Overview & Policy Types
A policy with a set term period (10, 20, 30 years). Once the policy is expired there is no Death Benefit (some policies allow for a conversion to permanent insurance) and there is no Cash Value. Term is the cheapest form of coverage and gives you a lot of "bang for your buck". This is a Risk Protection Product.
Return of Premium Term (ROP) has the same attributes as a term policy. Though higher in cost, this policy returns all of the premiums paid to the insured at the end of the term period. This is also a Risk Protection Product however premiums returned can be used for retirement income Annuity or rolled over into a permanent policy which could satisfy Wealth Preservation needs as well.
Quick Video About Life Insurance
There are so many different kinds of Life insurance policies on the market today it can be hard to know what your clients are getting into or what they have.
This video explains the different types of Life Insurance, what they are made of, and how they work.
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