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Mortgage
Term Life Insurance covers you for a specified term
(from 10 to 30 years, in most cases). If you die within the
term, your beneficiary receives the stated death benefit of the
policy.
Unlike other forms of
term Insurance, Mortgage Term Insurance normally is a non-med
product, no medical underwriting is required in many cases up
through table 4 or table 6 with some companies..
Return of Premium
is also available on Mortgage Term Insurance policies.
It’s simple to understand: If you keep your policy for the
term period, at the end of that time whether 15, 20 or 30 years,
the life insurance company that issued the insurance with the
return of premium policy returns all of the premium that you
paid for the life insurance. There also is some partial return
of premium for policies canceled before the end of the term
(depending on the year it’s canceled – the longer it’s
kept , the higher the amount of the return.)
Return
of Premium
is aimed right at one of the greatest objections to traditional
term life insurance: “I am probably not going to die, and my
money will have been wasted." When you buy insurance with a
return of premium option, you do not have to waste your money.
Unlike regular term life insurance, Return of Premium term life
insurance rewards you for living by offering a guaranteed return
of your total cumulative premium paid on the policy during the
level term period. |
Money Back / Return of Premium
