Life Insurance Basics
What is return of premium term life insurance?
Return of premium (ROP) term life insurance returns all premiums paid if you outlive the policy term. If you die during the term, your beneficiaries receive the death benefit. ROP term has higher premiums than standard term but provides a built-in savings component. ROP term is available in 20 and 30-year terms.
Key Points
- ROP term: returns all premiums paid if you outlive the term
- If you die during the term: beneficiaries receive the death benefit
- Higher premiums than standard term
- Built-in savings component
- An independent agent can compare ROP term vs. standard term costs