At Buckley Agency, the type of term life insurance policy we offer comes with a Return of Premium Living Benefit and it's pretty neat to have. It works as follows:
Over the life of your policy 15, 20 or 30 years, your life insurance company collects your money and invests it to earn interest. This is the way insurance companies work and how they stay in business.
Let's use round numbers: If your insurance cost you $100 per month or $1200 per year and,
You had your policy for 30 years (the length of your mortgage)
The $1200 x 30 = $36,000.
With the Return of Premium feature your insurance company would write you a check for $36,000 tax-free to use as you wish.
This means that when you live through to the end of your term life insurance policy, and 98% of all people do, you get a big check if you buy a policy with Living Benefits: Return of Premium.
Please invite me over to show you how this would work for your family.