| When considering term life insurance, it is often worth comparing a straight term with a return of premium term policy. A return of premium policy does exactly as it implies. If you outlive the term of the policy it returns the premium you have paid. This product is attractive in many situations.
Business key person insurance is a perfect example. A key person in a business is someone who, if they were to die unexpectedly, would cause a financial set back for the company. Life insurance is often used as a way to ensure that the business doesn’t falter in that occurrence. Using return of premium term is a product that can go beyond just the obvious need.
A qualified agent at the Hinerman Group can show you illustrations of how this would work, not only to insure against the loss, but to also create a retirement bonus for the key person. Suppose the $250,000 policy for a key person had a premium of $1000.00 a year over the 20-year term. If that person dies during the term the company has $250,000 to help defray the financial impact of the loss. If the key person outlives the term, the return of premium provision can provide $20,000.00 to the company. They can choose to use that to pay themselves back, or to give a bonus to the key employee for all of their years of service.
Call the Hinerman Group at 866-539-7914 today. We can show you all the ways return of premium can work for you. It is a product that answers the age-old term question, “what happens if I outlive the term?” The implication in that question is that all the premiums paid have been wasted. The return of premium provision answers that question.
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