Return of Premium Life Insurance
Having your life insurance premiums returned if you don't claim
Return of premium life insurance, or ROP, may sound like the sequel to a very odd movie, but is in fact a form of life insurance that offers to return the entire premium you have paid if you see out the policy through its full term. For example, if you take out a policy for 30 years and keep it for the full term, at the end of that time, the full amount you have paid over those 30 years will be returned to you under the terms of a return of premium life insurance policy.
Some policies also offer partial returns on plans that are cancelled before the full term has expired. Obviously, the longer you keep the policy, the more you will be repaid.
“The premium paid back on insurance policies that have expired is not subject to Federal income tax, because the amount you are putting in does not exceed the amount you are repaid. For those looking to make sure that they do not waste their money, this is a very prudent option. The return of premiums can be guaranteed for policies between 15 – 30 years.”
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