Return of Premium Term Life Insurance |
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What is Return of Premium (ROP) Life Insurance?We are told that term life is pure insurance Unlike whole or universal life, term only provides coverage for the amount of time specified in the contract. For example, it is common for people to purchase 20 or 30 year term policies. Once this time period is over, the policy has expired.A Return of Premium rider allows consumers to choose an additional benefit. If they survive the term of their life insurance policy, and have kept their policy in force (by paying premiums), they will get all of their money back at the end of the policy contract. This rider will increase the premium somewhat, but provides and incentive and benefit to keeping a policy. Look at an example. Let us say you would pay $35 a month for a $250,000 30 year term policy. By adding the ROP benefit, you increase your premium to $40 a month. But if you multiply that $40 by 360 months (30 years), you can see that you will get over $14,000 back at the end.This is a great return on that extra five bucks a month. Return of Premium Term Life Quotes |
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