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Administered by
UMA Association Health Programs
12721 Metcalf Avenue, Suite 100
Overland Park, KS 66213
Toll Free Phone: (888) 450-3040
help@associationpros.com |
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Return Of Premium Term Insurance |
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Return of premium term life insurance provides
affordable life insurance protection during the duration of the term
period. After the term period ends, and if the insured is still
living, a refund equating to total premium paid is refunded to the policy
owner. The amount of refund can be substantial. For
example, if you were approved with at a standard rate class
for a 30 year Return of Premium Term policy with a monthly premium of
$100 per month your total refund at the end of the term period would
be $100 X 360 months or $36,000. This is a very popular way to purchase
life insurance and allows you to save money for the future. Return
of Premium Term Life insurance is different than traditional term life for this
reason. Regular Term Life insurance does not refund your
premiums at the end of the period.
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Additional Information |
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What is the difference between term and permanent insurance?
Term insurance is commonly referred to as temporary coverage. For example, a
newly married couple may want to buy life insurance to protect their mortgage
on their house. Another may want it to assist a spouse and children in the
event of an untimely death. Term insurance is usually less expensive than
permanent insurance because insurance companies charge premiums based upon the
likelihood of you dying. If you are 30 and you buy a 20-year term plan, the
likelihood of your dying between the ages of 30 and 50 is relatively small. If
your term plan runs out, you must re-qualify for coverage based upon your
current age and health conditions.
Permanent insurance is just that - permanent. In the analogy of buying a house
or renting an apartment, permanent insurance is like buying a house. That is
why it is more expensive. You own it until you die if sufficient premiums are
paid. If you want insurance to pay a death benefit to your family or loved
ones, then permanent insurance is the safest way of doing it. Mortality tables
suggest that most people will live well into their 70's, and many to age 80 and
beyond. Permanent Insurance takes the guesswork out of the equation. It will
pay benefits even if you live to 110 years old, if the policy is properly
funded and maintained.
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