Comments on: How to Buy a 20-Year Term Life Insurance Policy

By: Jeff Rose

Jeff Rose — Tue, 23 Apr 2013 13:56:38 +0000

In reply to Debbie. @Debbie Really depends on what your objective is. Do you still feel you need that amount of life insurance coverage? Also, do you have any cash value built up on the whole life policy that you might be able to apply to a paid up permanent policy? Regarding your rates, use our free life insurance quoter to see how our prices compare to what your Northwestern rep is quoting you. Feel free to give our office a call, too!

By: Debbie

Debbie — Tue, 23 Apr 2013 02:13:22 +0000

Hello Jeff, I currently have Northewestern Mutal 250,000 Whole Life 20 yr policy with the remaining 10 yrs left at 175.00 a mo. I should of thought at the time and so should of my agent that I am going to probably out live my policy and now at 58 prices are so much more expensive. Now what do you think my solution should be? Go with a new policy with the same companr and just do term for 250,000 or 500,000 and drop the whole life. The quote I am getting with them is 250,000 (104 mo) and 500,000 (198.00 a mo). What is your opinion

By: Donal

Donal — Wed, 20 Mar 2013 07:20:22 +0000

I think one can go for both policies. He can start with a term policy and in the mid of that he can convert that into permanent policy. Like he took a term life insurance for 20 years at the age of 30. when the policy get complete then he will become 50. That time if he goes for any insurance policy then he can’t get a good policy because of his week physical state. So he can switch the policy after 10 years completion. That time he will be of 40. His physical state will also be good that time so it will be easy for him to switch.

By: Jeff Rose

Jeff Rose — Thu, 21 Feb 2013 15:46:50 +0000

In reply to denise. @ Denise A 20 year term policy is good for 20 years so as long as you make the premium payment. So if you're paying on for 15 years and something were to happen to you, your beneficiaries would receive the $500k. After 20 years the policy expires and you'll then have the choice of renewing or converting it to a permanent policy. Keep in mind that it would then be based on your current health condition.

By: denise

denise — Mon, 18 Feb 2013 18:05:24 +0000

my question is if you get a 20 year term life policy and pass away before the 20 years if its a 500K policy do your beneficaries get only what you paid in? and if you pass away after the 20 years and dont renew do they still get the 500K? or do you have to renew it?

By: James

James — Mon, 05 Mar 2012 19:40:33 +0000

I got what you mean, thanks for sharing this. Thanks For Sharing info on a 20 Year Term Life Insurance Policy – Term Life Insurance.