Return of Premium Information
Most people are familiar with the basics of life insurance. You pay a premium and your beneficiary receives a monetary payout when you die. But there is more than one type of life insurance policy that can protect your family’s financial future. You must decide which type of life insurance is right for your needs.
What is Return of Premium term life insurance?
Return of Premiums Term life insurance is the second most affordable type of life insurance. It is essentially plain Term Life Insurance with a nice feature at the end of the term. If you don't died at the end of the lets said 30 years period, the Insurance Company will refund you all the premiums paid during the 30 years. This makes it popular among adults that believe they will have good health through their lives and just want to have Life Insurance protection just-in-case the unforeseen. Same as a term life policy, on the Return of Premium plan you select the number of years—the term—in which your policy will be active. Your beneficiary will receive a payout only if you, the policyholder, die within the specified term. And if you have not died at the end of the specified term, you will receive a Return of Premium check from the insurance company.
What are the benefits of Return of Premium term life insurance?
If you wish to leave a legacy behind for your family, any life insurance is an important consideration. Return of Premium Term life insurance provides a way to ensure your family can continue making ends meets. Because this is the most basic type of life insurance, it’s easy for many to fit it into their budgets. And you’ll pay the same rate for your entire term, regardless of changes on your health. If you survive the plan's specified term, you receive a refund of all premiums paid and the policy terminates.
Most insurance providers allow you to select a term of one to 30 years, giving you the option to lock in your rate for longer. When you renew a term life insurance policy, your new rate is recalculated based on your age and other factors. The older you are when you renew the coverage, the higher the rate. This is why many people lock in their rate for longer terms.
Get started today!
Are you wondering how much Return of Premium term life insurance would cost you? Fill out a quote form today, and let our agency find a policy for you. All it takes is a few minutes to provide your family with years of financial future.