The best way to beat insurance companies at their own game, get your money back with ROP products!
Your money looks better in your pocket than it does in the pockets of an insurance company. The purpose of insurance is to cover one’s exposure to risk, to protect against the unknown. It’s a responsible thing to do and a necessary evil relative to how much risk is out there. Am I going to get sick? What happens if I get into a car accident? What happens to my loved ones if I die or become disabled? All responsible questions with varying degrees of severity with regards to potential impacts on our lives and the lives of our loved ones. There is another thing to consider, however, and it’s what everyone thinks about when shelling out money on insurance. Well what if nothing happens? What if I don’t get sick? What if I don’t get into an accident or die? Wouldn’t it be nice to get part or even all of our money back from an insurance company? An under-marketed concept that’s been around for over ten years now says you can at least with regards to your life and disability insurance needs, introducing Return of Premium Life and Disability Income insurance.
Term Life Insurance is the industry’s cheapest way to insure your estate temporarily or to cover large purchases like a new home purchase. Rates keep getting cheaper and people are empowered with knowledge about how easy it is to price-shop before considering who to buy from. Agents are forced to be brokers nowadays and must represent a broad spectrum of carriers in order to ensure their clients aren’t paying too much for a product their likely never going to see the benefits from. Term is cheap, affordable, temporary insurance and although it’s getting cheaper and easier to acquire, the market’s getting even more innovative with a concept that isn’t available in every state but which is flipping the way you look at insurance. Return of Premium Term combines some of the best carriers in the world’s inexpensive term insurance rates with an affordable rider which when attached to a 20, 30, or even 35 year term policy enables the insured to get a one-time check amounting to the premiums paid into a simple term policy at the end of the term so long as the insured is still alive, or even a graded portion of premiums paid if they decide to not keep the policy the entire term period.
Disability Income Insurance is something under-sold in the nation. If you have a job with decent benefits you’ll have either a short or a long-term disability income policy that protects your income in case you become disabled. A short-term plan typically lasts for the first two years of an insured’s disability or illness, a long-term plan is anything greater than two years of a qualifying event. They both are ideal. If you think about it hopefully you’re never disabled for more than two years so receiving up to 65% of your income while recovering should do the trick to get you back on your feet. However, if you are disabled for say 2 – 5 years or more, having that income can mean the difference of getting on state assistance or having the ability to overcome your disability and get back to work on your own. Disability income insurance varies from state to state and ROP riders aren’t always available. When they are they can become expensive in shorter term plans because of the length of time the insurance company has to guarantee a return of your premium dollars. Longer term plans become reasonably affordable, but in my years I’ve noticed that certain professions are prone to acquire this line of insurance and usually they aren’t the ones that need it the most. White collar jobs are easier to insure than say a labor position that has more likelihood of injury. In either case though, depending on your priorities with regards to insurance Disability Income insurance can pay for itself many times over if you need it and with ROP if you don’t then at least you can get all or part of your money back.
The whole concept is as good as it gets for something nobody wants to pay for but feels obligated or is required to do and that’s pay for insurance. Insure my home, my job, my health, my life, my car, you can even insure your animals nowadays. Ok, so if I don’t die, then I get my money back and in the meantime cover my estates needs with cheap term insurance? If I don’t get sick or disabled then I get my money back and in the meantime protect my earning power at work? It sounds a lot better than paying on a term or disability income policy for that period just to outlive or never use the plan. Nobody wants to get sick or die. Insurance is nice to have, but ultimately we all are better off if we never use it. With ROP Term and ROP DI you are protected if the worse happens, and you get your money back if it doesn’t.
Insurance made simple… The way it should be.