Return of premium term life insurance You get your money back
ByReturn of premium term life insurance Read this and quickly learn how to have good life insurance coverage without it costing you anything.
This is a great concept for life insurance and provides both a death benefit protection and a return of premium, which means that you will get your money back at the end of the term.
One of the stipulations however, is that you must keep your policy and make payments for the entire length of the term whether it be 15 years 20 years or 30 years and then and only then will you receive an amount of money which is equal to the total amount of premiums that you have paid over the life of a policy.
Another nice thing about this type of life insurance is a guaranteed premium, which you will pay during the life of the policy and your premiums will not increase during the entire term.
If you pay $83.33 per month for a period of 30 years for a $500,000 term life insurance policy under a return of premium agreement and if you do not die during this term you would receive just about $30,000 back. You’d get this money back plus your family would have been protected during this entire time.
However if any point during this period of time that you would stop making your payments you would receive nothing and you would lose your entire investment.
Jimmy says return of premium is a good idea for life insurance if you’re going to make sure that you keep up the program.
Whoa Jimmy?
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