We all know that Term Life is the best possible way to get the most Life Insurance for the least amount of money.
But have you heard of Return Of Premium (ROP) Term Life?
Both can provide much-needed protection for families and loved ones. Straight term has lower premiums – it is the simplest form of life insurance coverage. Coverage for a specific term generally 10 to 30 years with guaranteed level premiums for the initial period. Thereafter, coverage continues with annually increasing premiums.
ROP Term has premiums that are a little higher than straight term but it is still coverage for a specific term generally up to 20 years with guaranteed level premiums for the initial period. Thereafter, coverage continues with annually increasing premiums.
The additional premium builds the cash value that can eventually be used to “return” 20 annual premiums basically giving you back the premiums paid into the policy OR use the surrender value to purchase reduced paid-up coverage with no further premiums due.
The cash value in the ROP term plan can be borrowed against – something straight term doesn’t offer. Just use caution. While you can borrow against ANY cash value policy, keep in mind that if you pass away the balance of the unpaid policy loan will be deducted from the death benefit paid to the beneficiary.
If you have questions or would like to see how ROP Term Life can meet your needs and goals, call Fred Wood at F.J. Wood & Associates Life Insurance (877) 215-3812 extension 0 or click HERE to schedule a convenient time for us to call you. also fee free to email your question to email@example.com