A. A 20-year term life insurance means that the policy will stay the same price for 20 years, then either end, or jump in premium, or keep the same premium amount but with lower coverage amount.
Normally, after 20 years of a 20 year term life insurance policy, the insured person must reapply for a new policy at rates appropriate to his or her older age and health at that time. Or else policy owner may be able to convert the 20-year term life policy to a permanent insurance before the 20 year term ends.
The permanent insurance is guaranteed to have the same health rating as the term did, and priced according to the age of the insured at the time of conversion.