Return of Premium
Insurance policies are often offered with the option of guaranteeing that you, or your beneficiary, will receive at least the amount of money you paid into the plan for the coverage.
Term life insurance policies have started to offer this option as a way to assure the buyer that they will not be throwing their money away.
Regular term life policies will only pay a benefit if you die while the policy is in force. If you are still alive at the end of the term you get nothing.
The return of premium option also gives the buyer an incentive to continue paying the premium for the entire term of the policy or risk losing their money altogether.
If you have any real doubt about being able to pay the premium for the entire period, you should probably not take this option.
Some Long Term Care Insurance policies also offer this option.
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