Alternative Type of Term Life Insurance
For many people the prospect of outliving your term life insurance policy is one of the major deterrents to buying this type of insurance. With whole life insurance you can rest assured that your insurance will cover you for as long as you live and continue to maintain the policy. An alternative to standard term life insurance is an insurance product called return of premium life insurance.
This insurance product functions exactly as it sounds, it returns the premium to the account holder after the contract terminates (assuming that the owner doesn’t die before the contract’s end). Even though you are really paying for the coverage of the risk of your passing, this type of insurance can add an additional benefit by returning what you put into it.
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