Why is 20-year term life insurance so popular?
Term life insurance for 20 years is one of the most popular. This provides life coverage for two decades, unlike the others that do it for periods of 15, 25, or 30 years.
The advantage of having term life insurance for 20 years is that the insurance company agrees to insure your life, that is, to pay a death benefit to your family members in case you die at some point during the contracted period.
The best thing is that in those 20 years the insurance company cannot raise the price of the premiums. That means that, if at 55 years of age, you take out term insurance for 20 years to cover $ 500,000 and therefore pay $ 20 per month, at age 70 you would be covered with the same payment as starting 15 years earlier.
The public generally chooses this type of insurance because it is the cheapest way to ensure that their family receives good money in the event of the insured’s death. Also, those who seek to ensure that his family members can pay off the debts and the mortgage they owe in the event of his death. It is sometimes chosen for legal reasons when it is included in a divorce agreement.
We all aspire to be financially independent. That is why we work hard for many years of our life. Why is 20-year term life insurance so popular? Well, 20-year term life insurance is the cheapest plan B in case we die before building the patrimony with which we would achieve financial independence from our family.
Call Univista Insurance and get cheap life insurance.