Return of premium life insurance is a variant on traditional term life insurance. With normal term life insurance, if you outlive the term, you receive nothing, except the option to renew. With return of premium life insurance, if you pay your premiums for the duration of the term, you will receive your money back at the end.
If you die during the term, your beneficiaries will receive the face value of the policy. If you cancel the policy before the term expires, you will receive a portion of what you paid, but not all of it. In addition, return of premium life insurance is more expensive than traditional term. Nonetheless, it can be a good option for those who have trouble saving money and expect not to need the policy after the term ends.
Family owned and operated since 1969, American Term is dedicated to getting you the right life insurance at the right price, even if you are considered high risk. If you have been quoted a high price or even told that you are uninsurable, we can help! Call us today at 1-800-380-3533 to learn how our unique dual application process can bring your life insurance premiums down. We look forward to working with you.