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jmiller | ROP term life insurance? |
Anyone heard of this or has it? I'm thinking of getting this type on insurance but am unsure. Are all life insurance cut and dry or what? I know we can't afford whole life so that's out of the question. Thinking of AIG ROP term for 30 years. Currently am 28, 2 kids, healthy. |
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Hadley
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ROP life insurance is return of premium term life insurance.
How does it work?
If you pay $20 a month into a return of premium term life insurance plan over 30 years (that’s $240 a year), you can get back a big chunk of change. You’ll receive a check for $6,000 if you outlive the 30 year term of your policy. So, do you feel lucky?
You get the tax deferred savings of the premiums you pay into your life insurance policy. If you wait until the policy expires, you pay no taxes on the return premium you receive.
It’s like a savings account that offers you life insurance protection, too. Some return of premium life insurance policies let you take money out early, but penalties usually do apply.
However, level term life insurance offers you a better rate, up to 20-40% lower than Return of Premium Term Life Insurance.
Many young families with children like yourself, choose level term life insurance because it may provide the maximum amount of life insurance coverage at the most affordable premium.
With a 20 or 30 year Level Term Life Insurance policy you can get rates and coverage that remain level for the entire term of the policy.
If you want, you can compare free quotes online for level term life insurance through Efinancial. They have provided free life insurance quotes online since 2001. You just fill out one form and get up to 12 Instant Quotes for term life insurance from top-rated insurance companies. To request your free quotes visit https://www.efinancial.com/smartquoteefc.aspx?source=389-707
I hope that helps! Best of luck to you and your family. |
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AM-NM centaur
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Return Of Premium is a bad deal. Ask for a rate comparison of the product without ROP versus with ROP. Then, take the difference and invest it yourself instead of with the company. ROP is a fancy gimmick to make life insurance seem like a good deal. If your agent is PUSHING this idea, find a new agent fast!
At age 28, your odds of dying within the next 30 years is very slim. Therefore, every premium dollar you give the company is pure profit. Your ROP premium is added profit.
Life insurance is only necessary to protect your spouse or children should you die prematurely. Your children do not need insurance protection once they graduate from college, unless they are disabled. 30 years is too long. Think about getting a 10 to 20-year policy. |
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Thin Kaboudit
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Never heard of it, but so long as it's a legitimate company, you are making the smart choice by going with Term rather than Whole....Whole Life is a complete scam perpetrated by salespeople to make THEM more money! Think about it and do the math: if you buy term for 30 years, and invest the difference between the term premium & the whole life premium in a REALLY average mutual fund, you'll come out WAY ahead...
Life insurance is to look after your family if something happens to you, it's not an "investment". LOL!
Congratulations on being smarter than you thought you were! |
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mbrcatz
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Sure, it's the new "hot" thing for people who can't do math.
ROP isn't much cheaper than whole life. You'll STILL do better buying straight 20 year term, renewable and convertable, and investing the difference. If you don't die, you'll have more money in your pocket. And if you DO die, you get the payout, PLUS the difference you've been investing.
Run the numbers, do the math. Here's a calculator.
http://www.msfinancialsavvy.com/calculators/monthly_deposit_savings_calculator.php |
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Steve S
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I sell it but prefer to invest the money myself. If your policy will let you convert you can use the premiums to buy a paid up whole life at the end of your term. Read the fine print. Some policy will pay you back premiums, some premiums plus the cost of the endorsement. It is the new product for life companies but I'm not sold and I sell it (not really). Good luck and great question. |
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