Life is full of milestones, and with each one, your priorities evolve. Whether you’re starting a family, planning for retirement, or securing your financial future, 20-year term life insurance from SBLI can help provide the peace of mind you need. This policy is designed to offer affordable and reliable protection for a set period—20 years—helping to ensure that your loved ones are financially protected no matter what the future holds.
What is 20-year term life insurance?
A 20-year term life insurance policy is a straightforward and cost-effective way to safeguard your family’s financial future. For two decades, this policy provides a fixed amount of coverage, ensuring that your beneficiaries receive a financial safety net if the unexpected happens during that time.
Key features:
- Fixed premiums: Your payments remain the same throughout the policy term, allowing you to budget with confidence.
- Guaranteed coverage: The death benefit is guaranteed, meaning your loved ones will receive the agreed amount should the worst occur.
- Affordability: Term life insurance is often more affordable than permanent life insurance, making it an excellent choice for those who need coverage during key financial years.
It’s important to note that term life insurance does not build cash value and only provides coverage for the specified term. A 20-year term life insurance policy is ideal for individuals who are looking to cover specific financial obligations such as a mortgage, college tuition for children, or significant debts. It’s also a smart option for those who want the security of knowing their family is protected during their prime earning years.
What happens after a 20-year term life policy ends?
As the end of your 20-year term life insurance policy approaches, it’s important to plan your next steps. When the policy expires, the coverage ceases, and no benefits are paid out unless action is taken.
Here’s what you can do when your policy ends:
- Renew: You may be able to renew your policy, though premiums typically increase based on your age and health at renewal.
- Convert: If your policy includes a conversion option, you may convert it to a permanent life insurance policy without a medical exam during the term period, typically up to age 70.
- Start fresh: If your needs have changed, you might explore purchasing a new term policy, possibly with different coverage amounts or terms that better fit your current situation.
No matter what you choose, SBLI is here to guide you through the process and help you make the best decision for your financial future.
Who should get a 20-year term life insurance policy?
A 20-year term life insurance policy can be a smart choice for many individuals, depending on their life stage and financial goals.¹ Here are some examples:
Individuals looking to retire or in retirement
If you’re approaching retirement or already retired, a 20-year term life insurance policy can help cover substantial debts, like a mortgage, and provide continued support for your children or dependents. It’s especially beneficial if you have minimal retirement savings and want to leave a financial legacy for your loved ones.
Individuals with long term financial obligations
This policy is also suitable for individuals with long-term financial obligations, such as significant debt. By securing a 20-year term life insurance policy, you can help ensure that your beneficiaries will have the resources to manage debts if you pass away.
Ready to explore how much life insurance coverage you need to protect what matters most? Let’s find out together.
Explore 20-year term life insurance policies from SBLI
At SBLI, we understand that life insurance isn’t just about money—it’s about the peace of mind that comes from knowing your loved ones will be taken care of. Our 20-year term life insurance policies aim to provide financial security at an affordable rate.
Ready to get started? Contact us today to learn more about how we can help protect your family’s future. Call us at 800-650-4391 to speak with one of our licensed agents, or get an online quote now.
¹Not all term lengths are available to all applicants. The term lengths available to you are determined by your age when you apply.