Return of Premium Term Life Insurance..?..

[al cole'holic]

...anyone in this new dealio?? Looking at converting a couple of policies. "ROP"s guarantee a full return of your premiums paid during the term 5, 10, 15, 20, or 30 year. I was given some very good quotes today for a 20 term... :)

[Super D]

take the extra premium you'd pay on rop and put it into an IRA or other investment.
Let me know if you want a quote from an independant (me)!

[al cole'holic]

...I was quoted $2200 for the ROP option on a 20 term, my agent is trying to steer me away as well.

[Fire Angler]

Super D,
Check your PMs.

[INSman]

You pay a small premium for the ROP option (maybe 20%) and since I don't plan on dying, it is like a forced savings account with a nice death benefit for my wife's next marriage just in case.
The other idea of taking the difference and investing, just doesn't work out as easily as you would think. The life premium is automatic bank withdrawal for me, so I don't have to even think about trying to put so much money aside every month into some savings account and do it religiously !!!

[BigDoug]

That explains why you have such a nice boat !! :)

[al cole'holic]

You pay a small premium for the ROP option (maybe 20%) and since I don't plan on dying, it is like a forced savings account with a nice death benefit for my wife's next marriage just in case.
The other idea of taking the difference and investing, just doesn't work out as easily as you would think. The life premium is automatic bank withdrawal for me, so I don't have to even think about trying to put so much money aside every month into some savings account and do it religiously !!!
That option is a cool 1300 buck over a 20 level term with guaranteed premium and death bene's, alot more than 20% :220v:
You are right about the saving portion...

[INSman]

$1,300 a year ?? Versus ??
Do you plan on dying in 20 years ??

[INSman]

That explains why you have such a nice boat !! :)
NO, but anything I can do to keep my Havasu detailer in business :cool:

[al cole'holic]

$1,300 a year ?? Versus ??
Do you plan on dying in 20 years ??
$890 vs. $2205 for the ROP...I don't plan on dying but may get called back to the mothership sooner!

[INSman]

$890 vs. $2205 for the ROP...I don't plan on dying but may get called back to the mothership sooner!
Wow, that ROP option does seems expensive, but irrelevant if you are going to get it all back, don't plan on dying an can afford the extra monthly outlay. I would maybe see if I can get a few more quotes. My policy is with CNA, but not sure if still available. I think Hartford and a few others may still be offering.

[Up 4 River]

Make sure you look at the back end surrender charges on the ROP policies. I have looked at the CNA one for example and on a 30 year policy you can have it 18 years and if you lapse it you don't get a penny back. The percentage you get back kicks in in the last 10 years in some instances. Clients have bought ROP policies from me and they are good in the right situation for the right person. AIG also has a decent ROP if you're shopping around. If you're looking to get your cash back why not look at a permanent policy with a lot more flexibility and options. You would hate to need the insurance past 20 years and be uninsurable. The surrender periods are less as well if you plan on not having the insurance past a certain time frame. Look at all your options. Just my .02
U4R

[al cole'holic]

Wow, that ROP option does seems expensive, but irrelevant if you are going to get it all back, don't plan on dying an can afford the extra monthly outlay. I would maybe see if I can get a few more quotes. My policy is with CNA, but not sure if still available. I think Hartford and a few others may still be offering.
...these are the one annual payment options.
Make sure you look at the back end surrender charges on the ROP policies. I have looked at the CNA one for example and on a 30 year policy you can have it 18 years and if you lapse it you don't get a penny back. The percentage you get back kicks in in the last 10 years in some instances. Clients have bought ROP policies from me and they are good in the right situation for the right person. AIG also has a decent ROP if you're shopping around. If you're looking to get your cash back why not look at a permanent policy with a lot more flexibility and options. You would hate to need the insurance past 20 years and be uninsurable. The surrender periods are less as well if you plan on not having the insurance past a certain time frame. Look at all your options. Just my .02
U4R
I will look out for this too!!