Many young Americans don’t want to buy life insurance because they feel it’s like "throwing money away". Fortunately, you now have a new option.
You can choose Return of Premium life insurance, and you won’t be throwing any money away.
How Does Return of Premium Life Insurance Work?
If you pay $20 a month into a return of premium term life insurance plan over 30 years (that's $240 a year), you can get back a big chunk of change.
You’ll receive a check for around $6,000 if you outlive the 30 year term of your policy. So, do you feel lucky?
You get the tax deferred savings of the premiums you pay into your life insurance policy. If you wait until the policy expires, you pay no taxes on the return premium you receive.
It’s like a savings account that offers you life insurance protection, too. Some return of premium life insurance policies let you take money out early, but penalties usually do apply.
Basically, it you outlive the term of your life insurance policy, you get back most of the premiums you paid.
It's important to understand, return of premium life insurance costs more than regular term life insurance, because they are going to give you back most of the premiums if you are alive when the policy expires.
So, if you feel you'll outlive the 10, 15, 20 or 30 year term of your life insurance plan, then return premium life insurance may be a good option.
However, regular level term life insurance offers much lower rates for coverage, meaning you can afford to buy a lot more life insurance protection today, for your family.
So, the choice is yours - do you want to pay higher premiums now, in order to get money-back when the life insurance ends, or do you want to buy more life insurance for your money today?
Top Pick – JRC Insurance Group JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote