Is there life insurance for seniors with return of premiums if you outlive the policy term?
Yes, seniors may be able to purchase a term life insurance policy with return of premiums if they are alive when the life insurance policy term expires.
However, the duration of coverage may be limited to 15 years or less, depending on the person's age and health.
Return premium life insurance is a new type of term life insurance plan that provides both a death benefit and a return of premium feature within the same life insurance policy.
How It Works: If you keep your life insurance policy for the full-term period, for example 10 or 20 years, at the end of that time the life insurance company that issued the life insurance policy with the return of premium feature returns to you all of the premiums that you paid for the insurance policy, less any expenses.
There's usually some partial return of premium for policies canceled before the end of the policy term (depending on the year it’s canceled – the longer it’s kept in force, the higher the amount of your returned premiums).
Yes, seniors may be able to purchase a term life insurance policy with return of premiums if they are alive when the life insurance policy term expires.
However, the duration of coverage may be limited to 15 years or less, depending on the person's age and health.
Return premium life insurance is a new type of term life insurance plan that provides both a death benefit and a return of premium feature within the same life insurance policy.
How It Works: If you keep your life insurance policy for the full-term period, for example 10 or 20 years, at the end of that time the life insurance company that issued the life insurance policy with the return of premium feature returns to you all of the premiums that you paid for the insurance policy, less any expenses.
There's usually some partial return of premium for policies canceled before the end of the policy term (depending on the year it’s canceled – the longer it’s kept in force, the higher the amount of your returned premiums).
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