Return of premium (ROP) term life insurance has a feature that many customers like—it gives you your money back!
At the end of your policy term, all the money you’ve paid in premiums (monthly payments) is returned to you. You can select a term of 10, 15, 20, 25, or 30 years.
If you’re wondering whether it costs more than a regular term life policy, you’re absolutely right. In most cases, ROP policies cost two to three times more than a standard term policy. You need to decide now whether the extra cost is worth it in order to get your money back later.
How does it work?
During your term, an ROP policy functions like any other term policy—you make payments in return for coverage. The only difference happens at the end of that term, when you get a large check that returns the sum of all your monthly payments to you. At the end of your term, the net cost to you is absolutely zero.
This type of coverage works best for someone who isn’t fond of risk. With this policy, there are only two possible outcomes: you outlive your policy and get your money back, or you don’t outlive your policy and your beneficiaries receive the death benefit. It’s a win/win situation.
What’s the catch?
The only real catch is that an ROP policy will cost you more than a standard term policy. It all depends on your tolerance for risk versus your need for insurance.
Most people who buy an ROP policy choose a longer term of 20 or 30 years. The comparative return on your investment will be higher the longer you have the policy.
Why work with us?
Our online quoter will find you the best quotes from the top life insurance companies in the market today. We do this by knowing the industry better than anyone else. Our 36 years in the industry and hard work have helped us develop all of the contacts, skills, and knowledge necessary to bring you affordable quotes from providers you can trust. You can get a fast, free quote online or over the phone, all at no cost to you.
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