RSSLife Insurance with Return of Premium
General high risk life insurance, return of premium life insurance, term life insurance no physical No Comments
Term life insurance provides a lot of people the security and support that they need for their family should they pass away in an untimely manner. However, many feel that the thought that they will not be able to get their premiums back if they will not pass away by the time the policy ends is not very attractive. This is one of the main reasons why there are still a lot of people who don’t like term life insurance.
It’s a good thing though that insurance companies have introduced return of premium life insurance. This is just like term life insurance no physical with one big difference: you would be able to get all your premium payments if you are still alive by the time the contract expires. You would be able to get $35,000 if you have a 35-year term with an annual premium payment of $1000.
I know that this is a very attractive offer. However, there are a few things that you would need to look into before you fully commit into getting this type of insurance policy.
First, it costs a lot more than a regular term life insurance policy, even high risk life insurance. You could end up paying 25 to 50% more which could very well translate to hundreds of dollars per year.
Another thing that you would need to consider is the possibility that you could end up with more money if you’ll invest the insurance premium elsewhere. You have to check into the financial ramifications of making such big payments for something that you gain no interest from.
Lastly, you have to make sure that you fully understand the terms and conditions that come with the policy. You might end up not getting anything because of several conditions that you broke since you knew nothing about them.