At any time of the policy term, you can convert 20 year term life insurance policy to a permanent policy. Without any medical examination, you can change the term of policy. You may use this policy to pay off a mortgage in the event of premature death. When financial responsibilities are at peak, you must choose 20 year term life insurance policy.
The insurance company pays off mortgage, and the remaining balance will be allocated to the name of a beneficiary. For young married people, this policy offer vast benefits. They may collect as much as cash as possible in short span of a time period.
For term assurance plan in case the policy has lapsed, it can be revived by paying arrears of premium with an interest rate within a period of five years. No claims concession will be applicable to this policy. This policy earns no cash value and there are no dividends. If you purchase a 20 year term life insurance policy, you will be given choices as to the premium and mode of payment such as monthly, quarterly or annually.
For business people, the 20 year term life insurance policy is very beneficial. This 20 year term life insurance policy is ideal as per the situation, when you are reinvesting each dollar that you can put your hands in your business. You need the least expensive life insurance to cover shareholders in the event of premature death.