Money Back Term Life Insurance
Many people in the market for term life would automatically jump at the opportunity, were it not for the premium payments that just “disappear”.
Now, what if you were given the opportunity to receive ALL premiums paid during the term of your contract?
That is the concept behind money back term life policy, which is also known as return of premium term (ROP). You receive all the benefits of traditional term insurance with one difference: you get all your money back and all tax-free if you’re still alive at the end of your selected term?
Let’s take a closer look at the advantages of money back term life insurance…
When you’re just starting out, your initial premium rate is quite low. But as you age, your cost goes up. And the biggest disadvantage, of course, is that unless you die, your family will not get any money back. Not a penny will be paid if you’re still alive at the end of the term or if you cancel your policy.
Suppose you have your heart set on term life and don’t want or need the cash value component of whole life insurance. You’re faced with a dilemma: should you pay over $21,000 over the course of a 30-year term (based on a 30-year old who takes out a $1,000,000 standard term life policy and pays $700 a year in premiums)? That’s $21,000 that your family will never get back while you’re living.
With money back term life insurance, it doesn’t matter if you outlive your term. The price is much less than whole or universal life and just a little more than standard term life, in most cases.
Get back a portion of your premium I you surrender early.
Premiums are returned on a sliding scale that builds up to 100 percent at the end of the term. So if you take out a 20-year policy and decide to surrender it at year 15, you can expect to get back around 50 percent of the money you paid in.
Some insurance companies offer a choice of maturity benefits. For example, you can select a 100% premium back plan or a 125% premium back plan for slightly more.
It’s win-win protection for your family…money back if you live, cash benefits if you pass away.
Keep in mind, statistics state that there is a 99 percent chance you will not die and your family will not claim a death benefit. In the event that you are among that unfortunate one percent, your family receives the contracted death benefit. If you are among the 99 percent, you get all your premiums back, tax-free.
BeamaLife has partnered with over 100 top insurance companies and can help you choose the best policy now, when premiums for this policies are at all-time lows. We’ll show you how to get a $30,000, $50,000 even $80,000 check back from the insurance company at the end of your term. Call (800) 554-7822 now for the most affordable quote or complete the “No Obligation” quote request form.