Return of Premium Life Insurance
Today, many people don’t want to buy life insurance because they feel it’s like "throwing money away". Fortunately, now you have option to get money back on your life insurance.
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?
Example: If you pay $20 a month in premiums for a return of premium term life insurance plan, over 30 years (that's $240 a year), you can get back a lot of money when your policy ends.
You’ll receive a check for around $7,200 if you outlive the 30 year duration of your policy.
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.
If you think you'll outlive the 10, 15, 20, 25, or 30 year policy term of your life insurance plan, then return premium life insurance may be a good option.
However, regular level term life insurance offers lower rates for coverage, meaning you can afford to buy a more life insurance protection 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
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