Should I buy staright term life insurance or a return of premium plan?
Term Life Insurance covers you for a specified term (from 10 to 30 years, in most cases). If you die within the term, your beneficiary receives the stated death benefit of the policy. If you are still living at the end of the term, protection ceases unless the policy is renewed. There is no “accumulation” element, or cash value with term insurance. Many term life insurance plans can be converted to permanent life insurance plans without evidence of insurability. Some term insurance policies do offer a return of premium. Return of Premium Life Insurance is a newly introduced term life insurance policy that provides both death benefit protection and a return of premium insurance feature. It?s simple to understand: If you keep your policy for the term period, at the end of that time whether 15, 20 or 30 years, the life insurance company that issued the insurance with the return of premium policy returns all of the premium that you paid for the life insurance. There also is some partial re
