Typical term life insurance policies typically do not return the premium at the end of the term, according to the New York State Department of Financial Services. However, there are return-of-premium term life insurance policies that do so for additional fees.Continue Reading
Term life insurance policies pay out the sum insured to the beneficiaries only in the event of the death of the insured, states Tim Maurer for Forbes.
If the insured person lives beyond the term period, the insurer does not have to pay the insured person any money, not even the premium paid, explains the New York State Department of Financial Services. However, the return-of-premium term life insurance policies return the premium you paid to the insurer at the end of the term of insurance. These return-of-premium policies either have a rider added to the term insurance policy, or the return is built into the policy itself. The cost for the return-of-premium term life insurance policies is greater than that for the pure-term life insurance policies.Learn more about Insurance
Customers can buy group annuity funding agreements and group employee term life insurance policies from the Great Western Insurance Company. These products are flexible, and GWIC offers personally designed insurance products to meet specific company needs. Annuities provide a steady stream of payments at a future date, notes Investopedia.Full Answer >
Consumers can obtain a term life insurance policy through United of Omaha Life Insurance Company if they are between the ages of 30 and 74, answer a few health questions and complete the application online or through an agent, states the Mutual of Omaha website. Applicants do not need to complete a medical exam to receive coverage.Full Answer >
Life insurance works by having the beneficiary, normally the family of the individual who buys life insurance, receive a fixed amount of money in case the insured individual dies within the period determined by the insurance policy. An individual typically pays a premium on a monthly, quarterly or annual basis.Full Answer >
Universal life insurance is a type of policy where a person is allowed to choose a premium and the benefit. It allows a person to opt for a long-term/permanent protection with a lower premium.Full Answer >