20-Pay Whole Life Insurance | Shelter Insurance®

20-Pay Whole Life Insurance

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20-Pay Whole Life Insurance from Shelter Insurance® lets you pay off your policy in 20 years, while providing protection for the rest of your life, as long as you pay the premiums when due.

Like other Shelter whole life insurance plans, premiums will remain the same during the premium-paying period of the policy. But there are a couple of advantages to this policy relative to our other plans:

  1. If you start early enough, you can complete your payments before you retire, when you might face a fixed or reduced income.
  2. Purchasing a policy for your kids or grandkids could be advantageous, because the premiums tend to be lower when the person is younger.

A 20-Pay Whole Life Insurance policy also lets you:

  • Earn annual dividends1, which may be paid in cash, left to accumulate interest, or used to reduce premiums or purchase additional coverage.
  • Borrow the cash value, or receive dividends as loans (in some cases).
  • Appoint a charity as a beneficiary of your policy.

Additionally, your survivors can use the proceeds to:

  • Pay off mortgages and other outstanding debts.
  • Avoid having to sell assets or incur debt to cover estate taxes and other expenses.

Other Policy Options

There are several options that can be added on as well:

  • A waiver of premium. This allows the premium to be waived after six months of total disability.
  • An accidental death benefit rider. This increases the death benefit in case of accidental death.
  • A guarantee of insurability. This allows for the purchase of additional life insurance at certain intervals without proof of good health.
  • A paid-up additional insurance rider. This allows for the purchase of additional life insurance, with proof of good health, while premium is still being paid. These additions can increase your policy's surrender value and death benefit and can also earn dividends.1

1 - Dividends are not guaranteed.

The product information contained on this website is informational only and not a statement of contract. All coverage options are subject to the provisions of the policy purchased and details of the policyholder's situation.

Shelter Life Insurance Company, 1817 West Broadway, Columbia, MO 65218

Policy form #L-001.17 in AR, NE, OK, TN; L-001.18 in CO, IA, KS, KY, MS, MO, NV; L-001.25 in IL; L-001.20 in IN; L-001.21 in LA. Not available in all states.