Return of Premium Rider
A return of premium rider is an optional add-on to some life insurance policies that pays back some or all of the premiums you paid if you outlive the policy term or meet the rider’s conditions. It usually does not return interest, and the refund may be limited to specific premium amounts or reduced by fees, loans, or other policy provisions.
A family buys a 20-year term life policy with a return of premium rider, and if the insured lives through the term, the insurer refunds the eligible premiums at the end of the period.
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