2007-02-27 11:25:31 · 3 answers · asked by Nancie M 1 in Business & Finance ➔ Insurance
Return of premium term insurance (ROP) is a relatively new type of coverage that generally combines low, term-like, premiums with a guaranteed refund of the premiums paid during the level term period, assuming the insured is still living at the end of the level term. These ROP plans are available in 15, 20, or 30-year term versions. Consumer interest in these plans has continued to grow each year, as they are often significantly less expensive than permanent types of insurance, yet, like many permanent plans, they still may offer cash surrender values if the insured doesn’t die.
2007-02-28 02:32:11 · answer #1 · answered by Byron Udell 2 · 0⤊ 0⤋
Pretty basic. You choose the amount of time you want the term policy to span:
10, 15, 20, 25, 30 years
You pay premium that amount of time and once that time is up and you dont die, they give you the money you paid back.
2007-02-28 05:53:35 · answer #2 · answered by Anonymous · 1⤊ 0⤋
exactly as the name implies: if you outlive the term, you get all your premiums returned to you.
2007-03-01 12:53:10 · answer #3 · answered by ricks 5 · 0⤊ 0⤋