Term Life Insurance is designed to provide protection for a specific and limited period of time, such as 10, 15, 20 or 30 years. If death occurs within a period of time specified in the policy, the insurance company will pay the death benefit. If not, no benefit or refund is paid.
Term insurance may be a good choice for people seeking protection for the specific needs that will end at some time in the future.
Return of Premium Term Life Insurance (ROP) is a relatively new type of coverage that combines a guaranteed refund of the premiums paid during the level term period, assuming the insured is still living at the end of the level term.
These ROP plans are available in 15, 20, or 30-year term versions. Consumer interest in these plans has continued to grow each year, as they are often significantly less expensive than permanent types of insurance, yet like many permanent plans, they still may offer cash surrender values.
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