Finding the right life insurance in Burlington, North Carolina can seem difficult or complicated at first. The reason is simple: a variety of policy options are available. When you are worried that you will not pass away during the time that you obtain a term life policy, it may be beneficial to consider a return of premium life insurance policy.
How it Works
A return of premium term life policy is a simple plan that reduces the concerns about wasting money for a set period of time. You obtain insurance for a set amount of time, such as ten or 20 years. If you pass away during that period, your loved ones will receive the policy amount dictated in your current plan.
If the insurer does not pay to your beneficiary by the end of your term, then the insurer will return the full amount that you have paid. A return of premium policy means that you are not taking any risks.
Due to the guarantee that funds will be returned at the end of the term, it may cost more for the insurance on a monthly basis. The exact monthly expense may vary between companies, but in many cases the payments are greater than the amount that you would pay if you have a basic term policy. Depending on your budget and the coverage you want, the cost of the policy may or may not fit into your financial plan.
When you do not want to obtain a whole life policy, it does not mean that you must waste money on a basic term policy. You can obtain a return of premium policy to obtain the benefit of coverage without the worries of wasting funds. Contact us to talk to an independent agent for more details about policy options.