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Return of premium insuranceReturn of premium insurance is based on the supposition that the death will not eventually come during the term of insurance. This brand new policy guarantees death benefit and return of premium. It works like that: You buy Life insurance with return of premium policy. When buying this insurance you specify a certain term, for example 20 years. At the end of the term period, you can claim insurance company to pay back you your premium. Moreover, partial return of premium for policies canceled before the end of the term is also featured. As you see, with return of premium life insurance you save your money. In comparison with other term policies, Return of Premium term life insurance attracts buyers by offering a guaranteed return of total overall premium paid on the policy during the level term period. It does not comprises rider charges (extra benefits such as disability coverage) and substandard (extra charges for health), which will be paid to the policy owner at the end of the level term period. Here's an example: Male, age 35 with the best rate of preferred plus, $500,000 of 30-year return of premium term life insurance: Being the life insurance return of premium policyholder you can feel confident in your policy. The money you pay in form of premiums are to be returned to you without any reductions. Return of premium policy is free of taxation, since you get back the amount you paid. For the first 15, 20 or 30 years you can enjoy fully guaranteed level premiums. |
Types of Life Insurance
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