Everyone has a dream to do something for his family. The truth is that future is not certain. Anything could happen in any time. To face the uncertainty in future, people are ready to do everything to protect their beloved ones and their family. In order to protect the family and beloved ones from any type of financial crisis, people prefer to buy 20 year life term insurance policy which is one of the most common and affordable forms of life insurance. There are mainly two types of life insurance such as term life insurance and whole life insurance.
Term life insurance is such a life insurance policy that is purchased for a specific time period such as 10 years or 20 years or 30 years. It has options to pay a higher premium and continue on with the policy for additional years at the end of the specific period. But there is no term limit in whole life insurance or permanent life insurance and it remains in effect until the day the policyholder is out of the picture. When the policyholder passes away, the beneficiaries get the benefits.
It is recommended to take a medical exam to buy 20 year term life insurance although policyholder may buy life insurance policy without a medical exam. If the policyholder does not know about his/her health conditions, the insurance company may charge more premiums because it is a riskier position for the insurance company. How much does it cost to buy a life insurance policy? It also depends on the heath condition of the policyholder. Before going to buy 20 term life insurance, it is better to take a medical exam to ensure that the health condition is pretty good. Otherwise it might be a waste of money to pay higher premium. And no policyholder likes to do that.
What would be the better term in the term life insurance policy? Is it 20 year term policy or 30 year term insurance policy or 20 year term insurance policy? 10 year term life insurance is the most affordable type of term life insurance policy whereas 30 year term insurance is considered as the most expensive one. So, it is a better choice to buy 20 year term life insurance that remains the middle of the 10 and 20 year term insurance policies.
Still it is up to the policyholder to consider everything and analyze his situation for making the decision to buy the right term insurance policy. At the time of buying insurance policy, the policyholder needs to determine beneficiary who will receive the money when he/she passes away. The beneficiary can be policyholder’s spouse if she/he is married. Actually it depends on the life style of the policyholder. If he/she is not married, but have children or if they are single mother or father that may be seen in many developing countries including USA, their children will be the beneficiary. In this way people can choose their beneficiary and make sure that their family is safe.