What is Return of Premium Term Life Insurance?
Return of premium life insurance is exactly what the name implies – it is a term life insurance policy with the death benefit and premiums guaranteed for a period of years that you select. Generally, return of premium insurance is limited to periods of 15, 20, 25, or 30 years. After the term period selected ends, 100% of the premiums paid are returned to the policy owner in cash. Premiums for ROP products will be higher than standard term life insurance, and you may be able to secure a significantly higher death benefit for the same premiums with a standard term policy. Get an instant quote now to compare premiums!
What should I consider before purchasing a Return of Premium policy?
Many people who buy term life insurance policies do not keep the coverage for the full period of the guarantee for various reasons (health related, change in coverage, need to extend period of guarantee, etc). Return of Premium Life Insurance products usually accumulate little cash value in the early years of the policy, and cash values increase much faster towards the latter years of the policy. New laws beginning in 2010 will change the level of cash value accumulation, but may also have the effect of increasing premiums. You should strongly consider whether you plan to keep the policy for the full term before making a decision.
How can I get an Instant Quote for Return of Premium Term Life Insurance?
Fill out the short form below for an instant quote in less than 30 seconds! You can also give us a call at 1-800-571-2980 from 9 AM to 9 PM Eastern Standard Time or send us an e-mail at Info@terminsurancebrokers.com. We look forward to hearing from you!