Return-of-Premium Term Life Insurance

If you are looking for term life insurance, there is another option that is perhaps better for you but not nearly as well known. Return of premium term life policy is a term life policy that returns all the premiums you pay if you stay healthy until the term ends. That means you get to keep your full policy amount if nothing happens during the term period.    

​How it works

If the term life insured dies within the term period, then the money returned is exactly what they have paid. If nothing happens within the term period (that means nothing bad, not anything good of course, like going on a cruise or something), then you will receive a full term life insurance premium refund. There are no additional charges whatsoever. 

Who can get return-of-premium life insurance?

This is especially important for those who are self-employed and do not have term life insurance through group plans, as well as other individuals who want term coverage but cannot meet certain health requirements.  If you find yourself in either of these situations, then consider getting a return premium term life insurance plan that allows you to keep the full amount you pay towards your death benefit if nothing happens within the term period.

Those with minimal cash available in their early years may find that return of premium term policies are cheaper than regular term coverage because they provide the same level of protection but don’t require any additional premium payments. For example, a 20-year old male non-smoker looking for term life insurance would pay roughly $26 per month for term coverage, whereas a return of premium term policy might cost only $9.69 per month. The other benefit is that there’s no extra money owed at the end of the term should you choose to keep your term policy instead of taking advantage of the term life premium refund upon expiration.

Can I add cash value to the policy?

Many term policies advertise that they allow for a return of term premium, but when you read the fine print you might not be able to add any extra cash to your term policy or it may be very difficult. In addition, when adding cash value it is important to consider the associated fees with each term life insurance plan. Most term policies are sold as stand-alone term products, but there are usually no associated annual premiums or maintenance fees with return premium term insurance.

Are there any downsides?

While return of premium term products tend to be less expensive in general, they may cost more for those who typically purchase term coverage but occasionally become very ill. The reason term insurance with returns of premium is more expensive under these scenarios is that term life insurance premiums are based on the term applicant’s health at their time of application, so if they become ill during the term period, they will most likely have to pay a higher term premium because of their medical condition or history.

Will this type of term policy suit my needs?

If you cannot get term coverage elsewhere for any reason, return premium term life insurance may be an option for you. It is also good for those who want term protection but do not meet the criteria to qualify for standalone term policies through group plans or other group life insurance options. Find out what you qualify for by contacting one of our expert agents! 

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kristina carter
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MOSES AKANBI
MOSES AKANBI
Lawrence Korman along with his agency BFL are making a difference in the DMV helping families, small businesses, communities and the underserved market by educating, protecting and providing customized financial solutions.
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Said Daibes
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Dawn Williams
Amazing leadership!! I would recommend to anybody!
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Sydney Thomas
Very reputable Agency. I would highly recommend their services to anyone!
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Excellent!
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Bill and his team are the most competent and professional group I’ve had the pleasure of working with! Their expertise is next to none!
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Phenomenal service on helping the community with building legacies!
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James Speller
This firm does a phenomenal job of educating clients on how insurance can be leveraged to solve soo many financial needs! I've learned a ton!
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Elizabeth Valencia
I recently had the pleasure of working with the Built For Life Agency and I must say that my experience with their financial services and life insurance offerings has been nothing short of outstanding. From start to finish, they have displayed a level of professionalism and expertise that is truly commendable.The range of financial services offered by the Built For Life Agency is comprehensive and impressive. Whether it was retirement planning, or life insurance policies, they provided me with a wide array of options to choose from. Their team took the time to explain the intricacies of each product, making it easier for me to make informed decisions that aligned with my long-term financial goals.Everyone at the BFL Agency have exceeded my expectations, and I am confident they will do the same for you.
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Curt Narvesen
The service that you receive at BFL Agency is more like an experience. The services provided and the attention to detail given to each client is some of the best I've been in the industry today. It's all about relationships.
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Built for Financial Agency is an agency with high integrity and quality agents! We have been extremely pleased with their professionalism and how they put the clients needs first! We were amazed at how they can help with so many areas of life from savings, retirement, college planning and so much more!! So thankful we were referred to them!!
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I have had the ability to get to know the team of agents working within Built for Life Financial Agency. All are extremely knowledgeable and provide superior guidance on protecting families whether it be for retirement or life insurance.
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It's very clear that the BFL Agency wants to serve their clients and community. Their service is impeccable. The admin assistant was great, nice demeanor and very helpful.
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