Money back life insurance is also known as return of return of premium life insurance.
Return of premium term life insurance provides life insurance coverage for a set number of years, usually 10, 15, or 20 years, and if you outlive the term, you will receive a portion of the premiums back.
Some of the premiums are kept by the insurance company to pay for fees related to the cost of managing the life insurance policy.
However, with return premium term life insurance, if you outlive the term, you receive back most of the life insurance premiums you paid for the policy over the life of your plan.
Although return of premium life insurance may sound like a good idea, it does cost quite a bit more than regular term life insurance coverage.