What Is A 20 Year Term Life Insurance Policy? 
A 20 year term life insurance policy usually : 1 -RRB- has a set premium for 20 years , 2 -RRB- has a set death benefit for 20 years , 3 -RRB- has no cash value , and 4 -RRB- will only pay the death benefit if the insured person passes away during that 20 year term . 