What Does Return Of Premium Life Insurance Mean?

By Author: Brian Reed.
Total Articles: 6
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Insurance, it has been said, is a calculated gamble. If that is true, it is one of the only gambles that you hope to not win. Every month, millions of Americans pay life insurance premiums to ensure that if they die, their family or beneficiaries will be paid according to their goals and needs. However, not all life insurance products are gambles where your money is being paid, and if you don't die, you lose the money. In fact, there are insurance policies that you could say have a money-back guarantee. This type of policy is one of the newest products in life insurance and is called return of premium life insurance. Return of premium life insurance is similar to term-life insurance in that it is written for a particular period of time, whether that is 10, 15, 20, or 30 years and the policy stays in effect as long as you continue to pay premiums. If you die at any time during the policy, your beneficiaries will receive death benefits as long as you are current on your payment of premiums. The main difference between term life and return of premium life is that if you reach the end of the specified term and have not died, you ...
... will receive back all of the money that you have paid in premiums. For many individuals, this is a pretty nice option. You receive all the coverage that you would get with term coverage, but if you live, you aren't out any money. The premiums for return of premium life insurance sit in between term and whole life insurance. Typically, term life insurance is the least expensive insurance option, and return of premium life insurance is more expensive than term. However, it is still quite affordable, especially considering that the premiums will be repaid to you at the end of the term, provided that you have outlived the term. One note about return of premium insurance is that if you reach the end of your term and have not died, the money that you are paid does not include any interest or investment dividends. For some people, this is sufficient reason to purchase term life, and supplement the coverage with individual investments. If you want the most competitive quote on a return of premium life insurance policy, lifeinsure.com has access to the leading and most competitive life insurance policies available. Even if you have questions about which type of policy will best suit your needs, lifeinsure.com offers toll-free telephone assistance to help you find out which policy would work best for you and your family. Lifeinsure.com is built on a new philosophy of allowing consumers to access life insurance and term life insurance rates and quotes anonymously online. For years, lifeinsure.com has been dedicated to helping online visitors find low cost life insurance policies to suit their needs. Lifeinsure.com is one of the top life insurance brokerage companies on the Internet, helping you find information for the right life insurance policy for you.