Few people are talking about a type of life insurance policy where you get all the premium you put into the policy back at the end of the term! This of course is a term policy typically being 10, 20, or 30 years long which most people are familiar with. With this endorsement you literally get 100% of it back if nothing happens.
This is a great policy as right now about 2% of all term policies are ever claimed. Most of the time because people outlive them. This works out so you can get a bigger benefit if you need in the short term and can act like a whole life policy by paying you the premium put in at the end of the term where you can use it to fund funeral expenses.
Let’s take an example; let’s take a 40 year old male and let’s say he purchased a $100,000 twenty year term policy to cover the remainder of a mortgage. We will say he has a preferred rate and was paying $40 a month, with the return of premium endorsement, let’s put it at $60 a month. Now we fast forward twenty years, nothing happens and he now gets a check for $14,400! This is a great finale expense policy that is now fully funded. At 60 years old getting a life insurance policy will be very expensive so now this can be used in place of this.
It is a great fit for people who want to cover a mortgage a debt while also funding a burial policy at the same time.
If you want a quote or have any questions, please email me at email@example.com