Alternative to Term Life Insurance in Nevada
Reader’s Question:
I like to buy term life insurance because it is quite cheap and practical since I don’t want to keep life insurance for a lifetime. However, the drawback is that if the term expires, I would gain nothing. Is there a product out there in Paradise, Nevada that can get back at least what I have paid after the term expires?
Troy
Paradise, NV
It’s an interesting question Troy.
True, the drawback of term life insurance is that you’ll be paying for life coverage with anticipation that when you die you have something for your dependents. But when you don’t, your money goes to nothing. This left most policyholder for term life insurance unhappy. But term life insurance is so far the most practical and affordable life insurance. It’s because with term life insurance, you’ll only be paying at times when your beneficiary is dependent on you at certain period.
Fortunately, there is good news for your concern. There are companies in Paradise, Nevada offering term life insurance that has what is called “return of premium” feature in the policy. For insurance companies who offer this feature, this could be a very attractive selling point. Return of premium means just that: your premium base will be returned to you once the term life insurance will expire. Usually, the premium for this product is higher than the ordinary term life insurance.
The return of premium will only be valid if the term life insurance is in force. Otherwise, such benefit will be forfeited. This also requires certain time period. But the time period differs from company to company. Some companies even return the base premium only while others guarantee to return the whole premium accordingly.
To search for term life insurance with such benefit, just type in “return of premium term life insurance” (or other relevant phrase) to your favorite search engine online. You will then find companies who offer such product and surely you will find one in Paradise, NV.
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