What is Return On Premium Life Insurance?
Return On Premium Life Insurance is a Term Life Insurance policy that has a rider or add on to the policy which specifies that you may get all or some of the money you spent on the policy if you outlive the time-frame of the contract/policy.
How does it work?
Learn which Life Insurance Carriers offer ROP as an option when you look into a term life insurance policy for you and your family.
Pro and Cons of Return of Premium Life Insurance
Advantages:
-The money you receive at the end of the policy is tax free
-The ROP can serve as a long-term savings
-It is convenient to set up
Disadvantages:
-Can be more expensive than traditional term policies
-If you let your policy lapse you can lose the benefit
-Not all companies offer ROP policies and riders
Is it worth it?
Return On Premium Life Insurance can be a great option for the right situation. It is important to educate yourself so you can find the life insurance policy that is the best fit.
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