20 Year Term Plan

20 YEAR TERM

ApplicationPlan TermsFAQ


The 20 Year Term policy is a term life insurance policy that will be in effect for 20 years from the date it was issued. During that term the premium and the benefits will remain unchanged. At the end of the term the policy will expire.

This policy is issued for ages 18-50, can be purchased directly online and does not require a medical examination. If you are older than 50, you can consider the 10 year term policy or the whole life policy.

If, for any reason, you choose to cancel your policy within the first 30 days, we will refund your first month’s premium. You can view a complete sample of the term life policy.

S8 Whole Life 5 Pay - P1Here are some things you should know about this plan:

30-Day Money Back Guarantee
In case you change your mind in the first 30 days of the policy and want to cancel it, just call us at (855) 966-1111 and we will send you full refund of the premium payment. No questions asked and no reason required.

No Doctor’s Exam Required
You do not need a doctor’s exam to qualify for a final expense life insurance policy with American Century Life Insurance. All you have to do is answer a few questions about your health status on the application form.

Premiums Never Increase
Your premium is set when you purchase the policy. Your monthly premium is based on your age, sex and the amount of insurance you purchase. From that point forward it will remain the same as long as the policy is in effect and premium payments are made as scheduled.

Benefits Never Decrease
The benefits, like your premium, are set when you purchase the policy. This amount cannot be decreased by us. If you decide later on that you would like to increase coverage, you can apply for additional benefits with us.

Full Immediate Benefits
There is no waiting period for this policy. You are covered for full amount of the benefits from the first day of the policy. At any time after the policy is issued full benefits will be paid in case of a claim.

Funds Can Be Used for Any Purpose
The named beneficiary receives the face value of the policy when the insured person dies. The beneficiary of an American Century Life Insurance policy can use the funds from the whole life insurance to pay for funeral costs and any other purpose, including rent and groceries.

Tax Free Benefits
The beneficiary will not owe any taxes on the proceeds of our whole life insurance policy. However, this is not a tax advice and please check it with your tax adviser.

Coverage Never Canceled for Health Reasons
Your health may change. Your coverage doesn’t. Once the policy is issued and all information provided to us is accurate, your policy can not be cancelled regardless of any changes that may occur to you as long as premiums are paid on time.

What does this life insurance policy mean?

This life insurance policy means that if the person who the policy insures dies, the beneficiary of the policy will receive a payment of the insurance amount (subject to the terms of the policy.)

What is this policy used for?

The benefits of this policy can be used for any purpose you choose. Because of the high cost of a person’s Final Expense – those costs related to funeral & burial – that average $10,000-15,000 – and the maximum amount of insurance that can be purchase from us of $25,000, many people buy this policy to make sure their family can pay for their final expense and the memorial service.

I have life insurance from work. Why do I need another policy?

Having life insurance from work is a great benefit to have. However, when you leave the work, at your own choice or not, the policy does not follow you. The day you leave is the day the coverage stops. Since most of us will live past retirement age the policy from work won’t help to most of us.

In addition, some employer policies covers also certain cases such as accidental death only.

Having a final expense now will make sure you have protection in any case and at a lower monthly premium than in the future, since you are younger and in better health.

How long will the policy last?

This policy is a 20 term policy, which means it will last for 20 years from the day it was issued.

Who are the parties in the policy?

Each policy has 3 parties:
The Owner of the policy – the person who owns the policy and can make changes in it.
The Insured – the person you buy insurance on. In many cases the Owner and Insured are the same person.
The Beneficiary – the person who will get the benefits in case the Insured dies. This person is usually spouse, child, or parent.


That is why we recommend that with your term policy you should consider buying a final expense policy. It will last forever and the premium will never increase, regardless of changes in you health or you age.

Do I get full benefits from the first day of the policy?

The whole life policy and the term policies have full immediate benefits. That means that you get 100% of the benefits from the first day of the policy on almost all of our policies.

There are two cases (the limited pay policy and the modified rates on our whole life policy) in which the benefits in the first two years will be less than the full face amount of the policy. Make sure you fully understand your policy and if you have any questions just call us at (855) 966-1111.

How would we get the benefits?

If a death occurs you will have to submit a claim form to us. Once the claim is approved we will send you a check for the benefits amount.

How long does it take to get the benefits?

We usually process the claim within less than a week from the time we receive all the information needed. You can find a claim form on our website.

Can you decline a claim and not pay the benefits?

If death occurs within the first two year of the policy (called the contestability period) we have the right to check if the information on the policy was accurate. If material information was inaccurate – such as a response to a health question – we may decline the claim and not pay the benefits.

Would the premium increase as I get older or my health changed?

Once your policy is issued the premiums remains the same and never changes. Even as you get older or my encounter health issues, you can be sure the premium on your policy will not increase.

Would the benefits change?

Like the premium, once the policy is issued the benefits will always remain the same and will never change from the amounts stated when the policy was issued.

Can you cancel my policy?

Once your policy is issued we cannot cancel it unless premium is not paid  on time or if we found health information that was not disclosed on the application.

Would you be able to pay the benefits?

We are very strong financially and substantially exceeds all financial strength requirements required by regulations. We fully expect to be able to pay your benefits whenever you are entitled to receive them.

How long will it take to get the policy?

We do our best to issue policies within 24 business hours of receipt of application. We will then email you a copy of the policy followed by a copy in the mail.

When does my coverage start?

You coverage start as soon as your policy is issued and your first premium has been paid.

Will I need to talk to anyone or meet anyone to get the policy?

You do not need to talk to an agent or representative of the company, or meet anyone to complete the online application. We do call some clients to verify the information and make there was no inappropriate use of their identity. You always have an option to meet with one of our agents and we can have an agents that live in your area call you to set an appointment.

I can’t afford it and don’t need it right now. Why should I buy this policy?

You should never buy a policy that you will not be able to keep for the long term. Buy what you can afford now to give your family protection. For example, a 50 year old female can get a final expense policy for only $13.05 a month. If, in the future, you will be able to afford larger coverage and payment you can always purchase additional insurance.

This approach will protect you from three things that may happen – first, you purchase a policy for a lower price than you would in the future because of you are younger and premium increase with age. This premium will never go up. Then, if you become uninsurable in the future due to change in health condition (cancer, heart problems, diabetes, accident, etc) you already have some insurance in place. And finally, in case of an untimely death your family is already protected.

Is there a medical exam?

No, we do not require a medical exam to get a policy.

How much coverage can I get with your policy?

You can purchase insurance up to $25,000 of coverage.

Would I have to pay taxes when benefits are paid?

No, the benefits you receive will be tax free. However, if you have a special tax situation we suggest contacting your tax accountant.

Can I cancel my policy?

Yes, you can cancel your policy at any time and you will not be charged any further premium. If you cancel your policy within the first 30 days, you will get your first premium payment back.
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