Protection For Your Family If Needed – Your Premium Dollars Back If You Don’t!
Term 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 level premium term coverage at a locked in guaranteed 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 level premium period most term insurance policies will become unaffordable.
If you outlive the policy you don’t have many options. At the end of you guaranteed level premium term period, you can cancel coverage or you can keep coverage until age 95. The only problem with keeping this term life coverage is 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.
Here is another thing to consider: “99% of all term policies purchased never pay a death claim” Insurance companies make a lot of money selling Term Life insurance. Now the good news, You don’t have to worry about wasting your term life premiums anymore! How do you solve that problem? Purchase your term life insurance with a “Money Back Guarantee” 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 Term Life Insurance, you are guaranteeing your premium dollars will not be wasted. This policy will provide for your family if the unexpected happens but, will give back all your premium dollars if you don’t! This means that if the policyholder outlives the term of the policy, they will receive all the premiums paid back, tax-free. If the policyholder dies during the term of the policy, the beneficiaries will receive the death benefit as specified in the policy.
“Return of Premium Term Life Insurance” is a popular option for those who want the peace of mind of having life insurance coverage, but also want the security of knowing that their premiums will be returned to them if they do not pass away during the policy term. It can be a good option for those who want a higher level of protection than a traditional term life insurance policy, but do not want to pay the higher premiums associated with permanent life insurance policies.
It is important to note that “Return of Premium Term Life Insurance” will have higher premiums than just traditional term life insurance policies without the added return of premium rider as part of the policy. This extra cost for the rider will still be much cheaper then the costs associated with permanent life insurance coverage. By adding the ROP rider to your Term Life Insurance, it allows your term life plan to build cash value.
At The End Of Your Level Term Period You Will Have These 3 Options:
1. Get all of your premium dollars back (minus policy fee) and coverage will cancel
2. Leave premiums with company and these premiums will purchase a reduced paid up life insurance plan until age 95 with guaranteed acceptance. (Very popular option)
3. You can leave premiums with company that will pay your monthly 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 ever wasted again!