ReliaStar Life Insurance Company has entered the Return of Premium (ROP) term life insurance market with the release of its ING ROP Term product.
Product features include 15, 20, & 30-year premium guarantees, no policy fees, guaranteed cash values with loan capability, issue ages as low as 0 (Select No Tobacco rating class only) and various optional riders. The minimum coverage amount is $50,000.
QuickQuote now offers ROP term life insurance from 6 major companies. ROP term has been around for several years now, but only recently has its popularity increased. Insurance companies are taking notice, and we have seen several partner life insurance companies develop ROP term products within the last 12 months.
ROP term life typically returns the accumulated base premiums paid, according to a cash value schedule in the policy (minus substandard premiums, rider premiums, and policy loans). If kept in force for the entire term period, the policy may return all premiums paid (provided no benefits or loans have been paid). If surrendered early during the term period, the policy may return a portion of the premiums paid (subject to the cash value schedule in the policy and provided no benefits or loans have been paid).
You can check out QuickQuote’s unique ROP Term Life Insurance Calculator, or contact one of our licensed representatives to see if ROP term life insurance is a good choice for you.