Correction re: Return of Premium Life Insurance

In the March article Is "Return of Premium" Life Insurance As Good As It Sounds?, we mistakenly stated that policyholders only qualify for a return of their premiums paid if the policy is kept until the very end of the term. That is no longer correct. It was initially true in most cases at the beginning of the product cycle, but ROP policies written today usually allow for a small portion of the premiums to be returned as long as the policy has been in effect for five years, with that percentage growing the longer the policy is in effect. Naturally, each policy can be different, so be sure to check this important detail on each specific ROP policy you evaluate. Our apologies for missing this point the first time around.

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