Picture getting a money back guarantee on your Term Life Insurance policy. Your family receives a lump sum of money if you die, but if you live the company returns all of your premiums! Now you can’t do that with your auto insurance or your homeowner’s policy.

Such a product now exists and is ROP Term Insurance. It’s just one of the innovative solutions coming your way from some of the best insurers in the business.

Protect your family with life covers

A ROP policy is aimed right at one of the greatest objections to traditional Term Life Insurance, “I am probably not going to die, and my money will have been wasted.” When you buy insurance with a return of premium option, you do not have to waste your money. Unlike regular Term Life Insurance, ROP term life insurance rewards you for living by offering a guaranteed return of your total cumulative premium paid on the policy during the level term period.

It’s simple to understand. If you keep your policy for the term period, at the end of that time whether 15, 20 or 30 years, the life insurance company that issued the insurance with the return of premium policy returns all or some of the premium that you paid for the life insurance. There also is some partial ROP for policies canceled before the end of the term (depending on the year it’s canceled). The longer it’s kept, the higher the amount of the return. Some companies call this type of policy Endowment Term and it builds a cash value that can be used via loans.

Return of Premium (ROP) Term starts out like traditional Term Life Insurance with one extra feature from the insurer. If you pay your premiums and you live, we’ll give you your money back. On a typical 20 year Level Term Life Insurance policy the ROP feature adds additional costs to your premium, but that extra premium will effectively earn you a 6-7% return over the 20 years just enough to earn you back everything you’ve paid in. What’s in it for the insurance company? The answer is loyalty. Carriers spend a lot of money to get your policy, and only start making a profit if you stick around more than five years or so. ROP guarantees that lots of customers stay for the full 20 years. And, for those that don’t, the carrier made extra premium dollars on those guys and used some of it to pay you a solid return on your money. Return of Premium Term Life Insurance even though costlier than the traditional Term Life Insurance policy may be an viable option for you.. So if you know that you are going to be insured for the long haul, then think about tossing in a few extra dollars and getting it all back in the end.

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