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Contributed by mm | August 26, 2006 11:05 AM PST
Have you heard about "Return of Premium?" Here is what it is when it comes to term life insurance:
From :
In most types of term insurance, including homeowners and auto insurance, if you haven’t had a claim under the policy by the time it expires, you get no refund of the premium. Your premium bought the protection that you had but didn’t need, and you’ve received fair value. Some term life insurance consumers have been unhappy at this outcome, so some insurers have created term life with a “return of premium” feature. The premiums for the insurance with this feature are often significantly higher than for policies without it, and they generally require that you keep the policy in force to its term or else you forfeit the return of premium benefit. Some policies will return the base premium but not the extra premium (for the return benefit), and others will return both.
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Term, Whole, Or Return Of Premium. Which Life Insurance Is Best? (September 13, 2006)
SmartMoney's recommendation is term life insurance, and I cannot agree with it more. Don't confuse insurance with investment. Let term insurance take care of your insurance needs, and get your investment portfolio in order to get the return you want.
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