Rop Term Life Insurance
Which life insurance is better? Any ideas on ROP?
I am 28 years old/non smoker/good health/no existing health conditions. I am looking into get a life insurance policy. I am more inclined to get a term life insurance, but I heard about this ROP(return of premium)., do any of you have any advice regarding this kind of policy. Also which companies/website you recommend to get a life ins. policy. thanks in advance
Term life insurance gives you more coverage for the buck. It is true that you will get nothing but pure insurance coverage, but you will get a lot more of it for less money than you would with whole life.
Figure out what the potential return of premium might be. Insurance companies don’t generally pay high rates of interest.
You might be better off investing your savings in premiums, especially in a tax sheltered account, rather than buying whole life coverage just because of the premium refund availability.
At your age you can buy 10 or 20 year fixed term policies, where the premium won’t rise. The only obstacle is the cost of another policy at the end of the term, especially if your helath deteriorates.
I feel the purpose of life insurance is to provide protection for your family if you pass away. With term coverage, you can pass on a lot more than you can with whole life, for the same price.
