Life Annuities – 20 Year Term Life Insurance – So Many Uses For This Policy

The 20 year term life insurance policy can be effectively used in oh so many situations. We will look at some of them but first let us define what this policy is all about. 20 year term insurance has a level death benefit for the entire 20 year period. This death benefit can be paid in one lump sum or in income form. The premiums, more often than not, are also level for the duration. Sometimes a life insurance carrier may elect to allow applicants to start the policy at a lower initial rate then increase it at a specific predetermined date in the future, for example, at the 5 year point or 10 year point. How could you effectively put a 20 year term life insurance policy to use?

Second, you must know the best products to sell. There are probably over 100 insurance companies selling final expense life insurance. Most, in my opinion, being overpriced and just plain junk insurance. Your job as an agent is to know these companies and to have the best companies to offer to your customers. You want companies that are solid financially and have products that fit your needs. I always look at price first. You want companies that are cheap for smokers and non smokers. Then you want to take the application for each company and compare the underwriting guidelines.

If you are in heavy debt when you pass on, especially if you have a large mortgage, taking out a good policy that will cover your debts completely is a must. Funeral costs can easily run into the thousands of dollars, your kids schooling has to be considered, and don’t forget about death taxes.

Third, you need final expense leads. Leads are people who are interested in buying your product. They have already said they are interested. In my opinion, this is the hardest part of the business; however, by simply knowing where to get your leads, from companies that have great success in the business, you can have an endless supply of fresh, hot leads.

Many business people find it a good decision to buy 20 year term life insurance. Business people tend to plan 1 year ahead, 5 years ahead, 10 years ahead and 20 years ahead. They may use life insurance to fund buy sell agreements if a partner or shareholder should die. They could buy out the shares from the heirs of the deceases partner or shareholder. Both surviving family and surviving shareholders should be pleased in this case. This policy is often used for key employee insurance. The death of a key person can devastate a business while they go about replacing this valued employee. The 20 year policy is a favorite for these business situations

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