Return of premium life insurance: a great opportunity for you

Return of premium life insurance: a great opportunity for you

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Return of premium life insurance: a great opportunity for you

Tagged Under : income protection quotes, life assurance

A term life insurance is the most common type. It is a good variant for people who require temporary covering, especially because it is much cheaper than whole life assurance. But it is not perfect, and many holders of long-term policies are not satisfied that, if they survive the duration, they have nothing to show for it. The death benefit is paid only if the insured dies. In response to these grievances, the insurance companies have invented a new type of insurance: the return of the life insurance premium. The basic idea and catchword of this insurance is that if you survive the term of your contract, then your premiums will be refunded in full.

And as a variant of essential life cover you should consider income protection insurance. You will get benefits if you are unable to work. It doesn’t matter if you are single or have a family. If you get income protection quotes, you and your relatives will be provided with necessary monetary benefits during the whole period of your work inability.

Return of premium life insurance is similar to term insurance in many aspects. In both types of policies, the policies are good for a specified period. Both policies require you to pay a fixed premium on the policy, although the return of premium life policies are generally more expensive. If you die at any time during the period of your coverage, your relatives can collect on your death benefit and this benefit is tax free. However, if you are alive after the coverage term, that’s where the similarities end. If you choose a term life policy, you are left with nothing. But with the return of the premium insurance, every dollar you paid the premium is returned.

However, you have a choice. But like all decisions about insurance, you should consider your own situation and discuss your choice with your relatives before making a final decision.Similar Posts:

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