Making wise decisions at an early age is important.

Life insurance is a prudent investment. However, it is also a commitment to pay the premiums well in time. To secure your beloved’s future, you need to pay a monthly premium each month. If you stop paying the premium/the monthly insurance money, the insurance stops being effective. What about the premiums that you have already paid? The majority of the prospective buyers want to know more about life insurance and return.

Will they get the money back? What is the refund policy?

As a prospective buyer, you must know about the policy terms and conditions. That’s precisely why one must read these terms and conditions before signing any documents.

How Returns Work With Term Life Insurance?

It all depends on the type of policy you have opted for. In the case of term life insurance, people who have opted for a return of premium can opt for a refund.

In case you have some emergency and cannot pay the premiums, your insurance agent will return the premiums. Do note that this sum of money will not be taxed. If you have not bought insurance, consider opting for life insurance return of premium. This way the premiums will be returned in case you plan to cancel the insurance.

If you have bought a traditional term life insurance, there will be no refund of premiums.

How Returns Work With Whole of Life Insurance?

Invest in whole of life insurance with a cash value feature. This is another way of getting back your premiums.

Policyholders can take advantage of this feature by surrendering the policy and getting a cheque from the agent. You can also opt for a loan against this particular policy.

Since the whole of life insurance is much more expensive than a term life insurance, the life insurance money back policy guidelinescan be complicated. Read the documents carefully before you invest.

Concluding Thoughts

Getting your money back is possible! However, you need to be smart enough to opt for the cash value feature or return of premium while purchasing the policy. So, make wise decisions and invest in life insurance policy (whole of life or term life). Your family will get financial security even after your demise.



We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00
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