Return of Premium Life Insurance Policies
Return of Premium Term Life Insurance provides guaranteed premiums and protection for a specific time period, but generally only pays a benefit if you die during that period.
Return of Premium or ROP life insurance is better suited if you prefer a money back guarantee.
With this type of plan, you receive the same great term benefits plus you receive a portion of your premiums returned to you at the end of the selected policy term.
Consider a young couple, purchasing their own home. The couple wants to protect their investment and show love for their spouse or significant other by making sure that should death occur, their loved one will be able to afford to stay in the home.
A traditional term life policy provides them with the lowest premium but once the term is up, the policy premium may see significant increase and converting to whole life may not be an option. If the couple can afford slightly more in monthly premiums, they can choose an ROP plan with the same term coverage, however the policy will return the premium (excluding rider & substandard premiums) back to the couple!
A great idea in this scenario is that the couple could use those returned premiums to pay down or even pay off their mortgage!!
By choosing this policy now, you can provide funds to help pay off final expenses and debt should you live to the policy term or in the event of death.
Gallen Insurance provides Return of Premium and Term Life Insurance solutions to residents of Berks County, the Greater Reading Area and throughout Pennsylvania.
