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southern MN | Generally what I hear is the return of premium is actually 2 different products that you are buying.
You are buying a term life insurance.
And you are buying an investment. The investment tends to be a safe, low return one. The insurance co is protecting themselves first, and then paying out your investment second. If you die early to use the life insurance, you lose whatever the investment was, so the combined products sort of insure the insurance co.
In many cases, separating them and only buying the term life insurance, also fining a good investment regime that suits your needs will pay out much better over 20 years. Perhaps getting into that IRA a lot more regular would be good? Not always, but often.
Paul | |
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Return of Premium life insurance
