Return Of Premium Life Insurance

Somehow, 10 years have passed since our family became the first online resource for life insurance rates. Based on our personal frustrations in being led astray by agents pushing products that were not in our best interests, we began educating consumers on the cheap and affordable benefits of term life insurance and supplying quotes for all the term life insurance companies.

Many people now know the benefits of term life insurance and where to obtain the lowest premiums (BudgetLife.com). But the industry has evolved, and there is now a variety of products to meet the unique needs of today's consumers. We will be sharing insights on some of these products in the next few newsletters.

So, let's talk about "new term" life insurance. New term is also known as Return of Premium (ROP) and refers to term policies that will refund all of your premiums at the expiration of your term.

These policies improve on the “old term” policies, bypassing their major disadvantage: leaving you with nothing but a depleted savings account at the end of your term.

Aside from the advantage of forcing you to save it before you spend it, new term policies carry a Return on Investment (ROI). Because the old term premium is the bare bones cost of obtaining the coverage you’ve identified as necessary, it is a sunk cost.

Consequently, the additional cost of a new term ROP policy carries a return on investment as it guarantees a future value (sum of premiums paid) that you would not have had with an old term policy. We can help you analyze this ROI and compare it against other potential investment options.

Look for our ROP ROI article in a future newsletter for more information on New Term Return of Premium products.

No Time to Wait? Instant Life Insurance

For many people, life insurance is just one more "To-Do" item that is all too easily pushed onto the back burner. History has shown you that you will wake up tomorrow. So it is easy to ignore the need for life insurance.

Even the responsible of us who intend to apply often get sidelined by the work of finding the right policy (better to enlist a competent broker to do this for you), completing the application, or taking your paramedical exam.

Many of us do not have time to do this,

and even if we did, fully underwritten life insurance takes several weeks to complete. In the meantime, your loved ones are not protected.

If you don’t have time to focus on life insurance, now you can be responsible to your family and have a policy online within 10 minutes. If you want to get one thing off your "To-Do" list today, call and let us help you. You can apply for a fully underwritten policy later, when you have the time.

Don’t put off for tomorrow what your family needs today.