I've been looking at these new return of premium term life policies. Anybody out there purchase one of these?

It is nice being able to have your payments returned back to you at the end of the term, but the only way you get all the payments returned back to is if you pay for the whole term of the policy. So if you get a 30 yr term policy and cancel it after 10 yrs, you will only get a certain percentage returned back to you. Just something to keep in mind! I ended up getting a regular term policy myself.

It’s easy to understand: If you keep your policy for the full term period, for example 10 or 20 years, at the end of that time the life insurance company that issued the life insurance policy with the return of premium feature returns to you all of the premium that you paid for the insurance policy.  
 
There's usually some partial return of premium for policies canceled before the end of the term (depending on the year it’s canceled – the longer it’s kept in force, the higher the amount of your return premium).  
 
Unlike regular term life insurance policies, Return of Premium term life insurance rewards you for living by offering a guaranteed return of your total premiums paid on the policy during the level term of the policy.  
 
This return does not include any substandard charges (extra charges for health) and rider charges (extra benefits such as disability coverage), if any, which will be paid to the policy owner at the end of the policy period, if the life insurance policy is still in force at that time.  
 
Here’s an example: Male, age 42 with the best rate of preferred plus, $250,000 of 20-year return of premium term life insurance: Annual premium = $1,000; Return of Premium after 20 years = $20,000 ($1,000 x 20 years = $20,000) The life insurance return of premium is also income Tax Free.  
 
One major drawback of Return of Premium Term Life Insurance is the fact that this type of policy has much higher premiums than level term life insurance, which is the most popular type of term life insurance purchased.