Life Insurance Leads Tampa Florida FL
Reader’s Question:
My insurance provider in Tampa, Florida has recently introduced a new product called a ROP policy. Can you tell me more about ROP policy?
Kevin
Tampa, FL
Return of Premium (ROP) policies may be a bit more costly but offer the benefit of returning your paid premiums if you outlive the term of the policy. They will also get to offer you choice of life insurance term length and policy amount just like a term life insurance policy.
ROP term life insurance was originally designed to refund the owner of the life insurance policy at the end of their chosen term if they outlive that term. As the product has been developed over time, there came about various variations which allow policy holders to receive partial refunds by canceling their policy some years into their chosen term.
ROP term life insurance offers customers options. ROP insurance falls into the middle of less expensive normal term life insurance products and more expensive permanent or whole life insurance policies. This type of life insurance offers all the benefits of a traditional term life insurance with the added bonus of being able to have your paid premiums returned to you if you outlive you chosen term or receive a partial refund if you find a greater need for the money part way through the policy’s term.
Tags: life insurance leads, term life insurance, return of premium