Benefits of Return of Premium life insurance

Benefits of Return of Premium life insurance

If you’re seeking term life insurance and you would like to get some of the money you paid into the policy back, you might want to consider return of premium life insurance.

Term policies require the policyholder to pay regular premiums to keep the policy in force for a designated amount of time, usually 15, 20 or 30 years. If the policyholder dies during the term, their beneficiaries receive the death benefit. Although term insurance is the most straightforward of all insurance plans, if the policyholder doesn’t die and the policy expires, the policyholder would have to renew the policy for another set number of years to be covered, usually at a much higher rate.

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Term Life Insurance Coverage Is Temporary

Term Life Insurance Coverage Is Temporary

As with everything in life, there are two sides to every story.

Edward E. Graves, author of “McGill’s Life Insurance” says that while some argue that term life insurance is great for those who need temporary coverage or have a lack of funds to buy permanent insurance, others are quick to point out its faults.

One of its great strengths in being temporary can also be its weakness.

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Are There Options of Policy Dividends in Life Insurance Products?

Are There Options of Policy Dividends in Life Insurance Products?

Commonly associated with permanent policies; dividends are declared when an insurance company receives the premium payment from a policy owner, invests the money, and then returns a portion of the money back to the policyholder. After a policy is purchased, policy owners are given the opportunity to decide how dividends will be rewarded, which can be done through a series of options.

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