Return of premium life insurance

What is return of premium term life insurance?

The basics of return of premium term life insurance. It may be wise to consider “return of premium” (ROP) term life insurance. Under an ROP policy, if no death benefit is paid by the end of the insurance term, premiums are paid back to the policy-holder in part or in full.

How do I get a return on my life insurance premium?

There are two ways to get a return of your premium: As an ROP term life policy or as an ROP rider. A traditional term life insurance policy may give you an option of 15, 20 or 30 years with a fixed annual premium but you can outlive the policy and do not get any money.

What is return of premium (ROP)?

Return of premium (ROP) is a type of life insurance policy that returns the premiums paid for coverage if the insured party survives the policy's term, or includes a portion of the premiums paid to the beneficiary upon the death of the insured.