What is a 20 year payment life policy?

What is a 20 year payment life policy?

20 Pay Life Insurance is a type of Limited Pay Life Insurance (typically Whole Life Insurance) that requires payments over 20 annual installments. 20 Pay Life Insurance can be used as an additional source of income for the family or to help cover monthly expenses in the event of your death.

See also  What happens if someone dies shortly after getting life insurance?