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The most com type of life insurance is term. It is a good option for people who only need temporary coverage, especially because it is much cheaper than whole life insurance. The basic concept and appeal of this insurance is that, if you survive through the term of your policy, then your premiums are refunded to you in full. Return of premium life insurance. If you die at any time during the term, your beneficiaries can collect on your death benefit, and the. In response to these complaints, insurance companies have invented a new type of insurance. Both types of policies require you to pay a fixed premium on the policy, although the premiums on return of life policies are generally higher. Return of premium life insurance is similar to term insurance in many ways. But it is not perfect, and many holders of term policies are unhappy with the fact that, if they survive the entire term, they will have nothing to show for it. The death benefit only pays out if the policyholder dies. In both types of policies, the policies are good for a specific term. |