You met with an insurance agent about term life insurance. After a discussion about the benefits of term insurance, the agent says to you:
“Did you know only 3% of term policies* actually pay out?”
“No”, you respond. “Why is that?” A good question.
“Because many people survive the term. That is why term life is so inexpensive. Chances are, you will survive the term and spend money as though you were throwing money down the toilet**.”
You don’t like the sound of that. The agent sees your discomfort and asks, “Would you like to learn a type of life insurance policy that will return your premiums back to you at the end of the term?”
“Yes!”, you exclaim.
Our response if we were with you: hold up. Stop. You need to understand the pros and cons of return of premium life insurance before you go any further.
After reading this article, you may want to simply put your money in that boring term life policy. Continue reading Understanding Return of Premium Life Insurance Pros and Cons