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Life insurance is specially designed to protect the financial security of the whole family even after your death. There is always something to provide you with absolute peace of mind regardless of the type of life insurance you select. Your family’s protection will be absolute with a life insurance on hand.
What is Life insurance with money back at end of term?
If you are looking for a life insurance with money back at the end of the term, return of premium life insurance is what you are looking for. This type is better known as ROP, which is a type of life insurance that refunds the premiums you have paid at the end of the term, but that is if you are still alive. But if you will not be able to survive that long, your beneficiaries will be the one to get the death benefits. Though, this free life insurance coverage may cost more than half of the usual term life policy, most of the people look for it for its added benefits.
If you are still thinking about the type of life insurance that best fits you and your family’s needs. Though a regular term life insurance and premium life insurance is just alike, since they both cover for the term and both provide death benefits, return of premium term is quite different from the regular term because at the end of the life term and you are still alive, you or your beneficiaries will get the investment back. This means 100% of the money you have spent for through the years will be refunded to you.
Alternatives
At present, there is no other type of life insurance that offers money back or cash back at the end of the term aside from term with return of premium. This is best for those who do not want to pay for the coverage anymore and want to use it for other purposes. Life insurance with money back at end of term
The main benefits
ROP offers you flexibility of the usual term life insurance. With it, you will get lots of benefits along with the capacity to get refunds from the premiums you have paid for. This is really a good type of investment for those who feels like paying for a life insurance is just a waste of time and money.
The disadvantages
ROP is more expensive than the usual life insurance, especially for young & healthy applicants. It may cost you around 50% more, but of course the higher the cost the more benefits you can get, but it will be very costly on your part. ROP might not be available in all states too.
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