Get Your Term Life Premiums Back with Voya Return Of Premium Endowment Term
The concept of term life insurance is pretty simple isn’t it? You buy a policy for a specific number of years and the premiums are guaranteed during that time frame. The policy can be continued beyond the initial years, if it is considered renewable, but usually with a substantial increase in premium. Often times this results in the lapse, conversion or replacement of the policy.
The good news is that you lived through the term period, you most likely paid lower premiums than if you had purchased permanent life insurance. Unfortunately, the premiums you paid during the term period are gone and you don’t get any of that money back. Wouldn’t it be nice to buy term life insurance and get back 100% of all the premiums you paid? You can, with Voya Return of Premium Endowment Term.
The Voya Return Of Premium Endowment Term (ROP), is offered in term periods of 20, 25 and 30 years with a minimum policy size of $100,000 and minimum issue age of 0 (at least 14 days old). The ROP endowment benefit will be paid on in-force policies at the end of the level premium period. The amount paid is equal to the total premiums paid, excluding any special class and flat extra premiums, rider premiums, modal premium charges and premiums paid but not yet due and payable. Any interest payments on policy loans or reinstatements are not included as premium.
ROP provides tax advantaged cash value build up that can be borrowed against during the life of the policy. It is also convertible to a permanent life insurance policy without a medical exam and an automatic premium loan provision can pay premiums automatically through loans. The Voya Return of Premium Endowment Term product is a suitable term life insurance plan for a multitude of different situations.
About the author: Ken Buccico holds a LUTC designation and has been in the life insurance business for 39 years. His wealth of experience empowers clients to make best possible decision regarding a life insurance policy. To explore the best life insurance option, contact Ken at 1-800-651-1953 or KBuccico@Pivot.com.