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Life Insurance Learning Center - Term Life Insurance Types

Increasing Term Life Insurance

Like some of the other policies that we have examined, increasing term life insurance can either be added as a rider, or can be part of the policy itself. The policy is commonly referred to as a Return of Premium Benefit, but this benefit is limited to twenty years.

Basically, the provision states that all of the premiums paid during the duration of the policy will be paid back to the beneficiary with the death benefit if the insured dies within the coverage duration. Obviously, the longer that the insured lives, the more the beneficiary will receive because more premiums have been paid.

The Return of Cash Value Benefit policy is very similar, however it deals with the return of cash value rather than the premiums (as the name indicates). The cash value is paid to the beneficiary when the death benefit is paid if the insured dies within the coverage period. Again, the longer the insured lives, the more that is paid to the beneficiary.

While these seem like good policies, they tend to be more expensive, so bear that in mind when shopping for life insurance.

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