What Does A 20 Year Term Life Insurance Policy Mean? 
There is also a 20 -LRB- and 30 -RRB- year term policy that has a couple more built in options at the end of the term period . With most 20 yr term plans your only options are pay the huge increase in premium , convert to a higher priced plan , or just walk away and try to qualify for a new plan , health permitting . Most term plans have zero cash values . Another option is a term plan called Return Of Premium -LRB- ROP -RRB- . With ROP you may have an option to get all your premiums back at the end of the level period . Example would be an annual premium of $ 700 . would return $ 14,000.00 at the end of 20 years . Another important option with ROP Term would be a reduced paid up Life Insurance plan . Using the same example , instead of taking the $ 14,000 you take a $ 25,000.00 paid up policy , regardless of your health . The premium is higher for ROP , but would be much lower than regular term over the 20 year period . What is the right plan for you ? A good agent will show you the options . 