Is a 20-year term life insurance policy right for you?
When deciding whether a 20-year term life insurance policy is right for you, it’s important to take inventory of your current financial responsibilities and future plans. It can be a lot to think about on your own, but SelectQuote is here to help. By considering factors such as cost, income, age and family makeup, we’ll work with you to find the life insurance policy that meets all your needs.
Why term life insurance?
Everyone’s circumstances and concerns are different when it comes to life insurance, but we can help you find the coverage that is best suited for you. As you consider all the options available, you first have to decide between term life or permanent life insurance.
Term life is often a popular type of life insurance. When it comes to protecting your family’s financial security, it’s typically the most affordable, and with term life insurance, you can choose the length, or “term,” which means you only buy it for as long as you need it.
Permanent life insurance is another option, but rather than lasting a certain amount of time, permanent life insurance is meant to last for your entire life. After purchasing your policy, you’re permanently covered no matter how long you live. As long as you keep paying your premiums, your coverage doesn’t expire.
In addition to being the most affordable option, term life insurance has several benefits, including flexible payment options and its ease of designing a plan that meets your life insurance needs. A 20-year term life insurance policy is just one option—typically, the length of term options are 10, 15, 20, 25 or 30 years. Let us help you figure out if a 20-year term life insurance policy is a good choice for you.
Why should I buy a 20-year term life insurance policy?
Because everyone has different needs when it comes to buying term life insurance. For many people, a 20-year term life insurance policy is a good fit, typically for those with children or who need additional financial security for the future. A family with very young children, however, may benefit more from a 30-year term while a family with older children may consider a 10- or 15-year policy.
In general, life insurance policies should last the length of your longest financial obligation. Many people who buy 20-year life insurance policies are in their early to late 30s and their financial priorities often include:
- Supporting children through college
- Planning to pay off a mortgage
- Paying off debts
- Focusing on investing for retirement
As you look to your future plans over the next 20 years, you may find that a 20-year term life insurance policy could be a good fit for you. With a 20-year term life insurance policy, the money will be there if you need it to help handle life’s important expenses, and you can rest assured your plans and future are secure, even with the loss of an income.
How much coverage do I need?
Because everyone has unique life insurance needs, the amount of coverage needed will vary from person-to-person. It’s important to consider your current financial situation as well as your future financial goals, but our term life insurance calculator can help you figure out what amount of coverage might be right for you. It will also be beneficial to explore the average rates for 20-year term life insurance policies.
Let SelectQuote Help Find the Best Rate For You
When it comes to shopping for life insurance, it’s important to compare the coverage and rates available to you—it’s one way to be sure you’re getting the right plan for the right price. At SelectQuote, we work with the most trusted insurance companies in the industry and can easily shop or re-shop for life insurance coverage to make sure your policy meets your needs.