RETURN OF PREMIUM TERM LIFE INSURANCE
The Life Insurance Coverage You Need
All Your Money Back When Coverage is Over
What is Whole Life Insurance?
Return of premium term life insurance is a solution for people who need life insurance coverage but are hesitant to buy because they don’t want to spend money on insurance they don’t feel they will use. Where other term life insurance policies expire without value, return of premium term life insurance pays the policyowner back 100% of the premium they paid during the life of the policy.
Why buy return of premium term life insurance?
Like other level term life insurance policies, return of premium, or ROP, term life insurance are issued for 15-20-30 terms and provide a tax free death benefit to the policy’s beneficiaries if the insured passes away while the policy is in force.
A large percentage of term life insurance policies expire without paying death benefit claims as the insured person survives the length of the term. Many people who believe they should have insurance coverage don’t purchase it because
they feel they will survive and the policy would be a waste of money. Unfortunately, we do not know what the future could hold over the next few decades and not having life insurance puts families and businesses at risk.
ROP term life is a solution as it contractually guarantees if the insured survives the term of the policy, the insurance company will return 100% of the premium paid back to the policy owner.
Should you buy ROP term life insurance?
If you need life insurance and are hesitant to purchase it because you feel you might be wasting your money on a policy that you will not use, ROP term life is a solution. The policy has a higher premium requirement than regular level term life insurance and does not have a cash value like universal or whole life insurance; though it could have a surrender value if it is surrendered before the term is over.