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20 year Term Life Insurance Policy – (888) 836-7071


If you’re considering buying term life insurance,
you’re probably wondering do I need to buy a 10, 20, or 30-year term. This is where it
gets a little bit confusing, but let’s see if I can help you make sense of it. If you’re
going to buy a 20-year term policy, then you’re going to be either in your late 30s or early
40s. Typically, if you’re buying it in your young years, say in your 20s, it doesn’t make
as much sense to buy the 20-year because when that 20-year term becomes due you’re only
going to be 40-50 years old so you’re going to have many more years of working life. But,
if you are a go-getter and let’s say you have a mortgage that you have refinanced to a 15
or 20-year mortgage, then maybe it makes sense because your largest asset will be already
paid off at a younger age. This probably wasn’t as possible several years ago, but now with
low mortgage rates it could be possible so a 30-year might not be as advantageous for
you. When does a 20-year term policy really make
sense? In the previous example, if you know you’re going to have your home paid off and
have little to no debt then you should be okay. Also, if you are a great saver, so you’re
maxing out your 401K and you have other investment and a lot of savings where basically you are
self insured a 20-year policy might be all that you need. If you know that you’re not a good saver or
good investor and you haven’t refinanced, maybe you want to lean towards the 30-year
term. The 30-year term is what I have. I actually have a 15-year mortgage so I’m going to have
a lot of my debt paid off by that time, but for me having three young children it’s an
insurance policy to know that even at that point in time they are going to have extra
money for them. Just to recap, if you’re considering doing
the 20-year term it’s not a horrible decision. It’s cheaper than the 30-year term, but make
sure that you have some priorities in order. Make sure that you know your home is going
to be paid off in the next 20-years or so. Make sure that you are saving enough in your
retirement accounts and have other savings accounts to make sure that you are self insured. If you have any more questions about purchasing
a 20-year term life policy or any questions regarding life insurance, feel free to use
the contact form on the site or contact me direct. I look forward to speaking with you
soon. Take care. The opinions voiced in this material are for
general information only and are not intended to provide specific advice or recommendations
for any individual. To determine which investment(s) may be appropriate for you, consult your financial
advisor prior to investing.


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