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What is Return of Premium Life Insurance?
Luckily, this is where return of premium life insurance can come in handy. Once you learn a little more about this option, you may want to consider it.
However, the difference with return of premium life insurance is if you do outlive your policy, you won’t have to worry about losing all of your money. Instead, you can get a refund of the cash you paid during the time of your life insurance contract. This can provide peace of mind and give you an incentive to purchase coverage, even if you feel certain you’ll outlive the term you choose.
What are the Pros and Cons of Return of Premium Life Insurance?
As you can imagine, return of premium life insurance coverage has quite a few advantages:
- Purchase enough coverage to pay your mortgage, put your children through college or otherwise ensure your family is taken care of if you suffer from an untimely death.
- Enjoy higher levels of coverage with cheaper monthly rates.
- Have peace of mind; you don’t have to worry about losing your money, because you will get cash back equal to everything you paid at the end of your coverage term.
However, you should be aware of a few disadvantages:
- Return of premium life insurance r
ateswill be higher. Although this can be worthwhile, since you’ll get the money back eventually, it can be tough if you don’t have much to spare for a more expensive policy in the meantime.
- You may be required to submit to a health exam and health questions. Many companies don’t offer “no medical exam required” options for this type of coverage.
As with anything, there are pros and cons to purchasing return of premium life insurance. However, you should know the perks outweigh the disadvantages for many people. So it’s definitely worthwhile to compare your options online and even fill out a few applications to make the right decision.
How to Find the Best Return of Premium Life Insurance
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If you use our instant quote finder, you can enjoy low life insurance premiums and top