Reader’s Question:

I would really like to buy term life insurance. I find it quite cheap and practical since I don’t want to keep life insurance for a lifetime. There is just one drawback: if the term expires, I would gain nothing. Do I have other options in Detroit Michigan MI that can get back at least what I have paid after the term expires?

Troy

Detroit, MI

True, the drawback of term life insurance is that you’ll be paying for life coverage with anticipation that when you die you have something for your dependents. Your life insurance money goes to nothing if you don’t. This is what makes most policy holder for term life insurance very sad. Term life insurance still remains to be the most practical and affordable life insurance. This is really because with this type of life insurance, you will only be paying when your beneficiary is dependent on you for a certain period.

There’s good news for your concern though. There will be companies in Detroit Michigan MI which offer term life insurance that has what is called “return of premium” feature in the policy. This is a very attractive selling point for insurance companies who offer this feature. Return of premium means that your premium base shall be returned to you by the time term life insurance will expire. The premium for this product will be higher than the ordinary term life insurance.

Return of premium will be valid if your term life insurance is in force. If not, this benefit shall be forfeited. This will also require specific time period. Time period differs from one company to another. Some companies would even return the base premium only. Others will make a guarantee to return the whole premium accordingly.

You can use any search engine that you are always using for you to be able to search for term life insurance with such benefit, just type in “return of premium term life insurance’ or other relevant phrase. You will get to find companies that will offer such product and surely you will find one in Detroit Michigan MI.

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