Return of Premium Term Life InsuranceTerm life insurance policies can provide important peace of mind. They can assure your loved ones are covered if you die prematurely during your working years. Term life insurance should have an important place in anyone’s insurance portfolio.
A traditional term life insurance policy will give you an option to purchase a 10, 15, 20 or 30 year term coverage at a locked in rate. You will have to pay either a fixed monthly or annual premium for this coverage during that time period. At the end of that fixed guaranteed level premium period this policy in most cases will become unaffordable. If you outlive the policy you don't have many options. You can just cancel coverage or you can keep coverage until age 95 but, the costs for this coverage will go up substantially each year on the policy anniversary date. Most term insurance is just temporary coverage that is designed to cover you when you are younger and have more responsibilities. Did you know that “98% of all term policies purchased never pay a death benefit”? How do you solve that problem? Purchase your term life insurance with a “Return of Premium Rider” this rider removes that negative about outliving your policy benefits and feeling that you have wasted your premium dollars. By adding a “Return of Premium” rider to your policy your Life Insurance coverage will provide for your family if the unexpected happens but, will give back all your premium dollars if you don’t! At the end of your level term period you will have these options: 1. Get all of your premium dollars back and cancel coverage. 2. Leave premiums with company and these premiums will purchase a reduced paid up life insurance plan until age 95 with guaranteed acceptance. 3. You can leave premiums with company that will pay your costs for your current policy for a number of years until money is used up and coverage will cancel. Contact us for more information about how a “Return of Premium” term life insurance plan will guarantee your premium dollars are not wasted. |
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