The return of premium feature will generally provide for a refund of all or some of the premiums you paid for your term insurance policy at the end of a level term period or at end of the term coverage period if no death benefit was paid out during that period.
So, if you outlive the term (duration) of your term life policy, you get back all or almost all of the premiums you paid for your life insurance coverage.
The parameters of the return of premium feature for life insurance will vary depending on the type of term life insurance policy you purchase.
The return of premium feature can be offered by a separate rider to the term life policy for an additional cost. The return of premium feature may also be a provision within the term life policy.
Premiums for term life including return of premium are higher than for standard term life insurance without the return of premium feature.
Learn more about return of premium term life insurance and compare rates for coverage