realm so in some cases, they are making the 20 year term life insurance policies so affordable, that it’s a hard deal to pass up.
Many people who investigate 20 year term life insurance rates with us find that the price is very affordable especially when they see the rates from multiple companies side by side. If you only wish to protect your children until they too are adults and can support themselves, or you wish to provide for your spouse until they retire, chances are a 20 year term will suffice. Then, at the end of the 20 years, if you decide you would like to continue your coverage, renewing your policy is an option.
We offer more by letting you quote multiple life insurance companies at once.
We work with more than 40 different insurance providers so you’re sure to find the provider and the policy that will work for you. Don’t leave your loved ones’ financial security to chance. Take the necessary steps to provide for them, no matter what life brings. Call us or run a quote online and we can help you find the perfect plan. After all, that’s what we do best!
How much does a 20 year term life policy cost?
A 20 year term policy will cost each individual person a different amount. Your rates will consist of three things: your age, how much coverage you want, and what rate class you get approved for.
Let’s take a look at the chart below and you can see a 43-year-old male can get a $500,000 20 year term policy for $42.63 a month if he can qualify for preferred plus rates. That does not mean that every 43-year-old male will get approved at that rate class.
The only real way to know how much a 20 year term will cost is to run quotes and talk to one our agents and let them pre-qualify you over the phone. They can help underwrite you before you even start shopping or think about sending in an application. Quoting the correct rate class will play a very important role in determining how much your policy will untimely cost you.
Let’s take a look at how much your rate class can affect your premiums. Let’s use the same 43-year-old male as an example:
1. $500,000 for 20 years
T-20/20 – 20 Year Term / Preferred Plus Non-Nicotine
$42.63 per month
2. $500,000 for 20 years
T-20/20 – 20 Year Term / Preferred Non-Nicotine
$52.64 per month
3. $500,000 for 20 years
T-20/20 – 20 Year Term / Select Non-Nicotine
$71.34 per month
4. $500,000 for 20 years
T-20/20 – 20 Year Term / Standard Non-Nicotine
$84.39 per month
With the examples above you tell how determining your rate class before you apply will give you a better idea of how much it will cost.