Return of Premium Term Life

ROP Term Life Insurance is a product that pays a beneficiary a predetermined sum of money upon the death of the insured. The policy gives a monetary benefit to pay off debt obligations, final expenses, and income replacement. ROP Term Life insurance is underwritten to provide coverage for 10, 20, or 30 years. With a Return of Premium policy, all premiums that you have paid into the policy are refunded to you if you outlive the term of the policy.

For example: If you pay $1000 per year for a 20 year return of premium policy, the insurance company would give you a tax free check for $20,000 when the policy expires.

As a general rule, longer term policies are more costly to the insured. Depending on the company, you may have the ability to add additional riders (options) to the policy. These riders often times include a spouse or children’s insurance riders or a waiver of premium for disability.