Purchase Return of Premium Supplemental Health Plans

[slp1962]

Please note I am not asking if they SHOULD be sold. I just want to know if any insurance companies offer any Return of Premium supplemental health insurance products? (Cancer, Disability, etc) If there are companies that offer ROP (or ROP Riders) Supplemental Health Insurance, can you tell me which companies offer
ROP (or ROP Riders) and on what type of plan(s)? Thank you!

 

[rousemark]

Please note I am not asking if they SHOULD be sold. I just want to know of any insurance companies offer any return of premium supplemental health insurance products? (Cancer, Disability, etc)

Will depend on your state but Washington National has it on all their supplemental health products.

 

[slp1962]

This is who I was told offered them. But the Agent, not someone from Washington National, told me that even if they payout benefits during the term, Washington National still returns the total premiums at the end of the term period. Just doesn't sound right to me? But I could be wrong.

 

[rousemark]

This is who I was told offered them. But the Agent, not someone from Washington National, told me that even if they payout benefits during the term, Washington National still returns the total premiums at the end of the term period. Just doesn't sound right to me? But I could be wrong.

The refund is premiums paid less benefits paid in Tennessee but in other states, depending on the product, it may be in addition to benefits paid.

http://www.washingtonnational.com/media/275870/rop-cfs-chk-b-0514.pdf

 

[slp1962]

I was reading about Insurance Policies and Riders on a site called, "Quizlet" this is what it said;

Q: What is a - Return of Premium
A: Increasing Term insurance equal to the amount of premiums paid. If the insured dies within the term, the beneficiary would receive the face amount plus an amount equal to the premiums paid." I do not understand what this is saying or how this would work?

 

[DHK]

That's talking about ROP term life insurance.

 

[slp1962]

OK, but it says: If the insured dies within the term, the beneficiary would receive the face amount PLUS an amount equal to the premiums paid. If the term is say 20 years and the insured dies in year 15, would the beneficiaries get BOTH the FACE AMOUNT PLUS A REFUND OF ALL OF THE PREMIUMS PAID? I thought if they died, they would get JUST the face amount but no refund of premiums? And, an if they outlive the term of the policy they will get the amount of the premiums back but not the face value? This seems to be saying that get BOTH the face amount AND a return of premiums? Am I missing something or do I not know how Term Life Insurance with a Return of Premium rider works?

 

[WinoBlues]

OK, but it says: If the insured dies within the term, the beneficiary would receive the face amount PLUS an amount equal to the premiums paid. If the term is say 20 years and the insured dies in year 15, would the beneficiaries get BOTH the FACE AMOUNT PLUS A REFUND OF ALL OF THE PREMIUMS PAID? I thought if they died, they would get JUST the face amount but no refund of premiums? And, an if they outlive the term of the policy they will get the amount of the premiums back but not the face value? This seems to be saying that get BOTH the face amount AND a return of premiums? Am I missing something or do I not know how Term Life Insurance with a Return of Premium rider works?

Post a link please.

Thank you,