Term Life Insurance with Return of Premium

What is term life insurance with return of premium?

It's a type of life insurance policy that provides life insurance protection for a specific period of time, usually from 1 to 30 years.

Most term life policies offer coverage for a term of 10, 15, 20 or 30 years.

The premium of the policy is the price you pay for your life insurance. With level term life insurance you pay the same premium each year for the entire length of the term of your policy.

However, if you want to get your money back if you are alive when the term ends, you'll need a return premium term life insurance plan. The premiums are higher for this type of policy, but it's the only term life insurance plan you can buy that will pay you back your premiums (most of them) if you outlive the term of your policy.

How to get your money back from life insurance?

What happens to your money you pay for life insurance if you outlive the term of your term life insurance policy?

That's a good question.

And it's a good reason to consider how you can buy life insurance and get back your premiums if you do not use your life insurance.

The fact is, with term life insurance, if you do not die during the term of your coverage, your life insurance ends, and there is no death benefit paid out.

However, with return of premium term life insurance you get back almost all of your premiums if you outlive the term of your term life policy. So, you get the life insurance protection, and you get your money back.

However, there's a catch. The premiums charged for return premium life insurance are higher than your standard term life insurance policies, but if you want to take a chance, you'll end up ahead at the end of your coverage term.

Learn more about how to get money back from life insurance

Funeral Insurance Policies

What are funeral insurance policies and how do they work?

Funeral insurance policies are basically life insurance plans that provide the funds needed to help pay for your final expenses when you die, including the cost of your memorial service, burial and funeral expenses.

Many funeral insurance policies offer a limited amount of life insurance coverage, usually up to $25,000.

And, funeral policies offer guaranteed acceptance for people who meet the age requirements which may be age 45 to 75, or age 45 to 85, with most policies.

Also, there are no health exams to take and no health questions to answer. You can get a free funeral insurance quote on the internet and apply completely online without having to meet with an insurance agent.

Some leading life insurance companies offering funeral insurance plans include United of Omaha. Colonial Penn and Metlife, among others.

Click here to compare Funeral Insurance Quotes

Is Term Life Insurance a Good Idea?

Whether or not term life insurance is a good idea depends on your own personal situation and life insurance needs.

What do you want your term life insurance policy to accomplish?

Term life insurance provides temporary protection for up to 30 years. Most term life plans allow you to choose coverage for a period of 10, 15, 20 or 30 years when you purchase your policy.

Since term life costs a lot less than any other type of life insurance you can get a lot more life insurance for your money. However, the longest term available is 30 years.

So, if you need life insurance for 30 years or less, then term life may be a good idea. Remember, if you outlive the "term" of your term life policy, your life insurance coverage expires.

Click here to learn more about term life insurance

Can People with Epilepsy Get Life Insurance?

If you are able to work and live a normal life with your epilepsy, you can usually get a medically underwritten life insurance policy rated Standard or better, which means your premium would not be above the average rates.

If you have had any seizures in the past year or two, or if you have a history of serious or frequent seizures, you may need to get a simplified issue life insurance policy.

Simplified plans offer a limited amount of life insurance and there’s no health exam required. Some simplified life insurance plans offer up to $350,000 of life insurance without any exam required.

In any event, there is usually a life insurance policy available for people living with epilepsy.

Learn more about Life Insurance for Epilepsy

What Is A 30 Year Term Life Insurance Policy?

A 30 year term life insurance policy usually has the following features:

1. A set premium for 30 years.

2. A set death benefit for 30 years.

3. No cash value.

4. Only pays the death benefit if the insured person passes away during the 30 year term of the life insurance policy.

A 30 year term life policy may offer the option of renewing your coverage at the end of the term for an increase in premium.

Here's how you can learn more and compare 30 year term life insurance premiums.

Does Life Insurance Cover Death By Cancer?

Yes, life insurance covers death resulting from cancer.

A person who purchases a life insurance policy must honestly present their health details at the time of applying for the policy, and the life insurance company may order medical records to verify your health history.

After that, the life insurance policy is approved to cover death by all reasons, except suicide in the first two years. There is a one year suicide exclusion in some states.

Sometimes people will opt for a rider added to their life insurance policy that excludes death due to being a pilot. But there is rarely an exclusion in life insurance for cancer.

Unlike Accidental Death Insurance that covers only death resulting from accidental death, regular life Insurance covers death by all accidental and natural causes, including cancer.

Learn more life insurance for people with cancer and cancer survivors

United of Omaha Guaranteed Acceptance Life Insurance

Does United of Omaha offer guaranteed life insurance coverage?

Yes, United of Omaha offers up to $25,000 of guaranteed acceptance whole life insurance coverage.

People age 45 to 85 can buy a guaranteed life insurance plan from United of Omaha. And, you cannot be turned down due to health problems.

This is a risk-free life insurance plan with a 60 day money-back guarantee.

You can get an instant life insurance quote and apply completely online today for your life insurance coverage.

Whether you have high cholesterol, smoke, are overweight, have been turned down for life insurance, or just want guaranteed approval life insurance consider United of Omaha.

Get a free guaranteed acceptance life insurance quote.

Why Do Life Insurance Premiums Increase?

Life insurance premiums increase is some insurance policies and not in others, depending on the type of life insurance contract.

One thing that does increase each year is the mortality cost (the chance of the insured person dying). How the increasing mortality cost is dealt with has a large impact on the premium you pay for your life insurance policy.

For example with a 5 year renewable term life insurance plan you pay a level premium for 5 years and the excess over the yearly cost ii invested to smooth out the premium.

With a permanent level life insurance premium plan the insurance company actuaries do a calculation based on factors including morality cost and expense interest rate. They need an end so age 100 is often used, expecting most people to live at most 100 years. The calculation determines how much is needed to be pay on a level premium base.

So, premiums remain level for the entire duration of a permanent life insurance policy, but premiums increase after a set period of time for a term life insurance policy, which is why level term life insurance costs much less for a short period of time up to 30 years compared to permanent life insurance.

Here's how you can compare term life insurance versus permanent life insurance

How Much Life Insurance Do I Need?

If you're shopping for life insurance, one of the most important questions to consider is how much life insurance to buy.

The correct amount of life insurance you need will depend on what your goal is for your life insurance policy, what you want it to accomplish?

Also, how old you are, what financial responsibilities you have, and what are your future goals - like getting married, starting a family, buying a home, etc.? In addition, how much debt do you currently have and what are your total savings?

All of the above will impact how much life insurance you need, and help you determine how much to get.

The easiest way to really figure out your life insurance needs is to use a life insurance needs calculator.

You just answer some basic questions about your financial situation and the calculator gives you an instant, accurate estimate of how much life insurance to buy based on your own personal situation.

Life Insurance for People with Disabilities?

Is it possible to get life insurance for someone with a disability?

Yes, you can buy life insurance for people with disabilities.

Whether the person has a physical or mental disability, there are high risk life insurance plans available, including guaranteed issue life insurance and other policies that may insure people with disabilities.

However, these plans may offer a limited amount of life insurance and there may be some age restrictions as to how old someone must be to qualify for the life insurance coverage.

Learn how to get life insurance for people with disabilities