Return of premium life insurance
From Ask in Wiki
Return of premium life insurance is a type of term life insurance policy. The concept is that the policy returns the premiums you have paid for coverage over that fixed term period if coverage is never used. For instance, a $1 million policy bought for $50000 over a 30 year period would result in the $50000 being refunded to the policyholder.
Critics point to the rate of return being less than in a typical investment, as well as the extra cost of the policy compared to basic term life insurance policies. Also, if the policy is cancelled at any time, no money is refunded.
External links
- Mark Dodge: Is "Return of Premium" Life Insurance As Good As It Sounds?
Term life insurance: Level term life insurance • Group term life insurance • Decreasing term life insurance • Renewable term life insurance • Convertible term life insurance • Annual renewable term life insurance • Veterans group life insurance • Servicemembers group life insurance • Return of premium life insurance • Jumping juvenile insurance
Permanent life insurance: Whole life insurance • Universal life insurance • Variable life insurance • Variable universal life insurance • Mortgage life insurance, Burial insurance • Group life insurance • Survivor life insurance • Limited-pay life insurance • Endowment life insurance • Corporate-owned life insurance • Life insurance trust
by region: India • United States
See also: Health insurance • Property insurance • Liability insurance • Auto insurance • Business insurance • Travel insurance • Types of insurance
