What if I Outlive My Term Policy?
It’s the Ultimate “win-win” situation. Now you can provide your family with solid term life protection AND, if you outlive the policy term period, get all of your premium dollars back.
15/20/30 is term life insurance with guaranteed level premiums for the initial term periods. After that time, the policies have indeterminate premiums with annual increases through age 94.
The return of premium feature is provided by a cash value rider, which also offers the ability to take policy loans, including automatic premium loans. The return of premium is at the end of the initial level period, if the insured is still alive, and excludes any flat extras and any loan balance.
The return of premium feature is provided by a cash value rider, which also offers the ability to take policy loans, including automatic premium loans. The return of premium is at the end of the initial level term period, if the insured is still alive.
Premiums for policies that contain the return of premium benefit are higher than policies without this benefit.
There are optional enhancement riders that allow the insured greater flexibility with this particular policy. One of the riders that must be purchased with the policy is a Disability Income Rider. As with a traditional policy, the rider pays you the insured a monthly benefit. Pre-existing conditions are not covered during the first two policy years.
As with most term policies, if you should become uninsurable at any time, the policy contains a valuable conversion option. If you are 60* or younger you may convert your term policy to any cash value accruing policy the company has at that time, without having to provide evidence of insurability.
Historically, term policies are NOT used in long term financial planning.