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Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
Return of premium term life insurance: Includes a feature where, if you outlive the term of the policy, you get back the premiums you paid. This is achieved through a return of premium (ROP) rider.
The least expensive type of life insurance is usually term life insurance. It provides coverage for a specific period — often 10, 20 or 30 years — and is typically much cheaper than permanent ...
There are two main types of life insurance: term and permanent. Term life insurance is typically more affordable than permanent life insurance because it is only active within a set period.
Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting.
Return of premium (ROP) life insurance is a type of term life insurance policy that returns a portion of the cumulative premiums paid if the insured outlives the policy's term. [1] For example, a $1,000,000 policy bought for $10,000 a year over a 30-year period would result in $300,000 being refunded to the surviving policyholder at the end of ...