What Does A 20 Year Term Life Insurance Policy Mean? 
In most cases it applies to the period of time where the premium is level -LRB- the same -RRB- in cost . Most term policies are designed to run longer than their level term period but at a higher price that increases every year after the level premium period ends . So with this question a 20 year term life policy would most likely be a flat level premium for 20 years , then an increasing premium there after if the insured wants to continue the policy . 