Term Life Insurance And What Happens When You Do Not Die?

We all know that we should have some sort of life insurance. Even though we do not want to die in the next few decades, or even like to think it is possible, we know that we are risking our family's security by totally ignoring the possibility. However some people are so confused by the different types of life insurance that they end up putting of the purchase. The longer you do put off a life insurance purchase, the longer you risk your family's security. And of course, life insurance only gets more expensive and harder to obtain the older you are!

Of course, term life insurance is one of the most popular forms of life insurance because the premiums are usually the most affordable. This is especially true during the working years when most people have the largest need for life insurance. The problem is this. Most term policies are purchased for a length of time, or term, of 10 to 30 years. Before a life insurance company offers to accept an applicant, they will do some underwriting. In other words, the life insurance company will examine the risk that the person will actually die during that term. What the company wants are people who are likely to live. Of course, they want to accept your premiums for a term of time, and they do not want to pay out the death benefit!

This may not seem that attractive to a customer, and even though the premiums are low, many consumers find it difficult to get excited about parting with a portion of their hard earned money for a benefit that everybody hopes will never be used! However, many life insurers are coming up with an attractive solution to this problem. This is called a Return of Premium (ROP) rider. It is attached to a term policy, and it does add a little to the cost. However, with a ROP rider, the policy owner will get their premiums totally refunded if they survive the term!

Do the math. Instead of paying out $30 a month for a twenty year term policy and ending up with nothing for your payments, you will get $7200 back! Some of the companies will even offer to use that money to purchase a permanent life insurance policy for you, or of course, you can take it in the form of a check! It is pretty painless to shell out $30 a month for most people, but it is a nice reward to get over $7,000 back!

When I present this option, really the only question clients have is if any interest is paid. Some people want everything! No, look at it like the interest is the fact that you have life insurance! But otherwise, you can calculate your refund with a very simple formula! So if you object to paying for term life insurance that you hope you will never use, why not look into getting your premiums refunded with a return of premium policy?
Check out our free Return Of Premium Life Insurance Calculator to see how big of a check you can get just for outliving your life insurance! Also take about 3 minutes to Compare Life Insurance Rates with our Free Quote Form!

http://247quoteus.com/rop-term.html